OFFICIAL PRESS STATEMENT ON THE PASSING OF GLEN NELSON
The Matrix family is deeply saddened to report the tragic and untimely loss of leader, Glen Nelson. Glen was lost to us on Sunday, December 20th at the age of 48 in an unexpected automobile accident near his home in Port Jefferson, NY. Glen leaves behind a tremendous legacy, both professional and personal, and is grieved by his entire family, especially his four children Brianna, Phillip, Christopher, Gina, his fiancé Susan, her son Mitchell, as well as his former spouse and mother of his children, Sandra Nelson.
Glen rose from humble beginnings to create a business which was built almost entirely on his strength of character. His humility would prevent him from attributing his success to anything other than the team around him, which he called incredible, and his own good luck. Glen found success while upholding an irreproachable standard of honor, integrity and loyalty. His work ethic, dedication, and single-minded focus allowed him to achieve things that seemed impossible in the moments they were happening and even now in retrospect.
Always a visionary, Glen prepared extensively for every eventuality, including his own demise. A comprehensive succession plan is in place which will ensure the continuity of the company. The company has selected Enrico Scarda Esq. as acting CEO. Mr. Scarda is an experienced real estate professional, Glen's business partner and a long time friend.
The company remains dedicated to the goals that Glen laid out for it. The leader of over 350 committed employees left his team in the capable hands of his most trusted advisors and confidents. They will now begin the work of honoring his legacy.
Our thoughts and prayers are with all those whose lives intersected with Glen Nelson on his journey through life and are now burdened with the sadness of his passing.
Any and all inquiries should be directed to Gerard McCreight, Esq., Matrix’s Chief Legal Officer. Tel. (631) 406-4920.
The Matrix Group, headquartered in Port Jefferson on Long Island’s North Shore, is a diversified real estate investment and management company with holdings throughout the United States. Founded in 1993 by Glen Nelson and built with Richard Nieto (deceased), Matrix is a vertically integrated real estate company with over 200 employees providing full service for it’s own accounts, including but not limited to, property management, asset management, commercial leasing, acquisition, disposition, and construction. The Matrix Group’s assets include multi-family residential, commercial office and special purpose commercial properties.
Matrix enjoys a long track record of successful investments in value-added strategic acquisitions which offers significant equity returns and asset diversification. Our hands-on discipline has produced sustainable returns in commercial and residential real estate through multiple business cycles.
Glen Nelson, the visionary Chairman and CEO of Matrix, has been leading the Company’s strategic approach to real estate investment. For over 20 consecutive years, Matrix has been purchasing distressed office buildings and apartment complexes that in most instances are: (a) 50% or less leased; (b) have negative NOI; and (c) have prior owners who did not implement adequate maintenance and capital expenditures. Mr. Nelson has overseen the acquisition and disposition of over $800 million of the assets in the Matrix portfolio over the last 20 years within various market and economic cycles. During this time, Matrix has yielded impressive gains.
The Company rigidly adheres to its investment strategy and maintains an impressive level of profitability while continuously mitigating risks. The Company has never defaulted on any financial obligation in its 21 year history. Presently, Matrix’s portfolio encompasses over 2,500,000 square feet of commercial office space in various different states and more than 8,000 units of multi-family in various states.