Phoenix, Orbach Acquire NYC Multi-Family Portfolio
- Mar 22, 2011
March 22, 2011
By Allison Landa, News Editor
Phoenix Realty Group and The Orbach Group have entered into a partnership to acquire an interest in a 13-building multi-family portfolio on W. 49th St. in Manhattan near Rockfeller Center and Times Square.
The 253 pre-war apartments were 99 percent occupied as of the investment’s closing. They have been owned and operated by Orbach since 2008 and present a mix of market-rate and rent-stabilized units.
According to Phoenix vice president Udi Kore, the portfolio was well suited for the firm’s investment focus. Furthermore, he said, Orbach is a high-quality owner-operators capable of realizing the asset’s potential. Phoenix senior vice president Steve Scioscia added that an increasing number of private owner-operators are attracting institutional partners.
Orbach has holdings in New York commercial and residential facilities in Midtown and the Upper West Side as well as properties throughout New Jersey and metropolitan Philadelphia. Orbach owner and president Meyer Orbach said that the firm plans to reinvest its savings and expand in New York as well as other markets.
Orbach added that the partnership gives the firm the capital to refinance the property, which will save $6 million over the life of the mortgage loan.