Orbach Group scoops up UWS rental for $26M
Israel Discount Bank provides financing for purchase of 49-unit building
The Orbach Group bought a 49-unit Upper West Side rental building for $26 million.
The New Jersey-based multifamily investment firm bought the building at 50 Manhattan Avenue from the Wick Holding Corp. for $25.8 million, according to property records filed with the city Wednesday. The property is located in the Upper West Side’s Manhattan Valley neighborhood, between West 102nd and 103rd streets.
Nearly all of the apartments in the 42,783-square-foot building are rent-stabilized units. The sales price works out to $603 per square foot.
A representative for Orbach could not be immediately reached for comment.
The Israel Discount Bank of New York provided a $15 million acquisition loan, records show.
Epic Commercial Realty [TRData] brokers Ido Tzaidi and Anthony Celifarco represented the buyer and the seller.