The Real Deal New York

Isaac Kassirer buys 11-building Bronx portfolio for $49M

Prana amassed the roughly 300 rental units over past decade
By Mark Maurer | April 24, 2017 12:15PM

From left: 2357 Washington Avenue, Isaac Kassirer and 2028 Valentine Avenue in the Bronx

UPDATED, 3:47 p.m., April 24: Isaac Kassirer picked up an 11-building Bronx multifamily portfolio from Prana Investments for $49.3 million, according to property records filed with the city Monday.

The head of Emerald Equity Group continued his multifamily buying spree in the city with the purchase of roughly 300 rent-stabilized apartments in the neighborhoods of Fordham Heights, Concourse Village and Belmont. Kassirer closed on the purchase on April 6, records show.

Neil McKinnon

Prana, a San Francisco-based investment firm led by Neil McKinnon, had gathered up the properties over the past decade. The firm sold them for individual prices ranging from $1.9 million for a 12-unit building at 2357 Washington Avenue to $10.5 million for a 63-unit walk-up building at 2028 Valentine Avenue in Mount Hope.

The other addresses are 4464 Park Avenue, 2332 Walton Avenue, 2160 Anthony Avenue, 1103-1105 Sheridan Avenue, 1081-1083 Sheridan Avenue, 689 East 189th Street, 485 East 180th Street, 147 Bruckner Boulevard, and 109 West 225th Street, records show.

Kassirer secured a $36.9 million acquisition loan from Customers Bank, sources said. Jonathan Singer and David Metzger of Eastern Union Funding brokered the loan deal.

Representatives for Emerald Equity and Prana declined to comment. Besen & Associates brokered the deal.

Prana is one of the more active short-term multifamily investors in the city, frequently buying and selling in a span of a few years. In September, Prana bought five West Bronx buildings for $35.8 million.

Kassirer had a busy 2016 with the purchases of the 47-building Dawnay Day portfolio in Harlem for $357.5 million and a 38-building portfolio in the Bronx for $140 million. He also recently sold six Bronx buildings to Pistilli Realty Group for $38.5 million.

Chava Gourarie contributed reporting.

Correction: A previous version of this story misstated the purchase price. It is $49.3 million.

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