Orbach Group Closes on $70M Apartment Buy

NEW YORK CITY-Fort Lee, NJ-based the Orbach Group, has made the move into Manhattan with the purchase of 13 rental apartment buildings containing 254 units. The five-story walk-ups are located on the south side of West 49th Street between Eighth and Ninth avenues, directly across the street from World Wide Plaza, were acquired for $70 million.

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.”