Orbach sells four Upper Manhattan buildings for $44M

Halt Management and partners pick up three of them

May.May 19, 2017 11:30 AM

From left: Meyer Orbach (Inset), 9 – 11 Central Park North and 15 West 107th Street

The Orbach Group TRData LogoTINY sold four rental buildings to two different sets of buyers for $44.2 million, the company told The Real Deal.

Yonah Halton’s Halt Management, in partnership with investor B. David Schreiber and Rosewood Realty Group’s Aaron Jungreis, bought three of the buildings, sources said.

The group paid $17.4 million for 15 West 107th Street, a 31-unit elevator building. The other properties were walk-ups: a 15-unit, 9,440-square-foot building at 216 West 108th Street ($5.35 million); and a 15-unit, 12,215-square-foot building at 961 Columbus Avenue ($7.75 million).

Landlord Hale Rickman of Jerome Associates bought the fourth building at 9-11 Central Park North for $13.65 million, sources said.

Each building sale closed separately over the past three weeks, Orbach said.

Meyer Orbach, who runs the New Jersey-based multifamily investment firm, said it is selling off its smaller non-strategic assets to focus on growing its affordable housing business. In January, the firm sold a trio of Upper Manhattan rental buildings with a combined 41 apartments for $21 million.

Rosewood Realty Group brokered the deal. Schreiber and Jungreis declined to comment, and Halton and Rickman could not be immediately reached for comment.

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