$8M pre-foreclosure filed against one-time Emerald Equity rentals in Bronx

1429 Prospect Avenue (Credit - Google)

1429 Prospect Avenue (Credit - Google)

The note holders for five loans totaling $8 million in the Bronx filed pre-foreclosure actions claiming the loans secured by five properties with 71 units were in default. The properties were owned by the workforce housing real estate company Emerald Equity Group, led by Isaac Kassirer.

A person familiar with the properties , in an email to PincusCo, said Emerald Equity Group is no longer involved in rent-regulated housing.  The company is “out of this space completely. [It does not] control, own or operate these properties specifically, and the others which [the company does] have interest in – [it] marked all of it down to zero.”

Deutsche Bank Trust Company Americas, as trustee for the bondholders of the Multifamily Mortgage Pass-Through Certificates, Series 2017-SB34, filed the five complaints in Bronx County State Supreme Court on October 19, 2023. Each filings covers one of the walkup properties, the 12-unit 309 Alexander Avenue in Mott Haven, the eight-unit 672 Crotona Park South in Morrisania, and the three buildings 1429, 1431 and 1451 Prospect Avenue with a total of 51 units, in Morrisania.

Court filings represent the position of one party and are not necessarily accurate or complete.

The Real Deal reported last month that Emerald Equity affiliates had defaulted on $98 million in loans that Sabal Capital provided. In addition, Emerald Equity entities are involved in a 2020 bankruptcy initiated as the firm came under pressure from LoanCore Capital, which holds the $203 million debt on a large portfolio of Emerald Equity’s rent-regulated properties in Harlem.

Direct link to the property’s ACRIS page.

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