Manhattan Gentrifier Stumbles With Rental Apartment Bankruptcies
- Complexes in Harlem, Upper West Side seek Chapter 11
- Lender LoanCore to take over some Emerald Equity buildings
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A real estate firm focused on gentrifying neighborhoods is showing cracks after a group of its apartment buildings in New York’s Upper West Side and Harlem filed for bankruptcy.
Buildings controlled by Emerald Equity Group LLC owe $203 million to LoanCore Capital, stemming from debts tied to properties on East 117th Street and West 107th Street, Dec. 28 bankruptcy filings show. Plans outlined in the documents call for LoanCore to take ownership of the residential complexes, which are home to several hundred tenants.