Which Major New York Multifamily Operator Faces A Special Servicer 3,000 Miles Away?
May 26, 2010 by Neil · Leave a Comment
San Francisco‘s Parkmerced is a 116-acre complex with 1,683 rental units contained in 11 residential towers. Blocks of two-story garden townhouses account for an additional 1,538 apartments, for a total of 3,221 units. (By contrast, that is about 29% of the 11,227 … Read More
What Great Tidbit Did Crain’s Omit From Its “Rosey” Profile?
May 3, 2010 by Neil · 2 Comments
A couple weeks ago, Crain’s published an article about the Rose real estate family entitled “The bloom is on the Roses.” It discussed how well-respected and admired the Rose family is within the NYC real estate community. They were tapped … Read More
Stuyvesant Town’s Arbitrary Aftermath & Tribeca Multifamily
March 11, 2010 by Neil · 5 Comments
Before the now legendary Stuyvesant Town / Peter Cooper Village decision, New York City apartment building owners believed that if they accepted tax breaks under the J-51 program, they would also be allowed to remove units from rent … Read More
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 … Read More
More Bad News For New York City Multifamily Operator
January 18, 2010 by Neil · 3 Comments
New York multifamily operator Larry Gluck’s Stellar Management is in trouble again. Larry Gluck’s Stellar Management purchased the Riverton Houses, consisting of 12 13-story buildings totaling 1,230 units in the Harlem section of New York City, for $131 million in … Read More
