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.