The Real Deal New York

NJ-based Orbach Group pays $246M for UWS portfolio

September 12, 2013 11:54AM
By Adam Pincus

From left: Meyer Orbach, 65 West 107th Street and Aaron Jungreis

From left: Meyer Orbach, 65 West 107th Street and Aaron Jungreis

The New Jersey-based real estate investment company the Orbach Group purchased a 33-building residential apartment package on the Upper West Side for $246 million yesterday from a joint venture of Heritage Real Estate Partners and Dune Real Estate Partners, the buyer told The Real Deal.

The portfolio includes 1,031 apartment units and one store in properties such as the 20-unit 65 West 107th Street and the 10-unit 125 West 106th Street.

The sale is a boon for Heritage and Dune, headed by CEO Jeremy Markowitz and Daniel Neidich, respectively. The companies picked up the portfolio after buying the defaulted note in November 2011 for approximately $120 million, insiders close to the deal said.

The loan servicer LNR sold the note on the properties that had been owned by a joint venture of Pinnacle Group and Praedium Group, which lost the property after they defaulted on the loan with a $192 million face value.

The acquisition continues the Orbach Group’s buying streak in the neighborhood. This summer they acquired 933 Amsterdam Avenue on the Upper West Side for $13 million.

“The portfolio fits with our long-term investment strategy and adds to our existing large portfolio on the Upper West Side,” a spokesperson for the Orbach Group said in a statement.

Heritage declined to comment.

Aaron Jungreis, president of the brokerage Rosewood Realty Group, represented the Orbach Group in the off-market transaction. This is the largest deal Jungreis has ever closed.

“The areas have changed tremendously, and have been gentrified. [In addition, the sellers] put a lot of money into the properties,” Jungreis said, explaining the increase in value over the past two years in the portfolio.

  • HughGass

    Hey, look at me. I’m SOO busy I have one phone in my ear and am checking email on my blackberry and trying to make it look like a candid shot.

    • client

      Hater, get to know him.

    • david99696

      LOL

  • Eli

    I am glad for Aaron! Great way to start off the new year!

  • Chris Morley

    They should list the properties at straightforwardlistings.com

  • Jim

    Jungreis is the fuckin man plain n simple

  • slighted4sure

    Mr orbach your buildings have been renovated but still have Rodents and Roaches …..you made a killing on these homes . Shame on you !!!!!!! Let’s see if you can stand by your name and fix this problem. Students and families are paying high rents in these buildings .have a heart and clean up the mess …

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