Developer Isaac Kassirer is sweeping up more properties in Northern Manhattan, as his buying sprint continues. As reported by the Real Deal, Kassirer’s firm, Emerald Equity, has purchased quartet of Harlem properties from Galil Management. Property records show the transaction cost Kassirer a total of $40 million. The four properties are located at: 1917 Adam Clayton Powell Boulevard , 110 West 116th Street, 120 West 116th Street, and 110 St. Nicholas Avenue.
Kassirer closed the deal with $30.6 million in financing from Ladder Capital Finance. Steven Vegh brokered the deal for both sides. Vegh declined to comment.
Back in 2014, Galil had purchased the Harlem properties for a total of $29.5 million. The Adam Clayton Powell building purchased is a multi-family building, built in 1921, with seven stories and 39 units. The building at 110 West 116th Street stands five stories tall and has five units, built in 1900. The building at 120 West 116th Street stands six stories tall with 42 units. The St. Nicholas Avenue townhouse has 11 units within five stories.
Kassirer began his career in 2006 with the management of an 800-unit portfolio in the Bronx. The 36-year-old Brooklyn native is now the founder and CEO of Emerald Equity Group, a Midtown Boutique Real Estate Firm established in 2012. Over the past few years, the group has been in the news oft with a good number of high-profile residential acquisitions, dealing with many of the leading institutions in the real estate arena and negotiating some of New York City’s largest multifamily deals. He has become a serious player in NYC real estate.
Last year, Emerald Equity purchased 838 West End Avenue, the 12-story rental building situated between Central Park and Riverside Park, from Thor Equities and Rockwood Capital. The firm turned around and made a quick profit selling it to the local arm of Swedish real estate investor, Akelius, for $72 million. Kassirer’s firm also sold a quartet of Bronx multifamily buildings to a private family for $25 million. Last year, they purchased a 21-building Harlem portfolio for $85 million from E&M. Shortly after, the company went on to purchase a four-building portfolio on the Upper West Side’s Manhattan Valley neighborhood for $116 million from the Orbach Group.
