by: Al Barbarino
source: Commercial Observer
Global One Real Estate Fund, led by Robert Nelson, has partnered with NYAH Preservation Fund for the $18.5 million purchase of Promenade Tower Nelson Apartments, a 318-unit, 32-story residential Mitchell Lama project in Marble Hill, where the developer plans an extensive re-positioning.
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by: Katherine Clarke
source: The Real Deal
Global One Real Estate Fund, an entity controlled by Robert Nelson of Nelson Development, has purchased the Lafayette-Towers Nelson Apartments Houses, a middle-income rental complex in the Bronx, Nelson told The Real Deal today.
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WHEN WILLIE Mae Anderson and her family moved into one of the brand-new Cathedral Parkway Towers on W. 110th St. in the early 1970s, she thought it was grand. “It was just a beautiful building,” she remembered. After 20 years of rent strikes and battles with the former owner, the tenants are buying the Mitchell-Lama complex and keeping it affordable housing for middle-income New Yorkers.
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Nelson Management Group Ltd., an owner/operator of residential housing in New York City, has started construction on the 309-unit Cathedral Parkway Towers, a $50 million residential development on Manhattan’s Upper West Side.
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The battleground is increasingly familiar: on one side, there is the developer of a Mitchell-Lama building entitled under law to take it out of the low- and moderate-income housing program after 20 years of rent ceilings. On the other, there are the tenants, fearful they will lose their homes to soaring rents or that their buildings will be transformed into luxury condos.
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While owners of commercial office buildings and the landlords of luxury residential towers fight to find tenants, Robert Nelson polishes the shine on his “no vacancy” sign. As the proprietor of 1,000 apartments located in Brooklyn, Manhattan and the Bronx, he is smack in the middle of one of the hottest segments of the New York real estate market: multifamily, rent-regulated apartment buildings.
Read MoreNelson Management Group Ltd. has partnered with Global One Investments LLC to acquire a six-story, rent-stabilized apartment building on the 204 W.108th St. The $6.1 million purchase adds an additional 49 housing units to the group’s New York portfolio.
Read MoreJust a year ago, The Chatsworth was infamous in the annals of New York City residential real estate. An architectural and stylistic landmark, The Chatsworth had been the subject of a major rent strike, hundreds of housing code violations, three different property managers in 10 years, and more legal battles than just about any other rental property in the City.
Read MoreApartment life has not always been easy at the Chatsworth. On and off for the last three decades, the rent-stabilized building on the West Side of Manhattan has been the scene of major landlord-tenant battles, pushing it into financial and physical decline and since the late 1980’s into the hands of a court-appointed receiver.
Read MoreBy early next year Stef and Linda Fogelson expect to be in the two-story French Provincial-style home they are building on a two-acre wooded lot in Chappaqua, N.Y. The Fogelsons have not yet found a buyer for the home they now own and occupy, but they are not worried because the builder of their new house has agreed to buy their existing home if it has not sold by the time the new one is ready.
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