NEW YORK CITY-The Orbach Group plans to continue its apartment buying spree in New York City and Pennsylvania. The Englewood Cliffs, NJ-based property ownrship and management firm has invested some $70 million for 635 units in both states.
On the Manhattan side of the equation, Orbach made a $30-million purchase of a six-building, 105-unit Manhattan portfolio with five buildings on Amsterdam Avenue on the West Side, between 105th and 108th Avenues. The other building is on Cathedral Parkway off Columbus Avenue. Also included in the deal are six retail stores, including Dunkin Donuts, Dominos Pizza and Subway.
The transaction adds to Orbach’s growing city portfolio, which is likely to grow even larger in the coming months. “We’re actually working on more acquisitions spread out across the city,” says president Meyer Orbach. “We’ve been buying in the city for the past three years.”
He says the buildings, constructed in the early 1900s, are rent-stabilized units and in good condition generally. The d