NYC’s Savoy Park Is Sold To Citigroup-Led Housing Fund

A real estate fund created by Citigroup Inc. and L&M Development Partners bought New York’s Savoy Park apartment complex, resolving the troubled mortgage on the 1,800-unit property. The complex sold for more than $210 million, the outstanding balance on the delinquent senior mortgage, satisfying the loan, according to a person with knowledge of the deal who asked not to be named because the terms weren’t public. The sellers are AREA Property Partners LP and Vantage Properties LLC, which bought the property in 2006, near the peak of the commercial real estate market. The rent-regulated complex of seven apartment buildings between 139th and 142nd Streets in Harlem will remain as affordable housing, according to a statement today by the buyers. The deal was done under a venture formed by Citigroup and L&M in 2010 known as the New York Affordable Housing Preservation Fund.

Bloomberg

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