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JV Buys 52,000-SF Multifamily Building

NEW YORK CITY-The six-story, rent-stabilized asset is located at 204 W. 108th St. Jim Mann of the John Anthony Group brokered for both buyer and seller in the $6.1 million deal.

By Michael Gilliard | Updated on February 01, 2002

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.”

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