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