The 1,230-unit Riverton Houses rental complex (aka Harlem's Stuy Town), long reported to be on the brink of foreclosure, will be auctioned off Friday after its owners were unable to modify their loan terms, Bloomberg reports. A recent appraisal valued the property at $196 million, and the mortgage on the property is $225 million. In December 2006, when predators and banks were operating under the assumption that every rent-stabilized unit was fair game to be turned over to market rates, the property was valued as much as $340 million. [Bloomberg, previously]
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