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Black Spruce Management & Orbach Affordable Housing Solutions Acquire 322-Unit Multifamily Building In Lenox Hill, Manhattan For $402.6M

Property Image
SOLD
$402,625,000

New York

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MultiFamily490,652 SF
Sold 04/21/2023
the dealdetailscomps
Property Image
SOLD

Black Spruce Management & Orbach Affordable Housing Solutions Acquire 322-Unit Multifamily Building In Lenox Hill, Manhattan For $402.6M

1261 2nd Ave New York, NY 10065

See Similar Deals
MultiFamily490,652 SF
Sold 04/21/2023
the dealdetailscomps

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$820
Total Square Footage:490,652 SF
Transaction Type:Sale

Black Spruce Management and Orbach Affordable Housing Solutions, doing business as GO Partners, acquired the 322-unit residential elevator building at 1261 Second Avenue in Lenox Hill, Manhattan, for $402.6 million. The property spans 490,652 square feet and sold for a price of $821 per square foot. The transaction was completed on 04/20/2023.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $402,625,000
  • Units: 322
  • Price Per Unit: $1,250,388
  • Square Footage: 490,652
  • Price Per Square Foot: $821
  • Address: 1261 Second Avenue
  • Market: Lenox Hill, Manhattan

The buyer of the property was Black Spruce Management & Orbach Affordable Housing Solutions, represented by their broker GO Partners. The seller of the property was Solow Realty & Development.

Players

Black Spruce Management
Black Spruce Management
BUYER
OS
Orbach Affordable Housing Solutions
BUYER
SD
Solow Realty & Development
SELLER

Details

SOLD
IMAGE: 04/20/2023 ADDRESS: 1261 Second Avenue MARKET: Lenox Hill, Manhattan ASSET TYPE: Multifamily BUYER: Black Spruce Management & Orbach Affordable Housing Solutions SELLER: Solow Realty & Development SALE PRICE: $402,625,000 UNITS: 322 ~ PPU: $1,250,388 SF: 490,652 ~ PPSF: $821 NOTE: Black Spruce Management and Orbach Affordable Housing Solutions, doing business as GO Partners, acquired the 322-unit residential elevator building at 1261 Second Avenue in Lenox Hill, Manhattan, for $402.6 million. The 490,652-square-foot property sold by Solow Realty & Development.

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