Kassirer of Emerald Equities leads investors for $140 million Bronx portfolio

Steven Vegh, Westwood Realty

Bronx, NY Harbor Group International and York Equities, a group of investors led by Emerald Equities’ Isaac Kassirer, recently paid $140 million for a 38-building multifamily portfolio. The deal for the 935-unit rent-stabilized apartment package closed March 1^st. 

The seller was Jerome Associates and was represented by Will Silverman and Daniel Parker of Hodges Ward Elliot while the buyers were represented by Steven Vegh of Westwood Realty Associates.

The package also includes 24 retail spaces. Addresses include 1192 Walton Ave. in Concourse and 769 Bryant Ave. in Hunts Point. The properties sold for 12 times the gross rent roll and $145,000 per apartment, sources said.

Vegh represented York Equities in the transaction.

At the time of closing, the buyers also secured a $105 million acquisition loan from New York Community Bank, according to Kassirer.

Kassirer is a multifamily investor in locally and in Brooklyn. Along with Asden Properties, he was among the buyers of a 13-building Bronx multifamily portfolio sold by JPMorgan Chase and Continental Properties for $90 million last year. The deal also marks one of the first Bronx multifamily purchases by Harbor Group, a Virginia-based real estate investment firm that has closed on a number of Manhattan office and retail properties over the past years.

1192 Walton Avenue - Bronx, NY