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
Upcoming issue: Surreal estate
Upcoming issue: Surreal estate
Upcoming issue: Surreal estate
Clockwise from top left: Charles Cohen, Douglas Durst and 657 West 57th Street Avenue (Getty, Google Maps)
Durst sues Landmark Theatres for $49M in damages, unpaid rent at UWS cinema
Durst sues Landmark Theatres for $49M in damages, unpaid rent at UWS cinema
MGM Growth Properties CEO James Stewart and Vici CEO Edward Pitoniak (MGM, Vici)
Casino REIT Vici Properties acquires MGM Growth Properties in $17B deal
Casino REIT Vici Properties acquires MGM Growth Properties in $17B deal
Residence Inn Austin Northwest, TownePlace Suites Austin Northwest and Chatham Lodging Trust CEO Jeffrey Fisher (Marriott, Chatham Lodging Trust)
Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M
Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M
essensys CEO Jeremy Bernard (iStock)
Flex workspace tech firm essensys eyes US, APAC expansion
Flex workspace tech firm essensys eyes US, APAC expansion
arrow_forward_ios

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

Loading...