Orbach Logs a Loss on Sale of UWS Rent-Stabilized Apartments
The Orbach Group continues to shed its Upper West Side holdings, this time getting rid of a 49-unit building with rent-stabilized units for nearly $10 million less than it paid for it three years ago, property records show.
The Englewood Cliffs, N.J.-based firm sold 50 Manhattan Avenue between 102nd and 103rd Streets to Miami investor Leon Agami for $15.7 million in a deal that closed on Aug. 29 and was made public in property records today. Agami financed the acquisition with a $12 million loan from the Israel Discount Bank of New York.
Orbach, headed by Meyer Orbach, bought the six-story property from the Wick Holding Corp. for $25.8 million in 2016, The Real Deal reported. The building has 42 rent-stabilized units and six free-market apartments, according to PropertyShark.
The 50 Manhattan Avenue deal is the latest in a spree of multifamily sales Orbach has done recently in the neighborhood, but appears to be the first where the firm has logged a loss. Last year, the firm sold 415 West 120th Street for $20.3 million, 4-6 and 8-10 West 108th Street for $22.1 million, 204 West 108th Street for $32.5 million, a five-building portfolio on Manhattan Avenue for $57 million and a three-building portfolio on 107th Street for $116 million, TRD reported.
Representatives from the Israel Discount Bank and Orbach did not immediately respond to a request for comment. Agami declined to comment.