Kassirer buys more of Orbach’s buildings for $62M
In addition to Harlem deal, rising investor is in contract on firm's UWS portfolio
Isaac Kassirer is tacking on another batch of the Orbach Group’s buildings to his ever-expanding multifamily holdings in the city.
Kassirer’s Emerald Equity Group just bought three Harlem rental buildings between West 114th and 115th streets for $61.5 million, The Real Deal has learned.
The package – located at 320 and 346-354 Manhattan Avenue and 312-314 West 114th Street – contain a total of 130 rental apartments. The buildings collectively span about 113,000 square feet. The price comes out to $473,000 per door and $544 per square foot.
A spokesperson for Orbach confirmed the deal, but declined to comment on the buyer.
Kassirer, a rising multifamily player, also went into contract in October to buy three of Orbach’s buildings on West 107th Street on the Upper West Side for nearly $100 million, TRD reported at the time. That deal has not yet closed.
Meyer Orbach, CEO of the New Jersey-based Orbach Group and part-owner of the Minnesota Timberwolves, said he has been selling off “non-strategic” assets in an effort to prepare for larger acquisitions of affordable housing.
“I remain committed to preserving and investing in affordable communities in New York and elsewhere,” Orbach said. “That’s why I created Orbach Affordable Housing Solutions and will continue to expand my affordable housing portfolio.”
Eastern Consolidated’s Matthew Sparks represented the seller in the deal. The broker could not be reached for comment and Kassirer declined to speak.
Kassirer, who emerged as a major player on the multifamily market in 2014, is best known for his $357.5 million purchase of the 47-building Dawnay Day portfolio in Harlem and his $140 million purchase of a 38-building Bronx portfolio last year.