Search
 

Coming to New York

Two out-of-town developers each say the climate is right to make their mark in Manhattan

By Paul Bubny | Updated on June 13, 2008

Does an uncertain local real estate market represent an opportune time for out-of-town owners and developers to join the game? Don Peebles and Meyer Orbach—independently of one another—both think so. Peebles, CEO of Miami-based Peebles Corp., is actively looking at sites for his first New York City development, while Orbach’s company has just staked its initial claim in Manhattan’s residential market with the $70-million purchase of 13 rental apartment buildings on the West Side. Orbach, CEO of the Fort Lee, NJ-based Orbach Group, says there will be more buys where that came from.

“A lot of people are sitting on the sidelines,” Orbach tells Real Estate New York. “They’re nervous about the market and nervous about financing. This creates opportunities for companies that have their financing in place and are prepared to make a long-term commitment.”

He might add that a proven track record helps. The Orbach Group has a portfolio of about 3,000 high-end rental units in New Jersey and Pennsylvania. The company has also owned a number of office properties in Midtown for the past several years, although Orbach says “our primary focus is multifamily. That’s our bread and butter.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.