Naftali Lipschutz pays $3M to KSR for 28-unit walkup in East Harlem, was in Emerald Equity portfolio

Naftali Lipschutz through the entity 312 E 106 Realty LLC paid $3 million to Kassin Sabbagh Realty through the entity 312 East 106th Owner LLC for the 28-unit residential walkup building (C7) at 312 East 106th Street in East Harlem, Manhattan. The expected use is cash flowing.
The deal closed on January 7, 2026 and was recorded on January 12, 2026. The property has 15,330 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $195 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on March 4, 2025, for $1.6 million. The signatory for Kassin Sabbagh Realty was Abraham Kassin . The signatory for Naftali Lipschutz was Naftaly Lipschutz . The contract date was August 25, 2025.

This property was formerly part of a large portfolio held by Emerald Equity Group, a firm that at one time had several thousand mostly rent-regulated units, but it ran into financial trouble after the change in the rent laws in 2019. Emerald Equity borrowed $200 million in 2016 secured by a large portfolio of Upper Manhattan rentals, including this one.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Naftali Lipschutz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kassin Sabbagh Realty purchased 78 properties in five transactions for a total of $64.5 million and sold one property in one transaction for a total of $8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Pryanka Garg, head officer and George Zayas, site manager. The business entity is 312 East 106 Llc. The 15,330-square-foot property generated revenue of $466,416 or $30 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 28 residential units in East Harlem has 15,330 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 100 feet deep with a total lot size of 3,785 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.4 million. The property has 24 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received 14 housing violations and $900 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 28 commercial properties representing 239,547 square feet of the 354,844 square feet. The largest owner is East Harlem Scholars Academy Charter School, followed by Hope Community and then Croman Real Estate.
On the tax block, there was one new building construction project filed totaling 20,160 square feet. It is a 22-unit, 20,160 square-foot residential (R-2) building submitted by Salih Marc with plans filed December 7, 2016 and permitted August 8, 2017.

The majority, or 38 percent of the 354,844 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Kassin Sabbagh Realty owned at least seven commercial properties with 36 residential units in New York City with 51,731 square feet and a city-determined market value of $11.7 million. (Market value is typically about 50% of actual value.) The portfolio has $36.2 million in debt, with top three lenders as Maxim Capital Group, East West Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 48 percent of the 51,731 square feet of built space are retail properties, with walkup properties next occupying 32 percent of the space. The bulk, or 50 percent of the built space, is in Brooklyn, with Bronx next at 29 percent of the space.

Direct link to Acris document. link