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Vantage digs out of distress
Landlord unloads troubled NYC buildings with an eye toward picking up new properties elsewhere
From the July issue: After years of financial turmoil at Savoy Park, an 1,800-unit Harlem apartment complex, Vantage Properties and Area Property Partners finally unloaded the troubled development for more than $210 million last month.
The sale allows the two firms to pay off the outstanding balance on the senior mortgage that’s been looming over them for years. [more]