The Real Deal New York

$240M Riverton auction set for March 11

February 22, 2010 12:59PM
By Adam Pincus

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The long-awaited $240.6 million foreclosure auction for the Riverton Houses complex in Harlem will be held March 11, according to an advertisement published this weekend in the New York Times.

The auction will take place in the Rotunda of the State Supreme Court building at 60 Centre Street at 11 a.m., the notice said.

A New York State Supreme Court judge ordered the complex to be sold at auction earlier this month, but the date was not given at the time.

The amount of the judgment was set at $240.6 million, although a recent valuation for the property said it was worth just $108 million.

Laurence Gluck bought the 12, 13-story buildings that lie between 135th and 138th streets and Fifth Avenue and Harlem River Drive, for $135 million in 2005, then refinanced the property with a $225 million mortgage.

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