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Larry Gluck’s Stellar Management Loses Riverton Apartment Complex in Harlem
February 4, 2010 by Neil · 2 Comments
The 1,232 apartment units comprising the Riverton will be auctioned off because its owner no longer pays its debt financing. Stellar Management, purchased the property in 2005 and took out a $225 million mortgage. But by September of last year, it was worth just $108 million, according to one analyst estimate.
The gated enclave contains a long grassy mall, tree-shaded playground and marble lobbies. Presumably, it was a ripe candidate at the time for a condo conversion, or turning over the lower-paying tenants with market-rate occupants. Gluck, like so many other multifamily investors, did not anticipate the economic calamities that came to follow.
Larry Gluck and Robert Rosania of Stellar Management are lower than dirt ! From press accounts, it appears Stellar already had a well known history of screwing New Yorkers since that’s their “base camp”. I lived at The Enclave apartments in Silver Spring, Maryland (metro DC area) for 16-1/2 years. Only when these devils came in and hired Riverstone Management to run the place around 2003-2004 did this property seriously go to he– ! All one has to do is look at six years worth of negative ratings on apartmentratings.com. Trust me when I say that six years worth of trash comments is not coming from “disgruntled tenants”. Not to mention the well-publicized incidents of Stellar and Riverstone Management having to go to court for numerous code violations throughout the years. How many apartments maintain a ridiculously low 24% rating, but this dump does for sure! Thank God I finally got out of that rat-trap (LITERALLY!) in the fall of 2008. And now, it appears they lost The Georgian high-rise apartment building in downtown Silver Spring that they used to have, too ! Looks like The Georgian developed much in common with The Enclave. This link provides plenty:
http://www.georgianconfidential.com/
Linda,
Thank you for taking the time to write.
We appreciate your well thought-out post.
Did you find our site through a Google search of “Larry Gluck” and your former home, or something else?
Multifamily Investor