Six-Building Manhattan Multifamily Portfolio Sells For $1.75B, A Post-COVID-19 Pandemic Record

Zinger Key Points
  • Rents range from $3,900 to nearly $7,000 per month.
  • The median rent for a Manhattan apartment in May was $4,000.

A multifamily real estate portfolio consisting of six Manhattan apartment buildings has sold for $1.75 billion, the greatest sales level since the COVID-19 pandemic began.

What Happened: The Wall Street Journal, citing unnamed “people familiar with the matter,” said the portfolio was acquired by the investment firm Black Spruce Management LLC and the residential developer Orbach Affordable Housing Solutions LLC.

The six buildings are based on Manhattan’s Upper East Side and were constructed from the 1960s through 2018 by the late developer Sheldon Solow. Most of the approximately 1,700 apartments are market-rate — for Manhattan, that ranges from $3,900 to nearly $7,000 per month.

See Also: Why Is Bill Gates Eager To Spend $170M For A 17th Century Roman Palazzo?

Why It Matters: Manhattan’s residential real estate market was gut-punched during the pandemic, with many residents fleeing the city for suburban markets. However, the market has done a dramatic turnaround, with a Douglas Elliman report pointing to a $4,000 median rent for Manhattan apartments during May.

The Journal also noted many of the leases in the newly acquired six-building portfolio were signed during the pandemic when landlords lowered rent prices to retain tenants. But since the pandemic has waned, the new owners will have the opportunity to generate increased revenue by raising rents.

See Also: New Home Sales Are Up, But Fewer People Are Looking For New Homes

Photo: Angela N. / Flickr Creative Commons

Posted In: multifamily housingNew York CityrentNewsReal Estate

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.