A spokesman for Rose Associates could not confirm whether theRiverton assignment was a permanent one or an interim one, as isthe case with Stuy-Town. There, CWCapital and a joint venture ledby Tishman Speyer Properties and BlackRock Realty hired Rose astransition consultant when the JV handed over the keys to the80-acre complex after defaulting on a $3-billion senior mortgage.In that instance, Rose had managed Stuy-Town before, under the11,200-unit complex's previous ownership by MetLife.
As with Stuy-Town, MetLife developed Riverton in the late 1940s.Rose Associates will be responsible for the day-to-day managementand maintenance of Riverton.
In a statement, Jeffrey Heifetz, managing director with Rose,says his company is "currently in the process of evaluatingservices at the property and identifying ways to enhance residentsatisfaction. We look forward to maintaining a dialogue withresidents and community leaders." Rose currently manages more than25,000 residential units citywide.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
