Eyes on the 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.