The Riverton Houses, a middle class enclave at 135th Street and 5th Avenue faces foreclosure in a situation that seems all too common after the real estate bubble imploded after 2005. The usual story of a developer buying out public housing with an intent to replace rent stabilized tenants with market rate replacements has come to a head uptown. A judge has ordered foreclosure on the Riverton Houses and the property will go to auction to pay off its underlying debt. Even though the property currently has upgraded elevators and new landscaping, the improvements are of little comfort now that the future is even more unclear for tenants. Read more in the NY Times: LINK
Wednesday, February 3, 2010
☞ READ: Riverton Houses in Foreclosure
The Riverton Houses, a middle class enclave at 135th Street and 5th Avenue faces foreclosure in a situation that seems all too common after the real estate bubble imploded after 2005. The usual story of a developer buying out public housing with an intent to replace rent stabilized tenants with market rate replacements has come to a head uptown. A judge has ordered foreclosure on the Riverton Houses and the property will go to auction to pay off its underlying debt. Even though the property currently has upgraded elevators and new landscaping, the improvements are of little comfort now that the future is even more unclear for tenants. Read more in the NY Times: LINK
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