Orbach Group pays $70M for rental buildings

From left: Meyer Orbach and 210-230 West 107th Street
From left: Meyer Orbach and 210-230 West 107th Street

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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