By Maria Rocha-Buschel
Less than two months after the announcement of the sale of ST/PCV, the city came to a similar agreement with Riverton Houses’ new owner A&E Real Estate to protect almost 1,000 low and middle-income homes at the development in Harlem, announcing that the property was sold for $201 million last Wednesday.
CWCapital had been in control of Riverton, a sister property of Stuyvesant Town/Peter Cooper, since 2010 after taking over from Larry Gluck’s Stellar Management. Stellar had bought the development in 2005, hoping to bring in higher-paying tenants, but defaulted on its $225 million mortgage and its lenders foreclosed.
The property was sold under an agreement to keep the remaining rent stabilized units affordable and in exchange, the city will provide A&E with property tax breaks and other incentives worth about $100 million. Affordability is being preserved through a real estate tax exemption, which will be provided for 30 years and was approved by City Council.