Harlem Housing Complex Auctioned for $125M

Friday, March 12, 2010

One of the city's biggest private housing complexes is changing hands. WNYC's Ilya Marritz has more on the foreclosure auction of the Riverton Houses in Harlem.

REPORTER: Before the auction, there was speculation about who might bid and how high the price could go. In the end only two parties put in offers. The winner is the trust that holds the debt on Riverton. Representing them is CW Capital, the same firm that's taking the reins at the troubled Stuyvesant Town and Peter Cooper Village.

For tenants, the outcome was a relief. They feared a bidding war that could push the price of the complex up and drive the new owner to try to make thousands of rent-stabilized apartments market rate. That could still happen. Lawyers for the winning bidders didn't share any plans for the Riverton.


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