WILLIAMSBURG — TreeTop Development LLC reports it has sold the Triangulum, a 30-unit rental building the company has renovated in Williamsburg, to The Dermot Group.

The Dermot Group is well known as the developer of the Williamsburgh Savings Bank, now One Hanson Place, in Fort Greene, and has been acquiring other Brooklyn properties since it began work on converting the bank building.

The sale is valued at $7.95 million, according to Adam Mermelstein, a principal of Manhattan-based TreeTop Development.

“This was very attractive to a company of The Dermot Group’s stature,� said Mermelstein. “They also recognized the great potential in the nine remaining homes which can be rehabilitated and converted into unique and luxurious new apartments.�

A spokesperson for Dermot said the six-story Triangulum, a corner building at 326 South 1st St., would be retained as rentals and managed by Dermot.

Aaron Jungreis and Jay Davidson of Rosewood Realty were the brokers in the transaction.

As previously reported in the Eagle, TreeTop had completed a total renovation of 21 of the 30 two-bedroom apartments, which included redesigned floor plans, upscale finishes, and modernized lobbies and common areas.

“By renovating the interior design and upgrading the visual look and feel of many of the apartments and common spaces, we created a high-quality residential address in a market that demands functional and affordably-priced rental homes,� Mermelstein said.

The building also has 1,650 square feet of ground-floor retail space with 65 feet of frontage available for lease.

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