Meyer Orbach is the seller
Joel Gluck’s Spencer Equity is in contract to acquire 2911 West 36th Street from Meyer Orbach for $50 million, according to TRD. The Coney Island building spans 229,865 square feet. It contains 259 apartments, plus five ground floor commercial units, which are occupied by medical tenants.
Flashback: Orbach paid $34 million for the property in 2014. Job well done!
Dig Deeper: The property is part of the Section 8 housing program, so the deal still must be approved by the Department of Housing and Urban Development. The 20-year contract with HUD ends in 2034.
Worth Noting: Government — the gift that keep on giving! HUD paid 98 percent of the approximately $4.6 million in rental income generated by the property in 2017.