Investment Collapse Betting Pool: Welcome New Contestants! - NBC New York

Investment Collapse Betting Pool: Welcome New Contestants!

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    NEWSLETTERS

    Investment Collapse Betting Pool: Welcome New Contestants!

    As society crumbles and capitalism gives way to a new era of feudal rule, one of the more popular parlor games has been guessing which private equity firm used the most outlandish profit prediction to sucker big banks into funding purchases of largely rent-stabilized buildings and portfolios. But such media reports no longer have to mention Savoy Park, Stuyvesant Town and the Riverton Houses (on the verge of mortgage default) as the only troubled investments, because the Times cites a report that indicates 60% of the apartments acquired by private equity firms over the past few years are at risk of default. That comes out to around 54,000 apartments. New loans in the spotlight include the $87.7 million purchase of eight Washington Heights buildings by our old friends Vantage Properties and Apollo Real Estate Advisors, and Atlas Capital Group's $90 million loan for the 180-unit Meyberry House (right) on the Upper East Side. Tenant advocates worry that financially strapped buildings will cut down on essential services and ramp up the harassment to oust low-paying tenants.
    · Mortgage Crisis Is Foreseen in Housing Owned by Private Equity Firms [NYT]
    · Investment Collapse Betting Pool coverage [Curbed]

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