New York Riverton Apartments Slated for Auction

This is one case where they really should kill the lawyers along with the investment bankers. The assumptions regarding regulated apartments were just absurd. Even if the market hadn't tanked, this project would have been a loser.

I wonder if Stuyvesant Town will be going the same way Tishman paid $5 billion and now they're hurting.

It's just a data point of one and we all know how dubious appraisals can be but the decline from $340mm to $196mm is 42.4% - on the same building. Makes 50% decline in manhattan seem optimistic given things are still heading south quickly - food for thought.

Ironic since Riverton was built by Met Life in response to criticism that Sty Town/PCV were not open to African Americans.

Some bank with a lot of loans will probably buy it to keep prices supported...

The Real Estate Roundtable estimate that $400 billion of commercial mortgages will mature by the end of 2009. All those loans will need refinancing. Since refi options are limited, amount of delinquencies will rise.

elena