By Nina Mandell
DNAinfo Reporter/Producer
The one-time home of former New York City Mayor David Dinkins is headed for foreclosure, the New York Times reported Tuesday.
The Riverton Houses, a middle-class complex in Harlem, encountered problems a year ago when the owner defaulted on the mortgage. The seven-building development, now owned by Laurence Gluck, failed to meet revenue forecasts made after its purchase in 2005 amidst the real estate boom.
The 1,228-unit complex is located between 135th and 138th streets, from Fifth Avenue to the Harlem River.
The Riverton Houses’ foreclosure sale is the latest in a middle-class mortgage meltdown. It comes just days after Tishman Speyer, owner of the one-time middle-class haven Stuyvesant Town and Peter Cooper Village, defaulted on its mortgage.
Sources told the Times several groups have expressed interest in buying the Harlem complex, which will most likely go up for sale in March.
“We are hoping that whoever buys this property is not another greedy developer,” Cynthia Allen, president of the Riverton Tenants Association, told the Times.
