- See more at: http://blogtimenow.com/blogging/automatically-redirect-blogger-blog-another-blog-website/#sthash.Q6qPkwFC.dpuf HPD Increasing its Role in the Milbank Buildings | Bronx News Networkbronx

Thursday, October 28, 2010

HPD Increasing its Role in the Milbank Buildings

Crain's has a new article about HPD's increased role in the 10 Milbank building portfolio out this afternoon.

While the headline, "City takes control of rehabs of 10 Bronx buildings" may exaggerate slightly, HPD is promising roof to cellar inspections and is sending out its Emergency Repair Program unit to make repairs. Equally important, they are sending a forceful message to potential buyers of the buildings that they are going to be intensely involved with the buildings for the foreseeable future.
To fill in a gap in the story, the building tours HPD went on earlier this week were organized by the Northwest Bronx Community and Clergy Coalition.

Finally, at least two out of three other Milbank buildings that are part of a separate financing package (originally with Dime of Williamsburgh) have gone into foreclosure. Dime had already sold the debt on the buildings to 1026-30 Woodycrest Debt LLC and 1535 Taylor Debt LLC, both with addresses listed under the law firm Kriss and Feuerstein LLP. There is no indication on ACRIS of whether the mortgages were sold at a discount.

Foreclosure actions were filed against 1030 Woodycrest Ave and 1535 Taylor Ave at the beginning of October for $1,519,229 and $1,921,345 respectively. A third building, 828 Courtlandt Ave, isn’t listed in our foreclosure listings yet, but it also had its debt sold to the same outfit.

In a bizarre move, the California Business Bank recently provided Milbank an additional nearly $2.5 million dollars of financing on these three properties on October 1st. One has to wonder if the bank knows what it is getting itself into.


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