Tenants of troubled complexes will be OK

March 03, 2009 09:11AM

Tenants of large, troubled housing complexes in the city will probably be all right, according to Dan Fasulo, managing director of Real Capital Analytics. As prices decline and rents fall, Fasulo said investors will be interested in buying the buildings. Riverton Houses in Harlem entered foreclosure proceedings last month, and if the lender sells the complex or reaches an agreement with the current landlord, Stellar Management, the tenants will enjoy new lobbies, elevators and landscaping. And presuming that the new owner pays a lower price for the complex than Stellar, it will be under less financial pressure to replace rent-regulated tenants with new, higher-paying renters to make a profit.


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