King in the north: Isaac Kassirer buying another building above 96th Street

Thor Equities and Rockwood Capital in contract to sell 838 West End Avenue for roughly the same price they paid in 2014

Jan.January 04, 2018 04:20 PM

From left: Isaac Kassirer, Joseph Sitt and 838 West End Avenue

Isaac Kassirer is continuing his uptown acquisition tear.

The prolific, young multifamily investor signed a contract to buy a 12-story rental property at 838 West End Avenue from Joseph Sitt’s Thor Equities and Rockwood Capital for about $65 million, The Real Deal has learned.

The 98,000-square-foot building, at the corner of West 101st Street, contains 70 apartments. About 25 percent of the units are vacant, and the occupied ones are largely rent-stabilized, according to marketing materials.

The deal would close at a price per square foot of $663.

The building’s alternate addresses are 246 West 101st Street and 832-838 West End Avenue.

The building was one of Thor’s first purchases through its residential division in 2014, when it paid $64.7 million.

A Cushman & Wakefield team led by Adam Spies, Adam Doneger, Bob Knakal, Jonathan Hageman and Hall Oster is brokering the deal. The brokers could not be reached, and Thor and Rockwood declined to comment.

Kassirer, who began buying in New York in 2014 and runs Emerald Equity Group, recently struck deals to buy six buildings on the Upper West Side and in Harlem from Orbach Group for roughly $160 million total. Three of the buildings remain under contract. Kassirer’s holdings also include the 47-building Dawnay Day portfolio in Harlem and the 38-building “Bronx 1000” portfolio.

Thor is still looking to sell a six-story rental building next door at 840 West End Avenue, which has an asking price of $40 million.

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