Meyer Orbach takes a hit at 50 Manhattan Avenue

Leon Agami has acquired 50 Manhattan Avenue in Manhattan Valley from Meyer Orbach for $15.7 million, according to public records. The predominantly rent stabilized residential property spans 42,783 square feet, and contains 49 units (six are free market). 

• Acquisition financing: Agami secured a $12 million loan from the Israel Discount Bank of New York to close the deal. 

• Flashback: Orbach paid $25.8 million for the six-story property in 2016. Recent rent regulation reform will continue to haunt similar investments. Harbinger for things to come.