ORBACH BUYS $70 MILLION APARTMENT PORTFOLIO
NEW YORK CITY — New Jersey-based The Orbach Group has acquired a 13-building apartment portfolio located in the Clinton neighborhood of Manhattan, New York City, for $70 million. The five-story buildings are located on West 49th Street between Eighth and Ninth avenues, and contain 254 one- and two-bedroom apartments, and two-bedroom duplexes, as well as six fully occupied retail spaces. Occupancies are currently at 98 percent; Orbach will renovate the units as they turn over, adding new stainless steel appliances, marble countertops and oak cabinets to the kitchens. Aaron Jungreis of Rosewood Realty Group represented Orbach in the transaction. The seller was not disclosed.