Larry Gluck’s Stellar Management Loses Riverton Apartment Complex in Harlem
February 4, 2010 by Neil · 2 Comments
The 1,232 apartment units comprising the Riverton will be auctioned off because its owner no longer pays its debt financing. Stellar Management, purchased the property in 2005 and took out a $225 million mortgage. But by September of last year, it was worth just $108 million, according to one analyst estimate.
The gated enclave contains [...]
Which New York City Multifamily Developer Faces Another Foreclosure?
January 16, 2010 by Neil · Leave a Comment
This week, the lender on the Park Columbus Project, located at at 101 West 87th Street, got the green light to proceed with its foreclosure action against the delinquent developer. The lender joins the many creditors chasing after the developer: contractors and suppliers have several million dollars worth of mechanics’ liens levied against the property.
The [...]
How Many U.S. Housing Units Received Foreclosure Notices in 2009?
January 16, 2010 by Neil · Leave a Comment
A foreclosure filing includes default notices, scheduled foreclosure auctions and bank repossessions. In all, 2.2% of all U.S. housing units, or one in every 45 properties, received at least one foreclosure filing in 2009. That number increased from 1.84% in 2008, 1.03% in 2007 and 0.58% in 2006. In 2009, a record 2.8 million properties [...]
