NY Dirt: Emerald Equities auction shows Mamdani’s limitations

A lender to 38 distressed, rent-stabilized buildings appears willing to take them for itself, rather than sell to a Mamdani-approved buyer. One-third of the Emerald Equities portfolio of rent-stabilized buildings was put up for auction at a New York courthouse Tuesday. All but one building returned to the lender in a credit bid.  The result is a setback for the Mamdani administration, which has been looking to use its influence and coffers to get distressed and neglected buildings into the hands of preferred buyers.  The administration had backed a bid from Spatial Equities Co to take over the properties after […]

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