The Real Deal New York

Orbach sells four Upper Manhattan buildings for $44M

Halt Management and partners pick up three of them
By Mark Maurer and Miriam Hall | May 19, 2017 11:30AM

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,┬áin 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.