Kassirer flips Upper West Side building to Akelius for $72M

His Emerald Equity Group bought 838 West End Ave for $64.5M just a few weeks ago

New York /
Aug.August 10, 2018 11:15 AM

From left: 838 West End Avenue, Isaac Kassirer, Kunal Chothani (Credit: Elegran and Emerald Equity Group)

Isaac Kassirer flipped an Upper West Side building he bought from Thor Equities and Rockwood Capital for a quick profit to the local arm of Swedish real estate investor Akelius.

Akelius Real Estate Management paid $72 million to buy the 68-unit 838 West End Avenue, the company announced Thursday.

But that’s a premium of $7.5 million over what the 98,000-square-foot building at the corner of West 101st Street just traded for about two weeks ago.

Kassirer’s Emerald Equity Group signed a contract in late December to buy the property for $64.5 million, as The Real Deal reported at the time.

Property records show Kassirer closed on that purchase late last month, and sources said he turned around and flipped the property to Akelius for the $72 million purchase price. A source with knowledge of the deal said Kassirer paid an extra $2.5 million in fees to extend the contract that doesn’t show up in property records.

Representatives for Kassirer and Aeklius could not be immediately reached for comment. Aaron Jungreis and Billy Billitzer of Rosewood Realty Group sold the buildings to Akelius on behalf of Kassirer, and they declined to comment.

The deal is a savvy move for Kassirer, who saw an opportunity to buy an asset at a low price and turn it for a quick profit.

Representatives for Thor and Rockwood declined to comment.

The two partners bought the building for $64.65 million in 2014, property records show, and it was one of the first properties that Joe Sitt’s Thor purchased for its residential division.


Related Articles

arrow_forward_ios
Kassirer’s refinances another Harlem multifamily portfolio
Kassirer’s refinances another Harlem multifamily portfolio
Kassirer’s refinances another Harlem multifamily portfolio
Isaac Kassirer closes on $116M UWS portfolio buy
Isaac Kassirer closes on $116M UWS portfolio buy
Isaac Kassirer closes on $116M UWS portfolio buy
King in the north: Isaac Kassirer buying another building above 96th Street
King in the north: Isaac Kassirer buying another building above 96th Street
King in the north: Isaac Kassirer buying another building above 96th Street
Clockwise from left: Stefan Soloviev, Steve Cohen, Marc Holliday, Stephen Ross, Steven Roth, and Joseph Sitt (Illustration by Kevin Rebong for The Real Deal)
Going for the jackpot: A look at the high rollers competing to build NYC casinos
Going for the jackpot: A look at the high rollers competing to build NYC casinos
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
arrow_forward_ios

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

Loading...