YONKERS, NY-The owner of the Monarch at Ridge Hill condominium development has sold 90 unsold units at the troubled property to a Long-Island based real estate management firm.
The 90 unsold units at the 162-unit high-rise located at Forest City Ratner's Ridge Hill retail complex was sold to a subsidiary of Eagle Rock Management of Plainview, NY, according to the Journal News. No financial terms of the transaction were reported. Forest City has no interest in the Monarch at Ridge Hill luxury development.
The newspaper reports that on Aug. 8, Consolidated Edison sent a letter to unit owners that Horizon owed $39,359.75. The letter stated that power to the building's common areas could be shut off if payment is not received by Aug. 26. See story in the Journal News.
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