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

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.