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NEW YORK CITY-One buyer has acquired a six-property portfolio of buildings on the East Side for approximately $26 million. The properties were put on the market by a Long Island-based investment group controlled by David Grossman and Robert Israeloff. Itzhaki Properties brokered the transaction. Erez Itzhaki, president and founder, represented the seller, while Bart Zimmermann, vice president, represented the buyer.

The properties are: 506-508 East 88th St., a five-story elevator building with 40 apartments; 447 and 449 East 78th St., two contiguous five-story walk-up buildings with a total of 24 apartments; 226 and 228 East 26th St., two contiguous five-story walk-up buildings with a total of 44 apartments; and 256 East 10th St., a six-story walk-up with 36 apartments. Itzhaki says the transaction with "fast and smooth." The undisclosed buyer's plans for the properties were not revealed.

The investment group picked a good time to sell as so far this year, more than $1 billion of properties have been sold here, according Marcus & Millichap's Apartment Research Report for Manhattan. That figure includes almost $700 million sold to condo converters. According to the study the rental market should remain strong as greater-than-expected improvement in property fundamentals is possible if job growth exceeds current expectations over the remainder of the year. The median per unit price in Manhattan has risen 15% to $172,000 so far this year.