Isaac Kassirer is expanding into the Upper West Side, with the pending purchase of a three-building multifamily portfolio for just shy of $100 million, The Real Deal has learned.
Kassirer’s Emerald Equity Group is in contract to acquire the contiguous six-story rental properties at 210, 220 and 230 West 107th Street from the Orbach Group, sources said. If it closes, the deal would be one of the few big-ticket multifamily transactions struck this year.
The exact price was not immediately clear, but sources said it is between $95 million and $100 million. That would bring the price per apartment to about $560,000.
Orbach, a New Jersey-based firm led by investor and Minnesota Timberwolves part-owner Meyer Orbach, stands to make a tidy profit. The firm paid $70 million for the buildings in 2013 to the Dermot Company.
The package, located between Broadway and Amsterdam Avenue in the Upper West Side’s Manhattan Valley neighborhood, contains a total of 178 rent-stabilized apartments.
“This sale is consistent with our long-term strategy to grow our affordable housing portfolio,” said Meyer Orbach, who confirmed the pending deal, in a statement.
Aaron Jungreis
Rosewood Realty Group’s Aaron Jungreis is brokering the deal. Rosewood declined to comment, and Kassirer could not be reached.
Kassirer is steadily amassing properties in the city. He arrived on the scene in 2014 and in 2016 struck his biggest deal yet, with the $357.5 million purchase of the 47-building Dawnay Day portfolio in Harlem.
The year’s other large multifamily deals include Brooksville Company and Rockpoint Group’s $850 million pending purchase of Starrett City and Fairstead Capital’s roughly $100 million purchase of 42 buildings in Sunset Park.