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.
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.