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222 Riverside Drive

222 Riverside Drive

222 Riverside Drive

By Carter B. Horsley

A September 27, 1992 article in The New York Times reported that almost half of the units at 222 Riverside Drive on the northeast corner at 94th Street have been taken over by 222 Properties Inc., a subsidiary of Chemical Bank, as part of a settlement in bankruptcy court with the former sponsor, the Royco Property Corporation.

As it began to rise on the corner of 94th Street in 1988, the 21-story, very handsome building known as 222 Riverside Drive had the distinction of being the first new apartment house on the drive in 35 years.

"Anyone expecting a fire sale will be disappointed, however, the article continued. 'It's a real premium building,' said Kenneth B. Herz, a spokesman for Chemical, indicating that the bank intends to market the 49 units accordingly. 'They're apparently great apartments. Lots of them have river views.'

"Chemical does not yet have the legal authority to sell the units, Mr. Herz said, and will probably have to file an amended offering plan with the New York State Attorney General....

"Mr. Herz said Chemical became involved because the mortgage was held by the Manufacturers Hanover Trust Company, which has been merged into Chemical. The former sponsor declared bankruptcy in March 1991, he said."

In his February 14, 1988 article in The New York Times, Thomas L. Waite wrote that Royco Property Corporation, a London-based developer, bought the site at 222 Riverside Drive in 1986, but had to wait until early 1988 to break ground on the vacant lot pending the resolution of the issue of the illegal demolition of the single-room-occupancy Westsider Hotel there in 1983, said Brian Rainbow, president of Royco.

The company started construction on its 21-story residential condominium tower with 104 apartments at the site whose design by Fox & Fowle was approved by the Landmarks Preservation Commission because the project will be within a proposed historic district.

Its corner is chamfered at 94th Street.

Some apartments have fireplaces and balconies. 

Entrance marquee

Entrance marquee

It has a entrance marquee entrance and three terraces at the top.

Bay windows protrude in a central column down the building.

The building has a full-time doorman, a concierge, a gym, a roof garden, a children's playroom, a garage and bicycle storage.


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