Northwest BronxCommunity andClergy Coalition
To:HPD Commissioner Rafael CesteroFrom:
3018 Heath Avenue Tenants Association, 2785 Sedgwick Ave Tenants Association, 2770Kingsbridge Terrace, 2505 Aqueduct Avenue Tenants Association, 2500 University AveTenants Association, 75 W 190 St Tenants Association, 2264 Grand Ave Tenants Association
, Director of Housing, Northwest Bronx Community and Clergy Coalition,Father Thomas Lynch, Our Lady of Angels Catholic Church, NWBCCC Clergy Causus
Action Needed IMMEDIATELY on distressed Bronx portfolio
We are writing to immediately request action from HPD to intervene in the likely sale of 10 distressed Bronxproperties, formerly owned by Milbank Realty. We have been informed by unsuccessful bidders that this portfolio isabout to be sold to an undisclosed buyer. Every indication is that these buildings are being purchased for the sumof $ 35,000,000, the original cost of the mortgage. We view this as an unsustainable sum that will produce further deterioration of these properties. These 10 buildings comprised of 548 units, have amassed an astounding 3336violations and have a current vacancy rate of 24%.
Building AddressUnitsTotal Violations
2505 Aqueduct Ave495432500 University Ave5835775 W 190 St532943018 Heath Ave876292785 Sedgwick Ave491742770 Kingsbridge Terrace72472686 Rosewood St292541576 Taylor Ave732813215 Holland Ave521722264 Grand Ave26160We believe that the City of New York and HPD in particular has an interest in preventing transactions like this thatfurther destabilize the rental housing stock We would like to meet immediately to discuss ways to preventspeculative real estate transactions such as this, encourage sustainable refinancing and ownership and protecttenants by securing repairs and renovations. Furthermore we want to know how HPD will ensure that litigation andcode enforcement activities are not stalled by the proposed transfer, and we want to propose a series of immediatetreatments for these properties. We also believe the City should entertain new strategies outside of it’s traditionalcode enforcement tool kit – for example possibly seeking a restraining order, or suspending the prospective buyer’slicense to manage real estate, using the agency’s subpoena power, etc to prevent this and other speculativetransactions that lead to further housing deterioration and produce immediately hazardous living conditions.1