Isaac Kassirer Pays $36M For Residential Building Just North Of Bronx

Published on May 11, 2018, 1:10 pm
FavoriteLoadingAdd to favorites 34 secs

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.

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.

 

Jonas Bronck is the pseudonym under which we publish and manage the content and operations of The Bronx Daily.™ | Bronx.com - the largest daily news publication in the borough of "the" Bronx with over 1.5 million annual readers. Publishing under the alias Jonas Bronck is our humble way of paying tribute to the person, whose name lives on in the name of our beloved borough.