A fund controlled by giant private equity firm BlackRock sold a Forest Hills apartment building that had been part of a $319 million portfolio acquisition near the peak of the market in January 2008.
Nelson Management Group through the entity Global 69th Avenue LLC paid the BlackRock-managed entity 105-05 69th Avenue, LLC $26.5 million for 105-05 69th Avenue in Forest Hills. The deal closed on June 24, 2020, and was recorded on July 1, 2020. The transaction consists of 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 112 residential units. The property is 112,596 square feet.
The sale price per unit is $236,607. The contract date was March 27, 2020. Robert Nelson was the signatory for the buyer.
Nelson Management borrowed $19.1 million from New York Community Bank to finance the purchase.
The BlackRock fund obtained ownership after Deutsche Bank’s RREEF acquired the property as part of a $319 million portfolio purchase in January 2008 from members of the Lyons, Fadiman and other families. In addition to the Queens building, the portfolio included seven Manhattan apartment buildings and the unsold units in one Manhattan condo building.
The signatory for the BlackRock seller was Debra Mistretta, managing director of real estate at BlackRock. The BlackRock fund continues to own most of the portfolio, but sold 110 Bennett Avenue and 725 West 184th Street in April 2019 for a combined $41.7 million to an anonymous LLC. The head officer listed in HPD records for those two buildings is an executive with Rose Associates, which manages those and the BlackRock properties.
Over the past five years, there have been 12 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 12 renovation/alteration projects (A2) applied for with a total estimated value of $959,537.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link