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

Prana amassed the roughly 300 rental units over past decade

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

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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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