Global One Real Estate Fund II, an affiliate of Nelson Management Group, has acquired the six-story multi-use residential building at 105-05 69th Avenue in Forest Hills, The John Adams, for $26.5 million.
Led by Robert Nelson, a multifamily owner with properties throughout the five boroughs, Nelson Management Group’s current portfolio following this transaction will include more than 3,500 units and nearly 20 properties in New York City.
JLL’s Guthrie Garvin, Alexander Ball, Jack Norton and Solomon Michailow brokered the deal with seller, BlackRock, the world’s largest asset manager.
The John Adams is a 112,596 s/f property consisting of 115 residential apartments, including 54 free-market, 57 rent-stabilized, and two rent-controlled units.
The mixed-used building includes large apartments with flexible layouts and features two ground floor office spaces, along with a two elevators, a live-in superintendent, bicycle storage, on-site laundry, a 33-car parking garage and package lockers.
“While the market is still very much in a period of uncertainty, we thought the fundamentals of this transaction were too good to pass up,” stated Robert Nelson.
“105-05 69th Avenue’s tenant base, well maintained condition and proximity to major public transportation and commercial activity make it an excellent addition to our portfolio. Like all our properties, we will take a hands-on approach to property management to research and implement high quality and efficient technology, utilities and amenities, where appropriate, to add value to for tenants and the community.”