Real estate investment firm the Orbach Group recently purchased six rental stabilized apartment buildings in Morningside Heights for $30 million, and are planning to put another $2 million into redoing to lobbies and facades. Meyer Orbach, president of the firm, had this to say: "We purchased this as a long term hold. You never know for sure when you're going to get back units, it's a waiting game. What I do know is that the Upper West Side has expanded to this area and rents have been rising substantially." [CNY; previously]
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