A venture of a New York investment firm and a U.S. residential developer has agreed to pay $1.75 billion for six Manhattan rental apartment buildings, according to people familiar with the matter, the highest price tag for a New York multifamily portfolio since the beginning of the pandemic.
The planned purchase of the portfolio, which includes about 1,700 mostly market-rate units, by Black Spruce Management LLC and Orbach Affordable Housing Solutions LLC represents a big bet on New York. The deal indicates that demand for Manhattan rental apartments remains healthy, despite rising interest rates, capital-markets upheaval and recession fears.
