Developments near the Solaria seem unaffected

Developers of nearby luxury apartments on the market contend that the Solaria situation is not representative of the Riverdale market as a whole, the Riverdale Press reports today.

“People are pointing to the auction and saying the market is in bad shape because of the results of the auction,” said Anne Shahmoon, sales associate at the Shirley Woods. Continue reading

What about so many auctions? It’s the economy.

A collection of 14 deteriorating South Bronx apartment buildings has been snapped up by a real estate development company led by former New York Met first baseman Maurice “Mo” Vaughn in a foreclosure auction,  Amanda Fung reports in Crain’s.

The properties were owned by entities of the Ocelot Capital Group, which abandoned them, let them fall into disrepair and eventually defaulted on the mortgage. Continue reading