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(iStock/Illustration by Alexis Manrodt for The Real Deal) Instead of setting aside $470,000 in security deposits at 11 East Harlem buildings, Isaac Kassirer’s Emerald Equity Group says it siphoned the money into its operating accounts. The practice ongoing since Emerald Equity acquired the apartment buildings in late 2017 came to light in a declaration made by the landlord’s attorney in an ongoing bankruptcy proceeding. Emerald Equity defaulted on $203 million in loans from LoanCore for the Harlem buildings in December 2020. The firm acquired the four properties on 107th street in 2018 for $116 million, while the properties on 117th street were part of its massive $358 million Dawnay Day portfolio acquisition in 2016. In a Chapter 11 bankruptcy filing, the landlord attributed its default to unfavorable changes to the rent law in 2019 and an ongoing rent strike.

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