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UES Portfolio Deal is Manhattan’s Biggest Apartment Sale of Pandemic
A venture of Black Spruce and Orbach Affordable Housing Solutions has agreed to pay $1.75 billion for six rental apartment buildings on Manhattan’s Upper East Side, reported the Wall Street Journal, citing sources familiar with the matter. It’s the highest price tag for a New York multifamily portfolio since the beginning of the pandemic, the WSJ reported.
The properties weren’t identified aside from 1 East River Pl. at 525 E. 72nd St. Totaling about 1,700 units, all six were built by the late Sheldon Solow, whose company is now being run by his son, Stefan Soloviev.
Black Spruce and Orbach bested other bidders for the portfolio, which is expected to produce initial return rates between 3% and 5%, according to the WSJ.
Although rising interest rates are creating turbulence for commercial deals, the portfolio acquisition comes at a time when Manhattan apartment rents have reached new highs.
Pictured: 1 East River Place. Photography by Jeff Goldberg, courtesy of Davis Brody Bond.
- ◦Sale/Acquisition
