Investment Collapse Betting Pool: Following the likely mortgage default at...
Wednesday, Jul 29, 2009 | Updated 10:46 AM EDT
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Following the likely mortgage default at Harlem's Riverton Houses, it has become something of a sport for financial media outlets to guess the next huge megarental foreclosure. Stuyvesant Town/Peter Cooper Village and Harlem's Savoy Park are the two frequently mentioned because of their new owners' failure in jacking up rents to expected levels, and Crain's echoes those predictions here, but Dina Levy—director of something called the Urban Homesteading Assistance Board, has a fresh take that pretty much sums up the whole situation: "If you want a Cadillac, buy a Cadillac. Don't buy a Chevy and try to turn it into a Cadillac." [Crain's; previously]
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