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


Related Articles

arrow_forward_ios
Mayor Steven Fulop (Getty, iStock)
Jersey City to provide up to $10K more rent relief per tenant
Jersey City to provide up to $10K more rent relief per tenant
An environmental study found protected wildlife — including the turtles — at part of the development site (iStock)
Eastern box turtles and retired bank exec thwart Bedford housing project
Eastern box turtles and retired bank exec thwart Bedford housing project
Floor & Decor moving into site of shuttered Target in Commack
Floor & Decor moving into site of shuttered Target in Commack
Floor & Decor moving into site of shuttered Target in Commack
Hudson officials question developer's request for millions in tax breaks
Hudson officials question developer’s request for millions in tax breaks
Hudson officials question developer’s request for millions in tax breaks
Work to resume on stalled White Plains apartment project
Work to resume on stalled White Plains apartment project
Work to resume on stalled White Plains apartment project
The estate in Cove Neck with Tatum O’Neal and John McEnroe (The Pesce & Lanzillotta Team, Getty)
Former Gold Coast estate of John McEnroe, Tatum O’Neal hits market
Former Gold Coast estate of John McEnroe, Tatum O’Neal hits market
32 Lighthouse Road in Hampton Bays (Google Maps)
Owners sell Inn Spot on the Bay
Owners sell Inn Spot on the Bay
104 Edgemere Street in Montauk
Little houses draw big interest in mansion-heavy Hamptons market
Little houses draw big interest in mansion-heavy Hamptons market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...