Firm ordered to pay $2.5M to fix Bronx apts.
A Bronx judge has ordered the Florida-based firm overseeing 10 dilapidated, foreclosed-upon apartment buildings in the borough to fork over $2.5 million within 30 days to cover repairs and maintenance on the properties.
The properties, owned by Millbank Real Estate, have been in foreclosure for 18 months with more than 3,000 housing code violations.
Tenants have been trying to get LNR, the service that oversees Milbank's $35 million mortgage, to help finance repairs. However, LNR says it was in the process of selling the homes to an undisclosed buyer.
The $2.5 million is a fraction of the up to $26.6 million that an architect's report released by the City Council last week estimates is required.