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Nelson Management Acquires Forest Hills Apartments
Global One Real Estate Fund II, an affiliate of Nelson Management Group, acquired The John Adams, a 115-unit residential building at 105-05 69th Ave. in Forest Hills, for $26.5 million. Nelson Management Group’s current portfolio following this transaction will include more than 3,500 units and nearly 20 properties in New York City.
The John Adams is a 112,596-square-foot property that contains 54 free-market, 57 rent-stabilized, and two rent-controlled units. The mixed-used building also features two ground-floor office spaces, along with a multitude of amenities.
“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,” said Robert Nelson, head of Nelson Management. “105-05 69th Ave.’s tenant base, well maintained condition and proximity to major public transportation and commercial activity make it an excellent addition to our portfolio.”
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- ◦Sale/Acquisition
