Does an uncertain local real estate market represent an opportune time for out-of-town owners and developers to join the game? Don Peebles and Meyer Orbach—independently of one another—both think so. Peebles, CEO of Miami-based Peebles Corp., is actively looking at sites for his first New York City development, while Orbach’s company has just staked its initial claim in Manhattan’s residential market with the $70-million purchase of 13 rental apartment buildings on the West Side. Orbach, CEO of the Fort Lee, NJ-based Orbach Group, says there will be more buys where that came from.

“A lot of people are sitting on the sidelines,” Orbach tells Real Estate New York. “They’re nervous about the market and nervous about financing. This creates opportunities for companies that have their financing in place and are prepared to make a long-term commitment.”

He might add that a proven track record helps. The Orbach Group has a portfolio of about 3,000 high-end rental units in New Jersey and Pennsylvania. The company has also owned a number of office properties in Midtown for the past several years, although Orbach says “our primary focus is multifamily. That’s our bread and butter.”

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