By Michael Gilliard, Globe St.com
NEW YORK CITY-Nelson 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.
The seller was 204 West 108th Streets Associates, LP. Jim Mann of the John Anthony Group represented buyer and seller in the deal. Nelson Management will run the property.
“With residential real estate prices stabilizing after a period of intense escalation, we believe this is the right time to add to our portfolio of properties,” says Michael H. Gerstein, president of Global One. “As a rent-stabilized property, it is also resilient to market cycles and thus a sound investment during times of economic uncertainty.”
Founded in 1994, the Forest Hills, Queens-based Nelson Management Group Ltd. is a full-service real estate management firm which acquires and manages residential properties in New York City. The firm’s current portfolio is valued at $60 million.
Global One Investments LLC is based in Voorhees, NJ and is an equity-based fund investing in multi-family properties throughout New York City and Philadelphia.