Meyer Orbach, Josh Gotlib close on $850M of Solow apartments
Partners buying $1.8B worth of multifamily
Meyer Orbach and Josh Gotlib closed on another $850 million of apartment buildings developed by the late Sheldon Solow.
The investors’ joint venture GO Partners finalized its purchase of three rental towers — One Sutton Place North, Two Sutton Place North and One East River Place — with a total of 850 units, a spokesperson for the buyers told The Real Deal.
It’s the latest deal between GO Partners and the Solow Building Company, which announced earlier this year it was selling $1.75 billion of residential buildings totaling 1,766 units to Orbach and Gotlib.
The buyers closed in September on the 408-unit building at 685 First Avenue for about $390 million, which leaves another two buildings worth roughly $560 million in the pipeline.
The $1.75 billion deal is one of the largest — if not the largest — multifamily sales of the pandemic.
Solow died in 2020 at the age of 92. His son, Stefan Soloviev, is now running the family firm.
A JLL team led by Rob Hinckley and Jeff Julien brokered the sale of the properties, while Cushman & Wakefield’s Adam Spies and Adam Doneger arranged the financing.
Orbach’s Orbach Affordable Housing Solutions and Gotlib’s Black Spruce Management teamed up last year to invest in multifamily properties and have emerged as one of the city’s most active players.
The joint venture also paid $837 million in March to buy the American Copper Buildings at 626 First Avenue in Murray Hill from Michael Stern’s JDS Development Group and the Baupost Group.
All told, GO Partners has closed $2 billion in transactions, buying more than 2,000 apartments.