Forest Hill Apartments Trade for First Time Since 1983
An entity tied to property manager Jordan Cooper LLC sold a 60-unit apartment building at 108-50 71st Avenue in Forest Hills, Queens for $18.7 million to a Rockville Centre, NY-based LLC. The six-story, corner building was built in 1950, spans 63,000 square feet and last sold in 1983 for an undisclosed amount.
The sale was arranged by Meridian senior executive managing director David Schechtman, senior managing director Cary Pollack and managing directors Abie Kassin and Lipa Lieberman, all based in the company’s New York City headquarters.
“This was the first sale in 50-plus years for this Forest Hills property and given the challenging debt market that we are currently facing, it was a huge win that the buyers were able to lock in competitive financing and complete the sale,” said Schechtman.
Forest Hills has experienced a period of rapid growth in recent years as residents migrated from Manhattan.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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