Bronx Pols Say Living Wage Study is Rigged
Locals Residents Cast Their Ballots
New York State’s General Election took place on Tuesday, Nov. 2. Results of the election were not tallied by press time, but Democratic incumbents in the Bronx (with the exception of 33rd District State Senator Pedro Espada, who lost to Gustavo Rivera in the September primary) were all predicted to hold on to their seats for another term. Still, voters turned out to their local polling stations to cast their votes.
Orchard Beach Gets $13 Million in Restorations
Public and Community Meetings
Public Hearing on Webster Avenue Rezoning
Thousands Take Biking Tour of the Boogie Down
Hope for Milbank Tenants
Last spring, a portfolio of buildings in the northwest Bronx caught the attention of housing advocates due to an onslaught of complaints from tenants who described horrendous living conditions.
The properties were owned by Milbank Real Estate, a private equity firm based in Los Angeles that purchased the buildings during the boom times with a risky $35 million mortgage. In 2009, Milbank defaulted on the loan, sending the properties into foreclosure proceedings. The buildings are now in the hands of a servicer, LNR Property Corp., which has been looking to sell them to a new owner.
Since foreclosure began, Milbank tenants have seen conditions in their homes deteriorate. The 10 properties have over 3,000 housing violations among them-rodents, mold infestations, leaking ceilings and rotting floors are the norm. For months, at protest rallies, prayer vigils and in the courts, these tenants, with the support of the Northwest Bronx Community and Clergy Coalition, have pleaded for help to make their homes livable again.
But there’s some good news.
The properties were owned by Milbank Real Estate, a private equity firm based in Los Angeles that purchased the buildings during the boom times with a risky $35 million mortgage. In 2009, Milbank defaulted on the loan, sending the properties into foreclosure proceedings. The buildings are now in the hands of a servicer, LNR Property Corp., which has been looking to sell them to a new owner.
Since foreclosure began, Milbank tenants have seen conditions in their homes deteriorate. The 10 properties have over 3,000 housing violations among them-rodents, mold infestations, leaking ceilings and rotting floors are the norm. For months, at protest rallies, prayer vigils and in the courts, these tenants, with the support of the Northwest Bronx Community and Clergy Coalition, have pleaded for help to make their homes livable again.
But there’s some good news.
