Results tagged “rivertonhouses”

There may be a small bit of comfort for residents who live in big apartment complexes on the brink of possible foreclosure in the NY Times. Some experts think the tenants Riverton Houses, Stuyvesant Town-Peter Cooper Village, and Savoy Park—where owners bet wrong about buying massive developments to make big returns—will be okay. For instance, regarding Riverton where foreclosure proceedings against the owner have begun, the Times reports, "If the lender sells the complex, or reaches a new agreement with the current landlord, the tenants at Riverton Houses would still enjoy the benefit of newly refurbished lobbies and elevators, as well as extensive landscaping." The downside? Riverton's ownership contests foreclosure and the buildings—and surrounding area—"languish" during a long court battle.

After a Monday article about how the middle-class Harlem housing complex Riverton Houses' owners might default on their loan, the NY Times now looks other big real estate deal that might go sour. Like the Riverton Houses, Stuyvesant Town was bought by a big real estate company who hoped to convert more rent-stabilized units to market rates and make a profit (but it's been slow-going so far). And there are other possible victims, like Harlem's Savoy Park, a development bought by Credit Suisse. A Citizens Housing and Planning Council fellow tells the Times, "[Financiers] all got caught up in the bubble mentality.”