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Default Worries at Housing Complexes Bought by Developers
By
Jen Chung
Published Aug 27, 2008
Modified Aug 27, 2008
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By
Jen Chung
Published Aug 27, 2008
Modified Aug 27, 2008
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After a Monday article about how the middle-class Harlem housing complex Riverton Houses' owners might default on their loan, the NY Times now looks other big real estate deal that might go sour. Like the Riverton Houses, Stuyvesant Town was bought by a big real estate company who hoped to convert more rent-stabilized units to market rates and make a profit (but it's been slow-going so far). And there are other possible victims, like Harlem's Savoy Park, a development bought by Credit Suisse. A Citizens Housing and Planning Council fellow tells the Times, "[Financiers] all got caught up in the bubble mentality.”
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real estate
Riverton Houses
Savoy Park
Stuyvesant Town
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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