Upper East Side Multi-Family Portfolio Fetches $1.75B

Despite a challenging investment market landscape, Black Spruce and Orbach Affordable Housing Solutions have agreed to purchase a 6-building Upper East Side multi-family portfolio for $1.75 billion, or about $1,029,412 per unit. Among the properties within the 1,700-unit package is 1 East River Place, a 415-unit building at 525 East 72nd Street. The sale of the portfolio that includes 15% rent-regulated units; and was built by the late Sheldon Solow, is “expected to produce initial return rates between 3% and 5%.” News of the pending deal comes about 4 months following the pair’s purchase of the 760-unit American Copper Buildings at 626 First Avenue for $837 million.

Source:    https://therealdeal.com/2022/06/28/black-spruce-orbach-strike-nycs-biggest-multifamily-deal-of-pandemic/