"We're leveraging the proceeds on the sale of these propertiesto strategically realign our portfolio," says Meyer Orbach,president and CEO of the Orbach Group. The proceeds will enhanceour ability to expand into the Manhattan real estate market."

Orbach effectively entered the Manhattan market earlier thisyear when it bought 13 buildingswith a total of 254 apartments and a number of storefronts alongWest 49th Street. The company also remains active in the New Jerseymarket, including its recent $12-million acquisition ofthe 144-unit Miry Run Apartments in Hamilton.

The three New Jersey buildings just sold, built in the 1960s and'70s and 98% occupied at the time of the sale, are located at 107Hudson St. in Hackensack, 440 Liberty St. in Little Ferry and 57Park Brook Gardens in Middlesex. The properties had been inOrbach's portfolio for just more than a year, having been acquiredin 2007 as part of a $45-million, 13-building package.