Longacre Asset Management acquires four rentals in Highbridge for approximately $19.6M

UPDATED 12:51 p.m., February 26, 2026: Longacre Asset Management acquired four  four rentals in Highbridge, the Bronx, in four separate transactions, for an economic value of approximately $19.6 million. Longacre, a joint venture of Peter Hungerford’s PH Realty Capital and Rockledge, bought the loans in January 2025, secured by these buildings, as PincusCo reported in February 2025, for $16.6 million. Longacre then filed a pre-foreclosure action in New York State Supreme Court in the Bronx, 806521/2025E, alleging the loans were in default. In a deal to end the litigation, Longacre paid $3 million to the sellers, Morris Weinberg and Isaac Kassirer. The transfer price of $42.7 million reported in Acris was composed of the total debt, some additional fees and the $3 million payment to the former owners, Morris Weinberg and Isaac Kassirer.

In city property records, the sales were recorded in four transactions.

In the first, Longacre Asset Management through the entity Highbridge Wflah Bronx Owner LLC paid $10.7 million to Morris Weinberg through the entity Anderson A LLC for the 129-unit residential elevator building (D1) at 1187 Anderson Avenue in Highbridge, Bronx. The expected use is cash flowing.
The deal closed on February 20, 2026 and was recorded on February 26, 2026. The property has 137,282 square feet of built space according to a PincusCo analysis of city data.
Weinberg and Isaac Kassirer bought the property on November 28, 2017, for $23.5 million.

In the second, Longacre Asset Management through the entity Highbridge Wflah Bronx Owner LLC paid $10.7 million to Morris Weinberg through the entity 1210 Woodycrest A LLC for the 34-unit residential elevator building (D7) at 1210 Woodycrest Avenue in Highbridge, Bronx. The expected use is cash flowing.
The deal closed on February 20, 2026 and was recorded on February 26, 2026. The property has 36,667 square feet of built space and 23,450 square feet of additional air rights for a total buildable of 60,200 square feet according to a PincusCo analysis of city data.
Weinberg and Isaac Kassirer bought the property on November 28, 2017, for $6.5 million.

In the third, Longacre Asset Management through the entity Highbridge Wflah Bronx Owner LLC paid $10.7 million to Morris Weinberg through the entity 1220 Shakespeare A LLC for the 59-unit residential elevator building (D1) at 1220 Shakespeare Avenue in Highbridge, Bronx. The expected use is cash flowing.
The deal closed on February 20, 2026 and was recorded on February 26, 2026. The property has 63,990 square feet of built space according to a PincusCo analysis of city data.
Weinberg and Isaac Kassirer bought the property on November 28, 2017, for $9.8 million.

In the fourth, Longacre Asset Management through the entity Highbridge Wflah Bronx Owner LLC paid $10.7 million to Morris Weinberg through the entity 1230 Woodycrest A LLC for the 41-unit residential elevator building (D1) at 1230 Woodycrest Avenue in Highbridge, Bronx. The expected use is cash flowing.
The deal closed on February 20, 2026 and was recorded on February 26, 2026. The property has 44,743 square feet of built space according to a PincusCo analysis of city data.
Weinberg and Isaac Kassirer bought the property on November 28, 2017, for $7.2 million.

The signatory for Morris Weinberg was Morris Weinberg. The signatory for Longacre Asset Management was Peter Hungerford . The contract date was February 20, 2026.

Just over a year ago, in February 2025, Longacre bought the notes securing these four buildings and several others. Longacre paid $16.6 million for the note with an original principal of $38.2 million.

In the largest transaction, PH Realty Capital  through the entity Highbridge Wflah Bronx Owner LLC paid $16.6 million for a note with an original principal of $38.2 million, from PIMCO secured by Morris Weinberg’s 129-unit residential elevator building (D1) at 1187-1197 Anderson Avenue in Highbridge, Bronx, 59-unit residential elevator building (D1) at 1220 Shakespeare Avenue in Highbridge, Bronx, and 41-unit residential elevator building (D1) at 1230 Woodycrest Avenue in Highbridge, Bronx.
The deal closed on January 17, 2025 and was recorded on February 6, 2025. The four properties have 282,682 square feet of built space and 23,450 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $58 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.)

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Longacre Asset Management purchased 37 properties in 34 transactions for a total of $192.5 million and has no record it sold any properties over the past 24 months.
The seller Morris Weinberg had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Fransisco Breton, head officer and Francisco Breton, head officer. The business entity is Anderson A Llc. The 137,282-square-foot property generated revenue of $2 million or $15 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 129 residential units in Highbridge has 137,282 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 251 feet and is 100 feet deep with a total lot size of 28,960 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 1994 and expires in 2028. The city-designated market value for the property in 2022 is $8.5 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $16.6 million commercial foreclosure concerning a loan filed on March 21, 2025, by PH Realty Capital and Rockledge against Morris Weinberg and Isaac Kassirer. In addition, according to city public data, the property has received five DOB violations, $23,125 in ECB penalties, 80 housing violations, $35,375 in OATH penalties, and two housing litigations 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 six of the 13 commercial properties representing 351,035 square feet of the 505,760 square feet. The largest owner is Isaac Kassirer, followed by Miller Management and then Bluestone Organization.
On the tax block, there was one new building construction project filed totaling 36,841 square feet. It is a 45-unit, 36,841 square-foot residential (R-2) building submitted by Michael Santora with plans filed May 5, 2018 and permitted April 3, 2019.

The majority, or 96 percent of the 505,760 square feet of built space are elevator buildings, with mixed-use buildings next occupying 2 percent of the space.

The seller

The PincusCo database currently indicates that Morris Weinberg owned at least 10 commercial properties with 755 residential units in New York City with 789,221 square feet and a city-determined market value of $37.8 million. (Market value is typically about 50% of actual value.) The portfolio has $73.1 million in debt, with top three lenders as Capital One, JPMorgan Chase, and PIMCO respectively. Within the portfolio, the bulk, or 82 percent of the 789,221 square feet of built space are elevator properties, with walkup properties next occupying 18 percent of the space. The bulk, or 85 percent of the built space, is in Bronx, with Brooklyn next at 15 percent of the space.

The buyer

The PincusCo database currently indicates that Longacre Asset Management owned at least 37 commercial properties with 2,020 residential units in New York City with 2,133,060 square feet and a city-determined market value of $124.9 million. (Market value is typically about 50% of actual value.) The portfolio has $139.8 million in debt, borrowed from PGIM Real Estate. Within the portfolio, the bulk, or 98 percent of the 2,133,060 square feet of built space are elevator properties, with walkup properties next occupying 2 percent of the space. They are all located in Bronx.

UPDATED: the post was updated to reflect the economic total Longacre paid to acquire the properties, $19.6 million, compared with the price of the transactions recorded in Acris, which were approximately twice as high.

Direct link to Acris document. link