☞ READ: Riverton Houses Sold at Auction

Central Harlem's middle income Riverton Houses complex on Fifth Avenue, between 135th and 138th Street, has been sold in a court auction. Yesterday, March 11th, CWCapital Asset Management bought the distressed former government housing complex for $125 million. The past owners bought the 1,223-unit property back in 2005 for $131 million. At peak market in 2007, Riverton Houses was valued $340 million but since 2009, the overall estimate dropped to $108 million. The previous owners attempted to make upgrades and sell at higher rents but was not able to make payments on a refinanced $225 million mortgage once the financial crises hit the markets. The gated community has long been seen as a haven for middle income families and the elderly so many are uneasy about the new transaction. Read the details in the Real Deal site: LINK. Photo by Ulysses