Kassirer buys more of Orbach’s buildings
for $62M

In addition to Harlem deal, rising investor is in contract on firm's UWS portfolio

New York /
Dec.December 15, 2017 03:00 PM

From left: Meyer Orbach, Isaac Kassirer and 346-354 Manhattan Avenue

Isaac Kassirer is tacking on another batch of the Orbach Group’s buildings to his ever-expanding multifamily holdings in the city.

Kassirer’s Emerald Equity Group just bought three Harlem rental buildings between West 114th and 115th streets for $61.5 million, The Real Deal has learned.

The package – located at 320 and 346-354 Manhattan Avenue and 312-314 West 114th Street – contain a total of 130 rental apartments. The buildings collectively span about 113,000 square feet. The price comes out to $473,000 per door and $544 per square foot.

A spokesperson for Orbach confirmed the deal, but declined to comment on the buyer.

Kassirer, a rising multifamily player, also went into contract in October to buy three of Orbach’s buildings on West 107th Street on the Upper West Side for nearly $100 million, TRD reported at the time. That deal has not yet closed.

Meyer Orbach, CEO of the New Jersey-based Orbach Group and part-owner of the Minnesota Timberwolves, said he has been selling off “non-strategic” assets in an effort to prepare for larger acquisitions of affordable housing.

“I remain committed to preserving and investing in affordable communities in New York and elsewhere,” Orbach said. “That’s why I created Orbach Affordable Housing Solutions and will continue to expand my affordable housing portfolio.”

Eastern Consolidated’s Matthew Sparks represented the seller in the deal. The broker could not be reached for comment and Kassirer declined to speak.

Kassirer, who emerged as a major player on the multifamily market in 2014, is best known for his $357.5 million purchase of the 47-building Dawnay Day portfolio in Harlem and his $140 million purchase of a 38-building Bronx portfolio last year.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
New NYC rent law “beginning to shut down investment”
New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)
New York’s multifamily market had its slowest first half of the year since 2011
New York’s multifamily market had its slowest first half of the year since 2011
331 Elmora Avenue and 103 Ryan Street (Kislak Realty)
Tri-state deal roundup: Multifamily, industrial still hot
Tri-state deal roundup: Multifamily, industrial still hot
From left: Vice Media CEO Nancy Dubuc, Rudin’s CEO and co-chairman Bill Rudin, and Dock 72 (Getty Images, S9 Architecture, Rudin Management, iStock)
Vice scraps move to Rudin’s Dock 72
Vice scraps move to Rudin’s Dock 72
From left: Metro Loft Management founder Nathan Berman, Silverstein Properties chairman Larry Silverstein, and 55 Broad Street (Metro Loft, Silverstein Properties, LoopNet)
Silverstein, Metro Loft pick up Rudin’s 55 Broad Street for $180M
Silverstein, Metro Loft pick up Rudin’s 55 Broad Street for $180M
From left: Waterford Property Company’s John Drachman with the Oceanaire complex in Long Beach and Affiliated Development's Nick Rojo with the Bohemian project in Lake Worth Beach (Renderings via Kobi Karp, Oceanaire)
Public housing goes middle class
Public housing goes middle class
1552-1560 Broadway and Wharton Properties’ Jeff Sutton (Google Maps)
Investor claims Jeff Sutton cheated him out of millions on Times Square deal
Investor claims Jeff Sutton cheated him out of millions on Times Square deal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...