Meridian Capital Group financed the purchase. According to CEO Meyer Orbach, the firm intends to become a much larger player in the Manhattan rental market. An Orbach source tells GlobeSt.com that they are looking into more multifamily properties in the New York City area, and have some specific properties on its radar screen, but they could not detail anything further at this time.
"This is just the first of what we anticipate will be a number of strategic acquisitions for the Orbach Group," notes Orbach. "Contrary to popular belief, there is financing available for companies with solid financial credentials, a track record of success and smart, achievable business goals."
Orbach continues that now is a great time to buy in the Manhattan. His firm is currently in the market for "quality Manhattan rental properties," and is looking to make several purchases in the near future.
"Market turbulence hasn't made it any easier to secure acquisition financing," says Ralph Herzka, president and CEO of Meridian Capital Group, in a prepared release. "Given the challenges that exist in today's market, we are proud to have arranged this complex deal for the Orbach Group."
According to GlobeSt.com research, the seller of the property is 8th Avenue at 49th Street Partners LLC, but Orbach sources could not confirm. Sources tell GlobeSt.com that the specific addresses of the buildings include: 308, 310, 318, 320, 322, 324, 326, 328, 330, 332, 336, 338, and 340 W. 49th St.
Although the Orbach Group has holdings in several commercial buildings in Midtown, this is their first acquisition of multifamily buildings in Manhattan. The 254 rental units in the Clinton buildings consist of one-bedroom and two-bedroom apartments and two-bedroom duplexes, boasting 98% occupancy. In addition to the residential units, there are six fully occupied retail spaces.
The firm plans to gut renovate apartments as they turn over. New stainless steel appliances, marble countertops and oak cabinets will be added in the kitchens. Together, the buildings have 325 feet of frontage on West 49th Street, comprising of 40% of the land mass of the entire block. Aaron Jungreis of the Rosewood Realty Group represented The Orbach Group in the transaction.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
