Newswire Mann Report

Global One Acquires Bronx Multifamily

Evergreen Gardens

Global One Real Estate Fund, an affiliate of Forest Hills-based Nelson Management Group, has acquired a 357-unit multifamily complex, Evergreen Gardens, in the Soundview neighborhood of the Bronx, New York. The acquisition of the two-building complex through its Global One Real Estate fund will be operated by Nelson Management Group, adding to the company’s growing portfolio of more than 4,000 residential units throughout New York City.

Located at 950 and 955 Evergreen Ave., the 328,071-square-foot complex also offers 253 on-site parking spaces. The elevator buildings also each contain on-site laundry facilities. Evergreen Gardens is situated near the neighboring Soundview Park, which boasts 205 acres of green space, views of Manhattan, as well as seasonal entertainment hosted by NYC Parks throughout the summer months.

Daniel Parker of Hodges Ward Elliott represented the seller.

Financing was provided by The New York City Housing Development Corporation (HDC) in the amount of $23.63 million for the rehabilitation and permanent financing. The N.Y. City Department of Housing Preservation and Development (HPD) will continue to act as the supervisory agency on behalf of the City of New York as it preserves The Mitchell Lama status under Article 2 of the New York State Private Housing Finance Law.