Owners of large housing units in New York such as Stuyvesant Town, Savoy Park and Riverton Houses are reeling from the effects of piling debts. They are dreading the day that they will receive notices informing them that their properties will be added among the growing list of foreclosure homes in the state.



However grim the outlook for the housing market in New York is, with declining rentals and lenders? aggressiveness to foreclosed contributing to the foreclosure homes crisis, real estate agents are optimistic that tenants of these large housing complexes will come out of the fiasco unscathed.

Real estate research company, Real Capital Analytics managing director Dan Fasulo is confident that tenants of large housing complexes owned by individuals on the of brink of foreclosures, will be able to survive the onslaught of New York foreclosure homes.

He explained that investors will be attracted to these distressed properties because of low prices that lenders will offer so as not to further incur losses which increase as a property remains on the market for a long period of time.

A case in point is the 1,228 middle-class apartments of Riverton Houses which was added to the growing list of foreclosure homes in Harlem. The property owner, Stellar Management was not able to meet its revenue projections which led to its failure to pay its monthly mortgages.

The principal lender started the process of foreclosure on Riverton, followed by a New York Supreme Court judge's appointment of a receiver to handle foreclosure homes of Riverton.

Whether the lender sells Riverton or an amicable agreement could be made with the landlord, tenants are still in a win-win situation and could still avail of benefits such as extensive landscaping and refurbished elevators and lobbies.

Furthermore, if new owners would take over Riverton at a lower price than what Stellar Management used to pay, they would not be financially pressured to forced out rent-regulated tenants to accommodate high-paying renters in order to recover immediately their investments and make a profit.

However, not all is rosy on the side of tenants if foreclosure homes will continue to escalate. Landlords could contest the foreclosures in court or they would not be able to find buyers for their properties immediately. If these happen, tenants would be the one to suffer the most.