It was no home run for the sellers. Four rent-stabilized apartment buildings in Highbridge, just a short walk from Yankee Stadium, changed hands last Friday in a deal that capped years of legal battles and sinking values. The mid-rise walkups, which together hold roughly 263 apartments, were sold by landlords tied to Emerald Equity Group, Morris Weinberg and Isaac Kassirer to Longacre Asset Management for about $10.7 million, a steep loss that highlights the squeeze on owners of rent-regulated housing.
Sale details and financing
According to Crain's New York Business, City Register records show the sale closed on Feb. 20 and covers 1220 Shakespeare Ave., 1187 Anderson Ave., 1210 Woodycrest Ave. and 1230 Woodycrest Ave. Filings indicate the purchase was financed with a $12.4 million loan from Cross River Bank. The documents also show the sellers are taking a hit of more than 75 percent compared with the $47.1 million Weinberg and Kassirer paid for the same buildings in 2017.
State enforcement and tenant refunds
The financial pain came on the heels of stepped-up enforcement. In a Feb. 18, 2025 press release, the New York Attorney General’s Office said Emerald had improperly deregulated 21 apartments and ordered the company to restore those units to rent-stabilized status and repay roughly $54,800 to affected tenants. The AG and state housing officials also flagged mishandled security deposits and other compliance failures. Several Emerald-owned rent-stabilized properties have landed in bankruptcy or foreclosure proceedings as the broader portfolio has unraveled.
Lender fight and foreclosure history
Longacre was not just a buyer; it had previously moved as a lender. In March 2025, the firm sued to foreclose on a loan tied to the buildings, alleging a default on a roughly $38.3 million mortgage. Weinberg and Kassirer denied the allegations, and court filings show Longacre later discontinued the foreclosure after the sale closed. Crain's New York Business notes that the dispute played out against a backdrop of years of tenant litigation and building-code violations involving the properties.
Debt trading and market context
Public records suggest the portfolio had been flashing warning lights for some time. A January 2025 PIMCO note sale included loans tied to 1187 Anderson, 1220 Shakespeare and 1230 Woodycrest, a sign to market watchers that the debt was under strain. PincusCo documented that note sale, while Multi-Housing News has reported that Longacre has been an active buyer of Bronx rent-stabilized portfolios and has been raising sizable financing packages to manage similar groups of buildings.
What tenants may face
For tenants, a sale like this can be a mixed bag. Advocates say a fresh owner and new capital can mean long-delayed repairs finally get done, but they also worry about pressure on renters if a buyer pushes aggressive buyouts or looks for ways to loosen regulatory protections. Legal Services NYC and organizers who have battled Emerald-linked landlords point to court victories, enforcement actions and tenant organizing that have brought some relief. At the same time, they warn that close oversight will remain crucial as Longacre takes over and the buildings enter yet another chapter of ownership.
