Friday, July 9, 2010
Thursday, December 4, 2008
Final Posting
Please note that this blog will cease operation immediately. Subsequent postings will be found at :
http://HarlemCulturalArchives.ning.com
Feel free to join!
Best,
Ken
http://HarlemCulturalArchives.ning.com
Feel free to join!
Best,
Ken
Sunday, August 24, 2008
Friday, August 22, 2008
Thursday, August 21, 2008
Riverton Press Conference
ELECTED OFFICIALS AND COMMUNITY LEADERS TO HOLD PRESS CONFERENCE CALLING ON RIVERTON DEVELOPER TO PRESERVE AFFORDABLE HOUSING, DESPITE WARNINGS OF LOAN DEFAULT
(NEW YORK, NEW YORK)- On Saturday, August 23, 2008, a group of concerned
elected officials and community leaders will be holding a press conference calling on the developer of the 1,230 unit Riverton Apartments to preserve affordable housing, in the wake of the disclosure that the loan used to purchase the Riverton in 2006 may be going into default. This PRESS CONFERENCE will be taking place at the corner of 135th Street and 5th Avenue in Manhattan, New York City at 10:00 AM.
Invited speakers include: Congressman Charles B. Rangel, Assemblyman Keith L.T. Wright, Councilwoman Inez E. Dickens as well as representatives from the Riverton Tenants Association and many members of the Riverton Community. "It is imperative that the developers who purchased this property act in a socially responsible manner and disclose how they will renegotiate their loan in a way that does not threaten the homesteads of Riverton residents. This property must not remain in flux and the owner must take steps in the future to ensure that it does not," said State Assemblyman Keith L.T. Wright.
This PRESS CONFERENCE will be held on SATURDAY, AUGUST 23, 2008 at 10:00 AM at the corner of 135th Street and 5th Avenue in Manhattan, New York City.
(NEW YORK, NEW YORK)- On Saturday, August 23, 2008, a group of concerned
elected officials and community leaders will be holding a press conference calling on the developer of the 1,230 unit Riverton Apartments to preserve affordable housing, in the wake of the disclosure that the loan used to purchase the Riverton in 2006 may be going into default. This PRESS CONFERENCE will be taking place at the corner of 135th Street and 5th Avenue in Manhattan, New York City at 10:00 AM.
Invited speakers include: Congressman Charles B. Rangel, Assemblyman Keith L.T. Wright, Councilwoman Inez E. Dickens as well as representatives from the Riverton Tenants Association and many members of the Riverton Community. "It is imperative that the developers who purchased this property act in a socially responsible manner and disclose how they will renegotiate their loan in a way that does not threaten the homesteads of Riverton residents. This property must not remain in flux and the owner must take steps in the future to ensure that it does not," said State Assemblyman Keith L.T. Wright.
This PRESS CONFERENCE will be held on SATURDAY, AUGUST 23, 2008 at 10:00 AM at the corner of 135th Street and 5th Avenue in Manhattan, New York City.
Wednesday, August 20, 2008
Stellar and its partner Rockpoint are on the verge of defaulting on their $225 million mortgage for Riverton Apartments in Harlem. See articles in the Wall Street Journal, Reuters,Crain's New York and WNYC.
The likely default was predicted by the Partnership to Preserve Affordable Housing in its April 28, 2008 memo (click on "read more" below to see it), written by Thomas Waters, housing analyst for the Community Service Society. When equity funds invest substantially more than the rents will supply, the investment can only be repaid by evicting the rent-regulated tenants. Failure to do that means defaults, lack of maintenance, and disaster.
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