Gluck still has no luck

January 19, 2010 04:28PM

Infamous landlord Larry Gluck is in hot water again. His
company, Stellar Management, which owns the Riverton Houses in Harlem,
faces imminent default a loan on a Silver Spring, Md. residential
development. The 890-unit Georgian Towers had just undergone a $35
million renovation when its $58 million loan went to a special
servicer. This spells bad news for Gluck, who recently refinanced
Riverton Houses with $225 million of mortgage debt, only to see the
complex later appraised at $52 million, putting it deep underwater.


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