Orbach Group Pays $70M for Manhattan Portfolio; Extell Sells Retail Condo at the International Gem Tower
By Veronica Grecu, Associate Editor
The Orbach Group, a New York-based real estate management and investment company, has expanded its New York City apartment portfolio with three new acquisitions totaling around $70 million. The seller, Dermot Company, was represented in the transaction by Andrew Scandalios of HFF.
The newly acquired buildings are 210 and 230 W. 107th St. on Manhattan’s Upper West Side and include a mix of one-, two-, and three-bedroom units totaling 178 high-end apartments with market rents ranging from $2,400 to $5,000 per month. With these new additions, Orbach’s multifamily assets in the city reached almost 1,000 units, while the company’s entire East Coast portfolio is more than 5,000 units.
In commercial real estate highlights for this week, Extell Development sold a three-story retail condominium at 50 West 47th Street in Manhattan’s Diamond District. The 12,000 square feet of space span three levels in Extell’s International Gem Tower—a $750 million skyscraper that opened in October 2012 and was designed by renowned architectural firm Skidmore, Owings and Merrill exclusively for the global diamond, gem and jewelry industry.
The buyer is The Gulaylar Group, a leading gold and diamond retailer and investor based in Turkey. According to Hurriyet, the company paid $10 million for the property and plans to create a state-of-the-art jewelry exchange in the new space.
“This building brings tremendous prestige to Manhattan’s Diamond District, and The Gulaylar Group’s new jewelry exchange will benefit greatly from the prestigious address and exposure to our owners and their guests,” said Mehmet Gulay, vice president of the Gulaylar Group, in a press statement.
Property closings at the International Gem Tower continue steadily, and Extell Development estimates that the first companies may start moving into the new spaces in mid-2013. Some of the most important players in the diamonds and gem industry—such as the Gemological Institute of America (GIA), A.S. Diamonds, Eurostar and Kuperman Bros. Diamonds USA—have already acquired space in the 34-story building.
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Rendering of the International Gem Tower via www.internationalgemtower.com