Milbank Memo
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Northwest Bronx Community and Clergy Coalition Memo To: HPD Co mm is si on er Ra fa el Ce st er o From: 3018 Heath Avenue Tenants Association, 2785 Sedgwick Ave Tenants Association, 2770 Kingsbridge Terrace, 2505 Aqueduct Avenue Tenants Association, 2500 University Ave Tenants Association, 75 W 190 St Tenants Association, 2264 Grand Ave Tenants Association Gabriel Pendas, Director of Housing, Northwest Bronx Community and Clergy Coalition, Father Thomas Lynch, Our Lady of Angels Catholic Church, NWBCCC Clergy Causus Date: 9/21/2010 Re : Milbank Portfolio Action Needed IMMEDIATEL Y on distressed Bronx portfolio We are writing to immediately request action from HPD to intervene in the likely sale of 10 distressed Bronx properties, formerly owned by Milbank Realty. We have been informed by unsuccessful bidders that this portfolio is about to be sold to an undisclosed buyer. Every indication is that these buildings are being purchased for the sum of $ 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 3336 violations and have a current vacancy rate of 24%. Bui lding Address Units Total Vi ol ations 2505 Aqueduct Ave 49 543 2500 Uni versity Ave 58 357 75 W 190 St 53 294 3018 Heath Ave 87 629 2785 Sedgwick Ave 49 174 2770 Kingsbridge Terrace 72 472 686 Rosewood St 29 254 1576 Tayl or Ave 73 281 3215 Hol l and Ave 52 172 2264 Grand Ave 26 160 We believe that the City of New York and HPD in particular has an interest in preventing transactions like this that further destabilize the rental housing stock We would like to meet immediately to discuss ways to prevent speculative real estate transactions such as this, encourage sustainable refinancing and ownership and protect tenants by securing repairs and renovations. Furthermore we want to know how HPD will ensure that litigation and code enforcement activities are not stalled by the proposed transfer, and we want to propose a series of immediate treatments for these properties. We also believe the City should entertain new strategies outside of it’s traditional code enforcement tool kit – for example possibly seeking a restraining order, or suspending the prospective buyer’s license to manage real estate, using the agency’s subpoena power, etc to prevent this and other speculative transactions that lead to further housing deterioration and produce immediately hazardous living conditions. 1
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Transcript of Milbank Memo
8/8/2019 Milbank Memo
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Northwest BronxCommunity andClergy Coalition
MemoTo: HPD Commissioner Rafael Cestero
From: 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 AssociationGabriel Pendas, Director of Housing, Northwest Bronx Community and Clergy Coalition,Father Thomas Lynch, Our Lady of Angels Catholic Church, NWBCCC Clergy Causus
Date: 9/21/2010
Re: Milbank Portfolio
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 Address Units Total Violations
2505 Aqueduct Ave 49 5432500 University Ave 58 35775 W 190 St 53 2943018 Heath Ave 87 6292785 Sedgwick Ave 49 1742770 Kingsbridge Terrace 72 472686 Rosewood St 29 2541576 Taylor Ave 73 2813215 Holland Ave 52 1722264 Grand Ave 26 160
We 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.
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