The Real Deal New York

Isaac Kassirer pays $36M for resi building just north of the Bronx

Price comes out to $250K a door
By Eddie Small | May 11, 2018 07:00AM

525-527 Riverdale Avenue and Isaac Kassirer

525-527 Riverdale Avenue and Isaac Kassirer (Credit: Google Maps)

Isaac Kassirer is extending his spending spree to Yonkers.

Kassirer’s Emerald Equity Group has purchased 525-527 Riverdale Avenue, located just a few blocks north of the Bronx border, for $36 million from PRC Management, according to sources familiar with the deal. The 161,000-square-foot, seven-story building contains 143 rent-regulated units. The price works out to roughly $223 per square foot and $250,000 per door.

Aaron Jungreis

Aaron Jungreis

Rosewood Realty Group’s Aaron Jungreis brokered the transaction.

“The building has a lot of upside, a stable cash flow going in, is in great condition and has a very low price per square foot,” Jungreis said.

Kassirer has recently bought several rental buildings in Upper Manhattan. He closed on his $116 million purchase of four Upper West Side buildings from the Orbach Group in March, and he picked up a 21-building multifamily portfolio in Harlem for $85 million from E&M Associates. Kassirer also sold a 15-building portfolio of Bronx buildings for $65 million to a group of investors led by Ben and Joe Soleimani.