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Orbach Group sells another UWS property
Gili Haberberg’s Arkar Inc picks up 204 West 108th St. for $32.5M
The Orbach Group, fresh off the sale of a $116 million Upper West Side multifamily portfolio, just sold another rental building in the neighborhood.
The multifamily investment firm headed by Meyer Orbach sold the Canterbury at 204 West 108th Street to Gili Haberberg’s Arkar Inc. for $32.5 million, the broker who negotiated the sale told The Real Deal.
The purchase price is an 18 percent premium over the $27.5 million Orbach paid when the company bought the building in 2015.
Avison Young’s Sam Schertz, who brokered the sale, said the property’s “location, excellent condition and strong cash flow” made it an attractive investment.
Representatives for Orbach and Arkar couldn’t be immediately reached.
Orbach recently closed the sale of three-building portfolio nearby on 107th Street to Isaac Kassirer for $116 million. And earlier this month the investor sold a 50-unit apartment building at 415 West 120th Street to Pebb Capital for $20.3 million.
Arkar, meanwhile, last year paid $61.5 million to buy the 78-unit Lower East Side rental building at 331 East Houston Street from Samy Mahfar’s SMA Equities and Halpern Real Estate Ventures.