Nelson Management borrows $19.1M from New York Community for rental purchase in Forest Hills

Nelson Management Group through the entity Global 69th Avenue LLC as borrower signed an acquisition loan agreement with lender New York Community Bank valued at $19.1 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 112 residential units at 105-05 69th Avenue in Forest Hills. The deal closed on June 24, 2020 and was recorded on July 1, 2020.
The property contains a total of 112,596 square feet of built space.
The average loan per unit is $170,179.
This is an acquisition loan, which refinances what was originally a $13.5 million loan from Capital One and adds $6.56 million in new debt.
Nelson Management acquired the building from a BlackRock fund for $26.5 million.

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