Global One Purchases New York Vintage Community
- Jul 23, 2020
Global One has acquired The John Adams, a 115-unit community in the Forest Hills neighborhood of Queens, N.Y. JLL Capital Markets brokered the $26.5 million sale. According to Yardi Matrix, the asset last changed hands in 2013, when it was acquired by BlackRock as part of a portfolio sale.
Built in 1943, the six-story property totals 112,596 square feet and comprises studio, one-, two- and three-bedroom units. Common-area amenities include a bicycle storage and on-site laundry facilities. The building also features 33 parking spaces and office space on the ground floor.
Located at 105-05 69th Ave., The John Adams is 1 mile from Interstate 495 and within 7 miles of both LaGuardia Airport and John F. Kennedy International Airport. The surrounding neighborhood has several public transportation options, including two subway stations, which are within walking distance.
The JLL team included Guthrie Garvin, Brendan Maddigan, Stephen Palmese, Winfield Clifford, Alexander Ball, Michael Lipman, Jack Norton and Solomon Michailow. Scott Aiese provided financial advice. Last month, Aiese arranged a $250 million construction loan for a mixed-use, 42-story academic and residential tower in Manhattan. Completion is scheduled for the spring of 2023.