The slated price tag for these six Upper East Side buildings is higher than any in New York since pre-pandemic.
The anticipated, well over $1 billion sum Black Spruce Management LLC and Orbach Affordable Housing Solutions LLC are set to pay for the six Manhattan towers was reached after an intense bidding war, insiders told the Journal. As the winning bidders, the companies look to make 3 to 5 percent initial return rates on the buildings, a relatively low rate compared to other commercial properties.
The planned sale is a good sign for the residential real estate market, experts say, and shows that, even as other sectors suffer, rental properties are standing steady. “People are still going to need apartments; there’s still a lot of demand,” John Pawlowski, residential-property sector head of real-estate analytics firm Green Street commented to the Journal. “We’ll see what happens in the economy, but 2022 and 2023 should be very good years for apartment landlords in New York City.’
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