Isaac Kassirer is in contract to acquire a 21-building portfolio in Harlem from multifamily giant E&M Associates for $85 million, as he continues to become a serious real estate player in New York City, The Real Deal reported.
The latest purchase by the young real estate star consists of 224 rental apartments across 21 walk-up buildings, many of them are Adam Clayton Powell Boulevard.
Kassirer’s Emerald Equity Group signed a contract late last year. The deal is expected to close at roughly $380,000 per unit, approximately an $85 Million purchase. The seller Irving Langer’s E&M bought them for $66.7 million in 2014 from Denver-based real estate investment trust AIMCO.
The package spans 215,000 square feet across three city blocks, and includes 30 retail stores. Addresses include 2247 and 2484 Seventh Avenue; 204 and 306 West 133rd Street; and 2247-2253, 2300-2310, 2252-2258 Adam Clayton Powell Boulevard, according to The Real Deal.
Earlier in January of this year, Kassirer purchased a 12-story rental property located at West 101st St from Thor Equities. The 70 unit apartment building was purchased for $65 Million, The Jewish Voice reported.
Kassirer, who heads Emerald Equity Group, has made some impressive real estate purchases over in 2017
In October Emerald purchased 3 buildings on West 107th St, one of the few “big ticket” multifamily purchases in New York City of 2017. Kassirer purchased the 3 buildings for around $100 million. A total of 178 rent stabilized apartments. They were sold by Meyer Orbach, who is part owner of the Minnesota Timberwolves basketball team, TJV reported recently.
The 35-year-old Kassirer has been on a buying rampage since emerging on the multifamily scene in 2014. Manhattan in not the only borough Emerald has made large multi-family purchases. Kassirer picked up an 11-building Bronx multifamily portfolio of apartments in the Fordham Heights, Belmont and Concourse areas; A total of roughly 300 rent stabilized apartments for a total of $49 Million, TJV reported in January.
In 2016 Kassirer made his first splash in the multi family market by purchasing a 47-building portfolio in Harlem for $358 Million from Fairstead Capital. A total of 1,130 rental units were in this 47-building portfolio, TJV reported.
If this latest deal were to close, the 21-building Harlem package would be biggest one Kassirer has acquired since December 2016, when he picked up that 47-building portfolio from Fairstead Capital, The Real Deal pointed out,.
By Martin Globus
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