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Harlem's Savoy Park Succumbs to Debt, Disrepair

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Savoy Park, previously known as Delano Village in Harlem seems to have replicated the tale of the Riverton Houses. For those not familiar, that means trying to get market rate tenants to replace rent-stabilized ones while accumulating tons of debt. A Times piece takes a look at the probable impending fall of Savoy Park, in which residents are complaining about bedbugs, slow repairs and even false eviction notices.

What's worse for the owners is the building being valued at $98 million or a more optimistic $120 million. Either of which are far below the $367.5 million in loans the place has. Well, at least one guy who's sharing a one bedroom with two other people is happy, he says “I like the location...Everything is clean. It has a nice vibe to it.” He's not the only optimistic one in the building, one of the owners is insisting the place won't go into foreclosure and another partner goes so far as to say “deregulating apartments has never been a key component of our business plan.”
· In Harlem Buildings, Remainders of a Bubble and a Collapse [NYT]