The Real Deal reports that an uptown fiefdom continues. Isaac Kassirer is in contract to acquire a 21-building portfolio in Harlem from multifamily giant E&M Associates for $85 million, The Real Deal has learned.
The deal would be one of the few sizable multifamily packages to trade hands in New York City in the past year, let alone in Manhattan.
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The package consists of 224 rental apartments across 21 walk-up buildings, most of which have frontage on Adam Clayton Powell Boulevard. Irving Langer’s E&M bought them for $66.7 million in 2014 from Denver-based real estate investment trust AIMCO.
At the time of E&M’s purchase, a source told the Commercial Observer the firm was planning a “long-term hold.” But long term this was not.
Kassirer’s Emerald Equity Group signed a contract late last year. The deal is expected to close at roughly $380,000 per unit.
The package spans 215,000 square feet across three city blocks, and includes 30 retail stores. Addresses include 2247 and 2484 Seventh Avenue; 204 and 306 West 133rd Street; and 2247-2253, 2300-2310, 2252-2258 Adam Clayton Powell Boulevard.