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A partnership of Black Spruce Capital Management and Orbach Affordable Housing has paid $825 million for three Upper East Side apartment towers developed by the late Sheldon Solow

Partnership Pays $825M for Three Solow Apartment Towers on Upper East Side

An equity syndication sponsored by GO Partners has closed on the $825-million acquisition of three Upper East Side multifamily properties totaling 858 units, including One Sutton Place, Two Sutton Place and One East River Place. The properties, all developed by the late Sheldon Solow, are part of a larger five-property portfolio.  

A JLL Capital Markets Investment Sales Advisory team of Rob Hinckley, Jeff Julien, Scott Panzer, Andrew Scandalios, Steve Rutman, John Taylor, Jon Faxon and Joy Ryoo represented Solow Building Company in the sale. The buyer is a partnership of Black Spruce Management and Orbach Affordable Housing.  

The 408-unit 685 First Ave., which sold in October, was the first property to close from the larger portfolio with JLL representing the seller, bringing the total portfolio transaction amount thus far to $1.2 billion.  An additional property in the portfolio is currently under contract between the parties. 

Pictured: One and Two Sutton Place.


Inside The Story

JLL's Hinckley

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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