The Orbach Group, a New Jersey-based owner, developer and manager of luxury rental units, has made the move into Manhattan with the purchase of 13 rental apartment buildings containing 254 units. The five-story walk-ups are located on the south side of West 49th Street between Eighth and Ninth avenues, directly across the street from World Wide Plaza.
An unidentified entity sold the Clinton neighborhood buildings for $70 million.
Although The Orbach Group has holdings in several commercial buildings in Midtown, this is its first acquisition of multifamily buildings in Manhattan. The units consist of one- and two-bedroom apartments and two-bedroom duplexes, boasting 98 percent occupancy at the time of purchase. In addition to the residential units, there are six fully occupied retail spaces. The Orbach Group will gut renovate apartments as they turn over. New stainless steel appliances, marble countertops and oak cabinets will be added in the kitchens. Together, the buildings have 325 feet of frontage on West 49th Street, comprising 40 percent of the land mass of the entire block.
According to Orbach Group CEO Meyer Orbach, the firm intends to become a much larger player in the Manhattan rental market, adding that his firm is currently in the market for quality Manhattan rental properties, looking to make several purchases in the near future.
The Orbach Group owns a portfolio of high-end residential properties throughout New Jersey and Pennsylvania.
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