Ten apartment buildings in Washington Heights have been designated by a group of city officials as “at-risk properties,” buildings that are deteriorating and in danger of falling into further distress, Crain’s reported. As a result, the buildings, located at 566 and 570 West 190th Street, will now be part of the city’s Proactive Preservation Initiative, which monitors properties with liens and violations, Crain’s reported.
They’re also on the market, and city officials including Housing and Preservation Development Commissioner Mathew Wambua, City Council Speaker Christine Quinn and Councilmember Ydanis Rodriguez, worry that the 10-building complex will be purchased by an over-leveraged investor, according to Crain’s. They want the buildings to trade for less than the current asking price to a preservation group designated to repair them.
The buildings have a total of 475 units and are now being marketed by Lone Star Funds for $50.75 million. The asking price is more than the current mortgage on the buildings. Vantage Properties closed on the properties back in 2007, then defaulted on a $44 million mortgage three years later. Lone Star bought the loan at an auction.
Vantage could not be reached by Crain’s for comment and Lone Star declined comment. [Crain's]