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Orbach sells five UWS buildings for $57M
Firm paid $36M for buildings between 2012 and 2015
UPDATED, 5:55 p.m., Oct. 29: The Orbach Group is continuing its Upper West Side selling spree.
The multifamily investment firm headed by Meyer Orbach has sold five buildings for $57 million to an unnamed 1031 exchange investor, the sellers told The Real Deal. The 120-unit portfolio includes 4 Manhattan Avenue, 8 Manhattan Avenue, 10-16 Manhattan Avenue, 3-5 West 108th Street and 7-9 West 108th Street.
Property records later showed that the buyer of 10-16 Manhattan Avenue was Quality Capital USA.
The purchase price is a 57 percent premium over the $36.15 million the investment firm paid between 2013 and 2015, property records show.
Three of the buildings — 10-16 Manhattan Avenue and 3-5 and 7-9 West 108th Street — were part of a 33-building portfolio that Orbach bought in 2013 for $246 million from a joint venture of Heritage Real Estate Partners and Dune Real Estate Partners.
In a statement, Meyer Orbach said the proceeds would be invested into affordable housing units. Rosewood Realty’s Aaron Jungreis and Michael Guttman brokered the deal. Jungreis also brokered the $246 million deal on behalf of Orbach in 2013.
Earlier this year, the Orbach Group sold a portfolio of Upper West Side buildings for $116 million Upper West Side to real estate investor Isaac Kassirer. Not long after, Orbach unloaded a rental building at 2014 West 108th Street to Gili Haberberg’s Arkar Inc., for $32.5 million.
This story has been updated to include the buyer of 10-16 Manhattan Avenue.