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

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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]