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Fruchthandler’s FBE buying four-building portfolio for $50M
The adjacent Manhattan Valley rental properties haven’t traded hands in over four decades
Abraham Fruchthandler’s FBE Limited is buying a portfolio of four contiguous Upper Manhattan rental buildings for about $50 million, sources told The Real Deal.
The four elevator properties at 60-68 West 107th Street hold a combined 100 rental apartments and 100,600 square feet. The Fruchthandlers are expected to close in the next few weeks on the purchase for about $500 per square foot, sources said.
The buildings haven’t changed hands in more than 45 years. Fort Lee, New Jersey-based real estate investor and contractor Seymour Alpert and his family have owned them since as early as 1969, property records show.
The buildings, located between Columbus and Manhattan avenues in the Manhattan Valley neighborhood, each have 25 rental units.
Eastern Consolidated’s [TRDataCustom] Matthew Sparks is representing the seller, and his colleague Ronald Solarz found the buyer.
The brokers declined to comment, and neither FBE nor Alpert could be immediately reached.
Fruchthandler, a frequent backer and partner of major landlord Ruby Schron, reportedly has a stake in and manages 25 million square feet of real estate nationwide, including roughly 4,000 residential units.
Fruchthandler is also an investor in the Woolworth Building and Industry City, both with Schron and others. His firm FBE is also acquiring a 10-building portfolio in Brooklyn and Manhattan with former Extell Development acquisitions guru Dov Hertz for north of $125 million.