Rose Tapped to Manage Riverton Complex

NEW YORK CITY-Rose Associates Inc., which in February was brought in as a consultant on the Peter Cooper Village/Stuyvesant Town complex, has been named to manage another large multifamily property in transition. Rose said Friday that it has been named the exclusive managing agent of Riverton Square, the historic seven-building apartment complex in Harlem for which CWCapital Asset Management successfully bid $125 million at a foreclosure auction in March.

A spokesman for Rose Associates could not confirm whether the Riverton assignment was a permanent one or an interim one, as is the case with Stuy-Town. There, CWCapital and a joint venture led by Tishman Speyer Properties and BlackRock Realty hired Rose as transition consultant when the JV handed over the keys to the 80-acre complex after defaulting on a $3-billion senior mortgage. In that instance, Rose had managed Stuy-Town before, under the 11,200-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 management and maintenance of Riverton.