The Real Deal New York

Baruch Singer sells 84-building Upper Manhattan portfolio to Rainbow Estates

Sources said deal closed for $340M
By Katherine Clarke | November 20, 2013 06:50PM

Rainbow Estates Group, a Brooklyn-based investment company headed by Irving Langer and Leibel Lederman, has purchased a portfolio of multi-family properties in Upper Manhattan owned by landlord Baruch Singer, The Real Deal has learned. Sources with knowledge of the area said the group paid close to $340 million.

With this deal, the under-the-radar Rainbow now controls a large amount of property in Northern Manhattan and the Bronx. The company picked up 24 Bronx buildings from a joint venture between SG2 Properties, Fannie Mae and BlackRock Realty in 2010, paying $117 million.

The 84 properties comprised within the Singer portfolio include large swaths of buildings between West 111th Street and West 141st Street, according to a mortgage agreement obtained from public property records. Rainbow took out a $214 million mortgage from Signature Bank to finance the transaction, records show. The deal appears to have closed Nov. 14.

Neither Rainbow nor Singer was immediately available for comment. It was not clear if there had been a broker involved in the deal.

Robert Shapiro, first vice president of sales at brokerage Massey Knakal Realty Services, who was not involved in the deal, told TRD that the transaction was further evidence that the market for multi-family properties in Northern Manhattan was heating up. Earlier this month, Shapiro brokered the $45 million sale of a four-building Hamilton Heights portfolio to Heritage Real Estate Partners.

Meanwhile, Singer, often dubbed a slumlord by tenants, has been predominantly in selling mode in recent years. In May, the landlord sold off a seven-story, 48-unit building at 92 Morningside Avenue between West 122nd and West 123rd streets to Renaissance Realty Group.

  • Proper

    mazel to Baruch, man knows when to sell

  • EM

    Rainbow came in at the last minute to take over the contract. There was another group who had the deal in contract and backed out at the last minute.

    • Katherine Clarke

      Hi EM,
      We heard that but couldn’t identify the other group. If you have any insight, feel free to email me at

      • Eli

        K C….your a lovely lady and all,but they obviously don’t want you to know who they are,as the comment before you so clearly states.

        • Roje

          it’s called journalism

    • disqus_kh3J5Iz0q8

      EM – And those other “groups” i assume are private purchasers/investors and would not appreciate your disclosure.

  • EM

    Don;t worry guys I had and still have no intention of mentioning those groups. Its obviously private information and not relevant. But the fact that a deal of this size had some drama is definitely interesting information without going into the specifics.

  • aron

    The fruchthandler faimly was in contract to buy they backed out last minute

  • bob

    every one is up each others touch when it come to these deals. When anyone thinks or feels or smells a deal is in play the game is on. Why the games