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New York

The luck of Gluck

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From the December issue: Larry Gluck — one of the city’s most successful and experienced landlords — shocked the real estate world in August by informing his lenders that he was about to default on a $225 million loan at the storied Riverton Houses complex in Harlem. Gluck had purchased the 1,230-unit Goliath of an apartment complex, built as Harlem’s answer to Stuyvesant Town and Peter Cooper Village, in 2005, when the lending pipeline was flowing forcefully. But now, even as he and his company, Stellar Management, fight to stave off foreclosure at the rent-controlled towers, the breathtaking speed of Riverton’s near-collapse has served as a wakeup call to rental buildings all over the city, many of which have pro forma loans similar to Riverton’s.