Black Spruce pays $26.4M to Orbach Group for three UWS rentals
Black Spruce Management paid $26.4 million to the Orbach Group for three rental properties in the Upper West Side in two separate transactions.
In the first, Black Spruce Management through the entity Hp Mjm Housing Development Fund Company, Inc. paid $21 million to Orbach Group through the entity Coso 165-171 Manhattan LLC for 24-unit rental (D1) at 169 Manhattan Avenue in Upper West Side, Manhattan and 24-unit rental (D1) at 165 Manhattan Avenue in Upper West Side, Manhattan.
The deal closed on October 13, 2021 and was recorded on November 4, 2021.
The two properties have 35,676 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $589 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 signatory for Orbach Group was Meyer Orbach. The signatory for Black Spruce Management was Joshua Gotlib.
The former owners according to the Department of Housing Preservation and Development included Avi Orbach, head officer and Daisy Lopez, agent. The business entity was Coso 165-171 Manhattan Llc.
Direct link to Acris document. link
In the second, Black Spruce Management through the entity Amsterdam Affordable Holdings 2 LLC paid $5.4 million to Orbach Group through the entity 969 Amsterdam Holdings LLC for 12-unit rental (C7) at 969 Amsterdam Avenue in Upper West Side, Manhattan.
The deal closed on October 13, 2021 and was recorded on November 4, 2021.
The property has 9,321 square feet of built space and 5,839 square feet of additional air rights for a total buildable of 15,152 square feet according to PincusCo analysis of city data. The sale price per built square foot is $582 and the price per buildable square foot is $358 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 February 17, 2012, for $3.5 million.
The signatory for Orbach Group was Meyer Orbach. The signatory for Black Spruce Management was Joshua Gotlib.
The former owners according to the Department of Housing Preservation and Development included Avi Orbach, head officer and Daisy Lopez, agent. The business entity was 969 Amsterdam Holdings Llc.
Direct link to Acris document. link