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 [...]
More Bad News For New York City Multifamily Operator
January 18, 2010 by Neil · 3 Comments
New York multifamily operator Larry Gluck’s Stellar Management is in trouble again.
Larry Gluck’s Stellar Management purchased the Riverton Houses, consisting of 12 13-story buildings totaling 1,230 units in the Harlem section of New York City, for $131 million in August of 2005, with a $105 million loan and $26 million in equity. In December of [...]
