Jones Lang LaSalle Incorporated : JLL closes the $26.5M sale of The John Adams in Queens, NY

NEW YORK, July 20, 2020 - JLL Capital Markets experts have completed the $26.5 million sale of The John Adams, 105-05 69th Avenue, in the Forest Hills neighborhood of Queens, N.Y., a 112,596-square-foot, pre-war, mixed-use residential and office property.

The John Adams was constructed in 1943 and totals 112,596 square feet, including 115 residential apartments, with 54 free-market, 57 rent-stabilized and two rent-controlled units. In addition, 41% of the one-bedroom apartments have another windowed room that can potentially be used as a second bedroom or a home office The six-story mixed-use building also features two office spaces on the ground floor, along with two elevators, a live-in super, bicycle storage space, an on-site laundry room and a 33-car parking garage.

The John Adams is located at 105-05 69th Avenue, between Queens and Yellowstone Boulevards, just a few blocks from Austin Street, the main retail corridor in Forest Hills. The retail environment around the building offers an ideal mix of convenient corporate stores and authentic Queens, family-owned shops. The property sits between two subway stations, just four blocks from each, with access to the E, F, M and R train lines.

The JLL professionals overseeing the sale of The John Adams includes Managing Director Guthrie Garvin, along with Vice Chairmen Brendan Maddigan and Stephen Palmese, Managing Director Winfield Clifford, Vice President Alexander Ball and Associates Michael Lipman, Jack Norton and Solomon Michailow. Financial advisory services were provided by Managing Director Scott Aiese.

'The John Adams was a terrific opportunity to acquire an exceptional income-producing asset with substantial future upside in the rapidly transforming Forest Hills neighborhood,' said Guthrie. 'The asset was in high demand due to its mix of free market and rent regulated tenants as well as its unparalleled location right on Queens Boulevard, the main artery running through all of Queens.'

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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