NEW YORK CITY-Phoenix Realty Group has invested in a residential complex consisting of 13 buildings in midtown west. The investment will help the Orbach Group, the owner/operator of the buildings, to pay up between $3 million and $3 million for upgrading the five-story buildings situated on West 49th Street and purchase other multifamily properties in Manhattan.
The West 49th Street properties comprise a total of 253 rent-stabilized apartments. Phoenix's investment will also help refinance Orbach's loan on the property.For the full story, go to Crain's New York Business.
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.