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Orbach Group sells Manhattan, NY, property for $32.5M

The Orbach Group sold the Canterbury rental building at 204 W. 108th St. in Manhattan, N.Y., to Arkar Inc. for $32.5 million, The Real Deal reported, citing Avison Young, which brokered the deal.

Orbach paid $27.5 million for the Upper West Side asset in 2015, with the current sale reflecting an 18% premium.

The company, which specializes in rental properties and specialized real estate services, also recently closed the sale of a three-building portfolio on the Upper West Side for $116 million and sold a 50-unit apartment building for $20.3 million, according to the March 12 report.