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Overloaded with debt, with maintenance and repairs cut back to the bone, tenants are being bled dry to make millions for speculators—with a crucial assist from the Federal Home Loan Mortgage Corporation.
(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...
You guessed it: For over half of it, taxpayers are on the hook. Time to take a look. The mortgage for “2 Cooper Square,” a 15-story luxury apartment tower with 143 units in the NoHo neighborhood of Manhattan, is now over 30 days delinquent, according to the Commercial Observer. In 2010, when the building opened, three-bedroom apartments sported asking rents “as high as $20,000 per month,” gushed the Wall Street Journal at the time. In 2012, the developer, Atlantic Development Group, sold the long-term leasehold in the building to Wafra Capital Partners in Kuwait for $134 million. In 2...
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