Riverton Houses To Be Sold at Auction on Judge's Orders

Today's rental complex in the news for having an owner who overpaid during the boom in the hope of giving rent-stabilized tenants the boot and turning the place into a profit factory: Riverton Houses, aka Harlem's Stuy Town.The 1,230-unit property's last attempt at an auction was cancelled. But now the Times reports that a State Supreme Court judge has ordered the property to be sold at auction. The sale will clear out owner Laurence Gluck's $240.6 million load of debt, but, of course, there's no knowing in advance who the new owner will be. One contender: a group of investors headed by Jackson Management, whose president, Adam Holland, is the grandson of the man who sold the Riverton Houses to Gluck for $135 million in 2005. So perhaps the auction will also answer that pesky heredity vs. environment question once and for all.
· Justice Braun Orders Auction of Riverton Houses in Harlem [NYT]
· Riverton Houses coverage [Curbed]