Vantage digs out of distress

Landlord unloads troubled NYC buildings with an eye toward picking up new properties elsewhere
By David Jones | July 17, 2012 10:30AM

From the July issue: After years of financial turmoil at Savoy Park, an 1,800-unit Harlem apartment complex, Vantage Properties and Area Property Partners finally unloaded the troubled development for more than $210 million last month.

The sale allows the two firms to pay off the outstanding balance on the senior mortgage that’s been looming over them for years. [more]