Originally Published in Real Estate Weekly
On behalf of a private investment group led by Nathan Halegua and Marty Newman, Rosewood Realty Group has arranged the sale of 308-40 West 49th Street to The Orbach Group. Aaron Jungreis, President of Rosewood Realty successfully brokered this transaction for $70 million. Mr. Halegua, Principal of Jonis Realty and Mr. Newman purchased this 252 unit and 6 store package for $28 million in March of 2002. In their time of ownership, they added tremendous value through renovations and buyouts of apartments and extensive capital improvements on the properties. "These buildings were contracted within 2 weeks of marketing and the buyer recognized the enormous upside potential," said Jungreis. "Because of its strategic location near Worldwide Plaza and the near mint condition of the properties The Orbach Group moved quickly and efficiently to bring about a sale." According to Jungreis, "this was a wonderful opportunity for The Orbach Group to make a huge entrance in Manhattan by purchasing a block of buildings that has 325 feet of frontage on 49th Street and tremendous residential and commercial traffic on the block." Bryan McCrossen, Esq. represented the seller.