July 16, 2020
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.”
For comments, questions or concerns, please contact Paul Bubny