All-Cash Deal Secures Bronx Portfolio Buy

Gary Kassirer of Emerald Equity Group paid $10.1 million — all in cash — for a portfolio of five buildings in the South Bronx. Four of the five are on the south side of Crotona Park, and one is on the highly-touted Alexander Avenue in the Mott Haven neighborhood.

The five buildings include 68 apartments atop three commercial spaces, with tenants including a deli/grocery and a law office. The sales price works out to roughly $150 per square foot, or $148,000 per apartment.

“The Bronx remains extremely desirable for multifamily investors who are attracted to the area’s continued growth” said Robert M. Shapiro, executive managing director for Cushman and Wakefield, which represented the seller of the portfolio.

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