Isaac Kassirer Faces Loss of $110M Rent-stabilized Portfolio therealdeal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from therealdeal.com Daily Mail and Mail on Sunday newspapers.
Emerald Equity Group’s Isaac Kassirer and231 East 117th Street (Google Maps)
Isaac Kassirer, the prolific multifamily investor who went on a tear acquiring thousands of rent-regulated properties throughout Manhattan and the Bronx before the rent law changed, is on the verge of losing a big chunk of his portfolio.
The debtors of more than a dozen buildings owned by Kassirer’s Emerald Equity Group, located on or around West 107th Street and East 117th Street in Harlem, filed for Chapter 11 bankruptcy, PincusCo reported. The petition asks for the properties to be transferred to the lender, LoanCore, which provided Emerald Equity Group with roughly $185 million in financing for the properties at the beginning of 2019. The firm had defaulted on the loan, which now totals about $203 million with interest.