"A lot of people are sitting on the sidelines," Orbach tellsReal Estate New York. "They're nervous about the market andnervous about financing. This creates opportunities for companiesthat have their financing in place and are prepared to make along-term commitment."

He might add that a proven track record helps. The Orbach Grouphas a portfolio of about 3,000 high-end rental units in New Jerseyand Pennsylvania. The company has also owned a number of officeproperties in Midtown for the past several years, although Orbachsays "our primary focus is multifamily. That's our bread andbutter."

The 254 walk-up residential units, which the Orbach Group plansto gut renovate as they become vacant, occupy 40% of the land massalong West 49th Street between Eight and Ninth avenues and includesix fully occupied retail spaces. Orbach says the company is eyingother apartment properties in Midtown and uptown. "Our mostimportant criterion is finding quality stuff in good locations,"says Orbach.