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Acquisitions

Meyer Orbach sells Manhattan Valley portfolio

Orbach is a minority owner in the Minnesota Timberwolves

One the buildings in the portfolio at 3-5 West 108th Street (Credit: Rosewood Realty)

Meyer Orbach has sold five buildings to an unnamed buyer for $57 million. The Manhattan Valley portfolio spans 117,864 square feet, and contains approximately 130 apartments.

Addresses… 4 Manhattan Avenue, 8 Manhattan Avenue, 10-16 Manhattan Avenue, 3-5 West 108th Street, and 7-9 West 108th Street. 

Be Smart: The deal sold for a 4.7 percent cap rate, at 15 times the annual rent roll, for $485 per square foot or $440,000 per unit, according to Rosewood Realty’s Aaron Jungreis who brokered the deal.

Worth Noting: Earlier this year, Orbach sold 203, 210, 220, and 230 West 107th Street to Isaac Kassirer’s Emerald Equity Group for $116 million. He also sold 204 West 108th Street to Gili Haberberg for $32.5 million.

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