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Posted in: Narmer's Newstand
Anonymous125th
February 18, 2009
Friday is a historic day in Harlem. 2 Major Developments where at both Harlemites were harassed with intent to evict. The Investors could not evict enough long time residents and destable apartments in the process. They tried, they speculated, they failed.
The downside is this depreciates the value of all Harlem developments. Sorry, if you bought an apartment in ’06 or ’07 you cannot sell it today for anywhere close to what you paid. Corcoran closed shop in Harlem for a reason. There is a TON of unsold inventory in Harlem, with no hopes to be sold going forward. The Bloodbath is slow, it’s gradual, but Harlem values will decline 30%-40% by mid 2010.
(1) The ownership of the 1,230 unit Riverton Houses in Harlem is being thrown into question as a Friday auction by the $25 million mezzanine noteholder, Realty Finance Group, is unlikely to attract private operators. Loans on the property total $225 million, but the site was reappraised at $190 million. It was bought in 2005 for $131 million.
(2) The former Delano Village, now known as Savoy Park, is another Harlem development in financial hot water. The 1,802-unit project was purchased in 2006 by Apollo Real Estate Advisors and Vantage Properties for $175 million. It was soon refinanced and now has debt of $367.5 million, with a high default risk, according to ratings agency Realpoint. Default date is on Friday.