Treetop Development picked up Michael Stern's Saltmeadow project in Queens

Michael Stern is cashing out on a sprawling complex of luxury properties in Far Rockaway, and he found a buyer with ambitious plans for the seaside community.

For a price tag of $33 million, Teaneck, New Jersey-based Treetop Development acquired JDS Development Group’s newly built Saltmeadow development, which is comprised of 30 town homes with 60 luxury rental apartments along Beach 5th and Beach 6th Streets, property records show. Signature Bank provided $24.5 million in financing