Scott Rechler’s RXR and Qatar Sovereign Wealth Fund joined Meyer Orbach and Josh Gotlib in buying three apartments developed by the late Sheldon Solow for $850 million.
RXR, Qatar Investment Authority and Macquarie Capital Principal Finance have provided $261 million in preferred equity investments, the partners said Wednesday.
Russell Young, vice president of investment management at RXR, said his team was able to close the deal on an “accelerated timeline” at a time when funding was tight.
GO Partners — a joint venture between Orbach’s Orbach Affordable Housing Solutions and Gotlib Managing Black Spruce — closed last month with the purchase of three buildings: one at Sutton Place North, two at Sutton Place North and one at East River Place.
The property includes 850 units and is part of a larger portfolio of 1,766 units that Orbach and Gotlib are purchasing from Solow Building Company for $1.75 billion.
Buyer has already completed the $390 million purchase of 408 units of 685 First Avenue for approximately $390 million and needs to finalize two other buildings worth approximately $560 million. there is.
Rechler’s RXR, which owns a large portfolio of Midtown office properties, has been busy in recent years developing and investing in multifamily housing, some of which it is considering selling.
The company invested in five companies in October housing complex New York and Connecticut properties are for sale.
Earlier this year, RXR completed the $220 million purchase of CIM Group and the rental portion of LIVWRK. 85 Jay Street Luxury development in Dumbo.
Qatar has been one of the most active foreign investors in New York City real estate in recent years. In 2015 QIA purchased his 44% stake in Brookfield Property Partners’ Manhattan West mega development. Partner sold his 49% stake. One Manhattan West moved to Blackstone Group earlier this year at a valuation of $2.9 billion.