Right here’s a bit thriller that I’ve uncovered however have but to resolve. Possibly you’ll be able to shed some mild on it.
The Actual Deal reported in February 2025 that 312 East 106th Avenue in East Harlem bought for simply $285,110, a 97 p.c low cost from its 2016 sale.
It appeared like an instance of a rent-stabilized constructing being eviscerated by the 2019 Housing Stability and Tenant Safety Act. It had an air of plausibility as a result of the earlier purchaser had been Isaac Kassirer’s practice wreck generally known as Emerald Fairness Group.
However a 97 p.c low cost? That appeared too excessive to be true, and it was.
Kassirer had purchased properties at costs that might solely be justified by future hire will increase that later turned not possible beneath the 2019 regulation.
The 29-unit walk-up at 312 East 106th, which incorporates an 830-square-foot business unit, was a part of his mammoth deal for the Dawnay Day portfolio. Emerald Fairness paid $357.5 million for the 47-building portfolio — a hefty $311,00 per unit.
The February 2025 worth reported by TRD, nevertheless, was an unrealistically low $10,000 per unit. Information present mezzanine lender Mack Real Estate pressured the sale, and the customer was Nice Neck-based Klosed Properties, run by Steven Kashanian.
In March 2025, the constructing was bought once more — this time for $1.636 million, or $56,000 per unit. Then it bought in January 2026 for $3 million, about $103,000 per unit.
That’s three radically completely different costs in two years. It’s a secure guess that nobody sunk main cash right into a renovation, as a result of the HSTPA prevents such upgrades to keep up affordability.
The vendor within the $1.636M deal was an LLC based mostly at 9 Park Place, third flooring, in Nice Neck — the identical handle as Blue Sky Management NY. The client was an LLC at 1385 Broadway, Ground 22 — the identical handle as KSR New York, or Kassin Sabbagh Realty, a business actual property agency.
I reached Abraham Kassin by telephone, however he stated he didn’t have any data on the offers. Once I famous that KSR purchased and bought the property and that Andrew Kassin signed for the acquisition, Abraham declined to remark.
The client at $3 million was an LLC at 199 Lee Ave, Brooklyn, a legendary address in Hasidic actual property circles. The LLC’s managing member is Naftaly Lipschutz.
Property information present a January 2026 mortgage for $2 million from C’esta Capital Group and a $3 million mortgage the subsequent month from the identical lender.
I’ve no motive to consider something untoward went on right here. I’m simply making an attempt to grasp why property information present three closely-spaced gross sales of the identical constructing for such completely different costs, and what it says about rent-stabilized gross sales.
What we’re fascinated with: Efficient July 1, all requests for dismissals of HPD violations shall be processed by a centralized unit at 345 Adams Avenue in Brooklyn. Will this lead to higher effectivity? Ship your ideas to eengquist@therealdeal.com.
A factor we’ve discovered: Former deputy mayor Alicia Glen’s actual property agency isn’t the one one in New York Metropolis referred to as MSquared. Moshe M. Katz’s LinkedIn profile identifies him because the founding father of MSquared Actual Property Company. Katz has no obvious connection to Glen’s MSquared Associates Inc., whose web site lists only one man (Ian Lundy) amongst 15 staff members.
Elsewhere…
I’m passing the baton for Each day Grime subsequent week to my colleagues Lilah Burke and Ben Miller, however you’ll be able to nonetheless catch my Reality Check columns thrice every week. To get both one in your inbox, click on here and scroll right down to the Subscriber Unique part.
Closing time
Residential: The most costly residential sale recorded Thursday was $6.7 million for a 2,371-square-foot condominium unit at 212 West 72nd Avenue on the Higher West Facet. Ammanda Espinal and Maya Kadouri with Douglas Elliman had the listing.
Business: The most costly business transaction was $265.3 million for One Dag Hammarskjold Plaza, 885 Second Avenue in Kips Bay. Rockpoint bought the 805,467-square-foot, 48-story workplace constructing to First Level Companions. Rockpoint had paid $565.8 million in 2019.
New to the Market: The best worth for a residential property hitting the market was $19 million for a 6,600-square-foot co-op at 1 Sutton Place South. Serena Boardman of Sotheby’s Worldwide Realty has the itemizing.
Breaking Floor: The biggest new constructing allow filed was for a 16,976-square-foot, nine-story residential venture at 1495 Boston Street in Crotona Park East. Nikolai Katz filed the allow on behalf of developer Luce Popaj.
— Matthew Elo
