Albany-area Riverview Center sells for $19M at auction

Special servicer Rialto Capital picked up the century-old office building, valued at $30M

Tri-State /
Jun.June 23, 2021 04:38 PM
(Riverview Center)

(Riverview Center)

One of the Capital Region’s largest commercial properties, the Riverview Center in Menands, has sold to a special servicer at auction for $19 million, the Albany Times Union reported.

Miami-based investment firm Rialto Capital purchased the 11-story building at a foreclosure auction after its former owner, Brooklyn-based Tomas Rosenthal, defaulted on a mortgage.

The building and its 24 acres have an estimated market value of around $30 million.

The art-deco building dates back to 1929 and was originally a retail store and distribution center for mail-order and department store Montgomery Ward. It’s since become one of the area’s most well-known office properties, with tenants that include multiple state government agencies as well as private-sector businesses.

Rosenthal purchased the building through a limited liability company, Riverview Assets, for $21 million in 2004. The LLC missed an April 2020 deadline to repay a five-year, $34 million mortgage on the property, and had roughly $31 million in debt to repay, according to the Times Union.

[Albany Times Union] — Dennis Lynch


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