The owners of the 1,230-unit Riverton Houses rental complex in Harlem—built by MetLife to be the black Stuy Town—are about to default on the property's $225 million mortgage because they couldn't meet their goals in turning rent-stabilized apartments into market-rate ones. But by how much were their projections off? Well, the goal was to convert 50% of the units, but they only converted 10% in just under two years. Oops. Cue the Crain's doomsday headline! [Crain's]
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