Isaac Kassirer closed Tuesday on the $116 million purchase of a four-building multifamily portfolio in the Upper West Side’s Manhattan Valley neighborhood, sources told The Real Deal.
The investor entered contract late last year on a package of three buildings – 210, 220 and 230 West 107th Street – that has since been expanded to include the nearby 203 West 107th Street. The package, which belonged to the Orbach Group, collectively has 219 rental apartments spanning 230,000 square feet.
To close the deal, Kassirer’s Emerald Equity Group secured a $92 million acquisition loan from LoanCore, formerly known as Jefferies LoanCore, sources said.
Rosewood Realty Group’s Aaron Jungreis brokered the deal, and Meridian Capital Group’s Marvin Jeremias brokered the financing.
Representatives for Emerald and Rosewood declined to comment, and Meridian could not be immediately reached.
Orbach, a New Jersey-based firm led by investor and Minnesota Timberwolves part-owner Meyer Orbach, acquired three of the buildings for $70 million in 2013 and the building at 203 West 107th Street for $16.3 million in 2016, property records show.
Meyer Orbach said the sale is consistent with his “long-term strategy of selling assets after a holding period” and then reinvesting the funds to grow the firm’s holdings.