Eyes on the Riverton Houses

February 02, 2009 04:00PM
Riverton Houses


Developers around the city are keeping a close eye on the Riverton Houses, developer Larry Gluck's 1,230-unit rent-regulated complex in Harlem. The complex faces foreclosure on Feb. 20. Gluck's Stellar Management and partner Rockpoint Group purchased the complex, spanning 135th to 138th streets between Fifth Avenue and the Harlem River Drive, in 2005 and expected income to grow after the conversion of 53 percent of the apartments to market rate. By last summer, only 10 percent of the units had been converted and Gluck announced the developers would be defaulting on their $225 million loan. Projects with similar deregulation plans, including Peter Cooper Village Stuyvesant Town, are watching Riverton's fate closely. The Real Deal looked at the Riverton Houses in the December issue.
[Crain's]


Comments

Anonymous

Gluck has zeerrroooo.....

Comment #1 Posted By: Anonymous 02/02/09

Anonymous

Gluck and his wackjob partner will try to spin this? Don't believe it.

Comment #2 Posted By: Anonymous 02/02/09

Anonymous

oh well Larry, Gluck You!

Comment #3 Posted By: Anonymous 02/03/09

Anonymous

Gluck's tenants are laughing their asses off because he is finally getting his due. We wish him nothing but shame and hardship. He is a crook that must be stopped. Put him in a cell with Bernie Madoff - two scammers.

Comment #4 Posted By: Anonymous 02/14/09

Anonymous

that's right, he buys buildings, takes equity out of the buildings, pockets the money, and then defaults on the loans. where's the money larry? he steals from banks, he's a bank robber. put him in jail with bernie madoff and donald trump.

Comment #5 Posted By: Anonymous 02/14/09

Anonymous

Is New York Community Bank a major source of borrowing for GLUCK?

Comment #6 Posted By: Anonymous 02/16/09

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