Black Spruce Management And Orbach Group Acquire 6-Building UES Portfolio For $1.8B

Meyer Orbach, CEO of Orbach Group, has recently closed a deal for the acquisition of a multifamily property portfolio located on the Upper East Side. The portfolio consists of six buildings, with the main address being 525 East 72nd Street. The total number of units in the portfolio is approximately 1,700. The transaction was completed on June 28, 2022, with a sale price of $1,750,000,000.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,750,000,000
• Address: 525 East 72nd Street and 5 other properties
• Market: Upper East Side

The buyers in this transaction were Black Spruce Management, represented by Josh Gottlieb, and the Orbach Group, represented by Meyer Orbach. They agreed to purchase the portfolio from the seller, Sheldon Solow. The price per unit for this transaction amounts to approximately $1,029,411. It is worth noting that the deal represents a significant investment of approximately $1.8 billion.

This transaction marks a substantial acquisition for Meyer Orbach and Josh Gottlieb, representing Black Spruce Management, and the Orbach Group. The acquisition of this multifamily property portfolio in the Upper East Side demonstrates their commitment to expanding their real estate holdings in prime locations. The deal solidifies their presence in the New York City market and showcases their ability to invest and manage large-scale properties.