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Deals & Dealmakers

Nelson Management pays $15.6M for Astoria apartment building

Global One Real Estate Fund II, through its management arm, Nelson Management Group, has acquired a six-story residential building at 25-98 36th Street in Astoria for $15,600,000.

Led by Robert Nelson and Michael Gerstein, Global One Real Estate Fund II invests in value-add multifamily properties in the New York City metropolitan area.

Nelson Management Group is a full-service real estate management firm in New York City, and following this transaction, its current portfolio will consist of close to 4,000 units and nearly 20 properties, underscoring the firm’s presence as a leading multifamily property owner in New York City. 

Built in 1931, the 50,910 s/felevator building features 59 residential units, with a blend of both market rate as well as rent regulated apartments.

Nelson Management Group plans to upgrade the building’s amenities for its tenants, with the addition of laundry and storage rooms, which the building currently does not have.

“2020 has certainly presented unforeseen challenges, however, we have continued to focus on what we do best, which is add value to our tenant base and the community,” stated Mark Finn, Head of Acquisitions at Global One Investments.

“25-98 36th Street makes an excellent addition to our portfolio of high-standard apartments, and as always, we will strive to provide our tenants with high-quality amenities and great value.”

Earlier this year, Global One Real Estate Fund II acquired The John Adams, a six-story multi-use residential building located at 105-05 69th Avenue in Forest Hills. In 2019, the firm opened 1520 and 1530 Story Avenue in the Soundview neighborhood of the Bronx, featuring 435 affordable housing units and 18,000 s/f of community facility space occupied by an early childhood education center.

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