Rosewood Realty Group announced the $ 97 million sale of a three building multifamily portfolio in the Upper West Side‘s Manhattan Valley neighborhood.
The buildings consist of three adjacent six-story elevator apartment buildings at 210, 220 and 230 West 107th Street with a total of 180 apartments, spanning 153,786 square feet. The property sits just a few blocks south of Columbia University. The three buildings were all built in 1925 and sold for 15.15 times the current rent roll, at a 4.66 percent cap rate.
Rosewood Realty Group’s Aaron Jungreis represented both sides in the deal: the buyer, Isaac Kassirer, a Brooklyn investor and the seller, the Orbach Group, a New Jersey-based firm led by investor and Minnesota Timberwolves part-owner who acquired the three buildings for $70 million back in 2013.
Meyer Orbach said the sale is consistent with his “longterm strategy of selling assets after a holding period” and then reinvesting the funds to grow the firm’s holdings.
Kassirer, a rising multifamily player in Brooklyn, has several irons in the fire. He is buying 21 Harlem buildings, selling 15 in the Bronx and just closed on the purchase of 838 West End Avenue.
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