The Real Deal New York

Kessners put Upper Manhattan portfolio on the block for $62.5M

February 03, 2014 04:21PM
By Katherine Clarke

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Robert Shapiro and 1771-1773 First Avenue

Robert Shapiro and 1771-1773 First Avenue

East Harlem landlords, father and son Steve and Michael Kessner, sold a two-story commercial building at 1790 Third Avenue for $5.75 million last week. Now, they’re looking to unload a much larger chunk of real estate – an Upper Manhattan portfolio comprising 12 buildings.

The twosome has tapped Massey Knakal Realty Services to market the portfolio, which totals 275 residential rental units and three commercial spaces.

The brokers handling marketing are Bob Knakal, Robert Shapiro, Thomas Gammino and Josh Lipton.

The portfolio has a price tag of $62.5 million, according to Massey Knakal.

The buildings are located at 1771 and 1773 First Avenue, 506 and 510 West 150th Street, 508 and 512 West 158th Street, 516 West 159th Street and 522 West 161st Street, 17 and 17 Arden street and 149 and 157 Vermilyea Avenue.

Kessner acquired the buildings in 2011 and 2012, for a combined $33.95 million, records show.

Michael Kessner was not immediately available for comment.

Shapiro told The Real Deal that the listing signaled that intense portfolio trading in Upper Manhattan would continue at the same pace as last year.

Granted, only 106 multi-family transactions for Uptown properties were conducted between January 2013 and November 2013, a 1 percent increase year-over-year. But the number of properties sold jumped 88 percent, to 151 for the 11-month period, according to data provided by Ariel Property Advisors — a sign that buildings were trading en masse.

The Kessners sold 1790 Third Avenue, which they had owned since 1996, to an Israeli investor who plans to turn the property into a residential rental tower.

  • shenanigans

    How is it possible that their 2-story in East Harlem sold for the same if not more than Little Italy buildings?

  • MT

    Great family and business. They do right by people. Keep it up.

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