Nelson Management Group signs $18.4M refi for 112-unit rental in Forest Hills

Nelson Management Group through the entity Global 69th Avenue LLC as borrower signed a refi loan with lender Santander Bank valued at $18.4 million for the 112-unit residential elevator building (D6) at 105-05 69th Avenue in Forest Hills, Queens.
The deal closed on July 17, 2025 and was recorded on July 31, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $19.1 million.The property has 112,596 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $163 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on June 24, 2020, for $26.5 million. The signatory for Nelson Management Group was Robert Nelson . The signatory for Santander Bank was Margaret M. Fahy .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Adam Nadel, head officer and Christine Chorny, officer. The business entity is Global 69th Avenue Llc. The 112,596-square-foot property generated revenue of $3 million or $27 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 112 residential units in Forest Hills has 112,596 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 297 feet and is 100 feet deep with a total lot size of 31,933 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.6 million. The most recent loan totaled $19.1 million and was provided by New York Community Bank on June 24, 2020. The property has 57 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received 15 housing violations and $4,425 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 245,556 square feet of the 245,556 square feet. The two identified owners are Gary Hoffman and Nelson Management Group.
There are no active new building construction projects on this tax block.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Nelson Management Group owned at least 14 commercial properties with 3,014 residential units in New York City with 2,919,142 square feet and a city-determined market value of $236.5 million. (Market value is typically about 50% of actual value.) The portfolio has $237.7 million in debt, with top three lenders as Helaba, Hp Atlantic Plaza Towers Housing Development Fund, and Apple Bank respectively. Within the portfolio, the bulk, or 82 percent of the 2,919,142 square feet of built space are elevator properties, with D4 properties next occupying 16 percent of the space. The bulk, or 37 percent of the built space, is in Bronx, with Manhattan next at 29 percent of the space.

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