Pretty much everyone had dire predictions for Savoy Park, the middle-income, seven-building Harlem complex at 139th Street between Fifth Avenue and Malcolm X Boulevard. Originally called Delano Village, it got the name Savoy Park after it sold for $175 million in 2006. It had all the hallmarks of a project headed for problems, with a troubled owner (Apollo Real Estate Advisors/Vantage Properties) and mistaken estimates of the turnover among rent-stabilized tenants. But that won't be Apollo or Vantage's problem any longer.
The complex has just sold for more than $210 million?the balance on the building's delinquent loan?to a fund created by Citigroup and L&M Development Partners. The buyers tell Bloomberg the complex will still be affordable housing. The last appraisal valued the property at, er, just $153.3 million.
· NYC's Savoy Park Is Sold to Citigroup-Led Housing Fund [Bloomberg]
· Savoy Park coverage [Curbed]