Black Spruce Management pays $10M to Orbach Group for rental in Upper West Side

Black Spruce Management through the entity Amsterdam Affordable Holdings 2 LLC paid $10 million to Orbach Group through the entity 965 Amsterdam Holdings LLC for 28-unit rental (C7) at 965 Amsterdam Avenue in Upper West Side, Manhattan.
The deal closed on October 13, 2021 and was recorded on November 5, 2021.
The property has 17,410 square feet of built space and 12,884 square feet of additional air rights for a total buildable of 30,298 square feet according to PincusCo analysis of city data. The sale price per built square foot is $574 and the price per buildable square foot is $330 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 23, 2020, for $1.7 million.
The signatory for Orbach Group was Meyer Orbach. The signatory for Black Spruce Management was Joshua Gotlib.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $120,300.
The former owners according to the Department of Housing Preservation and Development included Avi Orbach, head officer and Daisy Lopez, site manager. The business entity was 965 Amsterdam Holdings.

Within a 400-foot radius of 965 Amsterdam Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on November 2, 2020 for the $320,000 renovation of 13,401-square-foot R-2 building with 17 residential units at 218 West 108th Street.
Of those six items, three were sales above $5 million totaling $22.1 million. The most recent of the three was Black Spruce Management which bought the 9,321-square-foot, 13-unit rental (C7) on 969 Amsterdam Avenue for $5.4 million from Orbach Group on November 4, 2021.
Of those six items, two were loans above $5 million totaling $11.2 million. The most recent of the two was Black Spruce Management which borrowed $5.4 million from Signature Bank secured by the 9,321-square-foot, 13-unit rental (C7) on 969 Amsterdam Avenue on November 4, 2021.

Direct link to Acris document. link