Landlord Orbach Group has forked over $70 million to buy three contiguous six-story apartment buildings in Harlem, consisting of Nos. 210, 220 and 230 West 107th Street, between Broadway and Amsterdam Avenue, Crain’s reports.
The acquisition comes on the heels of a purchase last year of six apartment buildings totaling 105 units around Amsterdam Avenue and 110th Street for $30 million and a purchase earlier this year of two buildings totaling 40 units on East 88th Street for close to $10 million.
The West 107th Street buildings, all with J-51 tax benefits, total 178 rent-stabilized apartments. However, those benefits are set to expire next year.
Rents at the buildings are currently capped at between $2,400 and $5,000 a month. They won’t increase substantially unless current residents choose to move out.
“We’re patient money,” Meyer Orbach, president of the Orbach Group told Crain’s. “This area is a continuation of the Upper West Side and it’s a place where people want to live.” [Crain’s] — Sanna Chu