Pinnacle Group has acquired a 112-unit rental building in Rego Park, Queens for $31.5 million, according to property records.
The six-story property, at 97-25 64th Avenue, is located near Queens Boulevard and the 63rd Drive – Rego Park subway station. The seller was the estate of Leon Jolson, a Polish businessman who is credited for bringing the first foreign sewing machine to America in 1948. The firm, which operates under the business entity name Nelco Inc., is headed by Jolson’s daughter Barbara Blumenthal and her husband David.
Pinnacle Group, led by Joel Wiener, raised $120 million on the Tel Aviv Stock Exchange last April. Its recent acquisitions include 218 25th Street, a 23-unit apartment building in Sunset Park, and 132-40, 133-17 Sanford Avenue, a pair of rental buildings in Flushing. The company is currently developing 30 East 31st Street, a 40-story condo building in NoMad.