Peter Karassik started his rowing career at Northeastern University in 1969. Originally slated to play basketball, and with his size and athletic look, he was recruited to row for the crew team in 1969. He started in every first varsity race from 1970 to 1973 in the 5-seat, also known as "The Engine Room," and was a member of the first Northeastern team to win the gold medal at the Head of The Charles Regatta in 1970 and went on to medal four additional times in the Elite Championship Events.
 
Karassik was also a member of the first Northeastern varsity team to win gold in the prestigious Eastern Sprints in 1972, a feat they repeated in 1973. He and his fellow members of the 1972 first varsity were awarded the Alumni Crew Trophy.
 
A member of the varsity team that traveled to Great Britain for the Nottingham International Regatta, winning the gold medal, racing against several international boats prior to the finals of the Grand Challenge Cup at the Henley Royal Regatta in Northeastern's fabled battle with the Russian National Team in 1972 and 1973.
 
In the semifinals of the 1973 Grand Challenge Cup at that regatta, Northeastern beat the IRA national champion Wisconsin crew to win claim as The Number One Rowing Crew Team in The United States as portrayed in Sports Illustrated centerfold article in July of 1973.
 
In 1971, Karassik was a member of the United States National Team in the 4+, winning the bronze medal in Cali, Columbia, and finished second in the 1972 Olympic Trials with fellow oarsman Calvin Coffey in the 2+. In 1973 at coach Steve Gladstone's National Rowing Camp, Karassik recorded the highest ergometer score in the nation, and was a finalist in selection for the 1973 World Team.
 
Karassik is an active member of the Northeastern University Rowing Association, which is a volunteer led organization of Husky Alumni and friends with a mission to engage and support the men's rowing program through financial support, mentorship and social engagement to achieve the highest level of individual character and competitive success and results.