Black Spruce pays $187M to Orbach Group for 44-building UWS portfolio

Black Spruce Management through the entity HP Morningside Heights Portfolio Housing paid Orbach Group’s Beacon 109 245-251 LLC (and others) a total of $187 million in 32 separate transactions for 44 buildings with 629 units.

The transfers were for sale prices as low as $810,630 and as high as $18.4 million per transfer.

This is the same sale The Real Deal reported Monday as having closed. The total figures recorded yesterday were slightly lower than those in the article. The article said there were 48 buildings with 675 residential units. Rosewood Realty Group’s Aaron Jungreis was the broker, according to the article.

PincusCo identified in transfers yesterday 44 buildings with 629 residential units. The buildings included
251 West 109th Street, 249 West 109th Street, 247 West 109th Street and 245 West 109th Street and others in the Upper West Side. The deal closed on October 16, 2020, and was recorded on November 5, 2020.

The parcels have total built space and development potential of 522,024 square feet, according to the PincusCo analysis.
The average sale price per unit recorded yesterday was about $298,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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