Black Spruce pays $39.5M to Orbach Group for 3 UWS rentals, part of larger sale

Black Spruce Management paid $39.5 million to the Orbach Group for three rental buildings in the Upper West Side in three separate transactions. These sales are part of a larger portfolio sale by Orbach to Black Spruce.

In the first, Black Spruce Management through the entity 105th Morningside Holdings LLC paid $21.4 million to Orbach Group through the entity Coso 120 West 105 LLC for 62-unit rental (D1) at 120 West 105th Street in Upper West Side, Manhattan.
The deal closed on October 13, 2021 and was recorded on November 9, 2021.
The property has 55,590 square feet of built space and 13,699 square feet of additional air rights for a total buildable of 69,364 square feet according to PincusCo analysis of city data. The sale price per built square foot is $384 and the price per buildable square foot is $308 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 September 11, 2013, for $15.9 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 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $79,000.
The owners according to the Department of Housing Preservation and Development includes Avi Orbach, head officer and Daisy Lopez, agent. The business entity is Coso 120 West 105 Llc.
Within a 400-foot radius of 120 West 105th Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which SSPF REIT 1 LLC bought the 30,608-square-foot, 28-unit rental (D1) on 133 West 104th Street and one other property for $70.7 million from SSPF REIT, Inc. on January 21, 2021.
Of those three items, two were loans above $5 million totaling $65.2 million. The most recent of the two was Black Spruce Management which borrowed $10.0 million from Signature Bank secured by the 21,320-square-foot, 20-unit rental (C7) on 106 West 105th Street on November 8, 2021.

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In the second, Black Spruce Management through the entity Amsterdam Affordable Holdings 2 LLC paid $13.2 million to Orbach Group through the entity 933 Amsterdam Holdings LLC for 27-unit rental (D7) at 933 Amsterdam Avenue in Upper West Side, Manhattan.
The deal closed on October 13, 2021 and was recorded on November 9, 2021.
The property has 24,312 square feet of built space and 4,496 square feet of additional air rights for a total buildable of 28,793 square feet according to PincusCo analysis of city data. The sale price per built square foot is $541 and the price per buildable square foot is $456 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 July 11, 2013, for $13.1 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 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $36,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $102,500. One of the projects were to change the building from a RES to a R-2and change the number of residential units from 27 to 28.
The owners according to the Department of Housing Preservation and Development includes Avi Orbach, head officer and Daisy Lopez, site manager. The business entity is 933 Amsterdam Holdings Llc.
Within a 400-foot radius of 933 Amsterdam Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Black Spruce Management bought the 9,130-square-foot, 15-unit rental (C4) on 170 West 107th Street and one other property for $5.8 million from Orbach Group on November 5, 2020.

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In the third, Black Spruce Management through the entity Amsterdam Affordable Holdings 2 LLC paid $5.0 million to Orbach Group through the entity 931 Amsterdam Holdings LLC for 13-unit rental (C7) at 931 Amsterdam Avenue in Upper West Side, Manhattan.
The deal closed on October 13, 2021 and was recorded on November 9, 2021.
The property has 9,340 square feet of built space and 6,625 square feet of additional air rights for a total buildable of 15,953 square feet according to PincusCo analysis of city data. The sale price per built square foot is $532 and the price per buildable square foot is $311 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 $2.7 million.
The signatory for Orbach Group was Meyer Orbach.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $78,000.
The owners according to the Department of Housing Preservation and Development includes Avi Orbach, head officer and Daisy Lopez, agent. The business entity is 931 Amsterdam Holdings, Llc.
Within a 400-foot radius of 931 Amsterdam Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Black Spruce Management bought the 9,130-square-foot, 15-unit rental (C4) on 170 West 107th Street and one other property for $5.8 million from Orbach Group on November 5, 2020.
One of those two items was a loan which SDG Management borrowed $7.8 million from Signature Bank secured by the 27,465-square-foot, 53-unit rental (C4) on 225 West 105th Street on June 11, 2020.

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