Owner Revitalizes Nine of NYC's Worst Buildings

July 30, 2012
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An owner who bought nine of the most run-down apartment buildings in the Bronx in April 2011, promising to revitalize them, has made approximately $10 million in repairs since buying them for approximately $28 million. Tenant advocates worry that the new debt total of $45.5 million—$10 million more than the mortgage that forced the previous owner, Los Angeles-based Milbank Real Estate, into foreclosure—is unsustainable. They're concerned that such a burden will force the owner to skimp on maintenance and repairs.

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