Bronx Buildings — Symbols of Market Crash — Sold, May Actually Be Repaired
More than a thousand Bronx tenants in 10 of the city's most rundown apartment buildings got some hopeful news yesterday in the form of a new landlord who looks likely to make desperately needed repairs. In an unusual move, the city helped broker the deal.
This is at last a favorable development in the gloomy history of these buildings, which had been purchased by high-profile Los Angeles-based company Milbank (one of the Voice's 10 Worst Landlords last year) at the height of the real estate boom. When the market crashed, the buildings fell into foreclosure and further disrepair.
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