Bronx tenants motion could affect thousands in foreclosed apartments

April 21, 2010 12:28PM

Tenants at nine Bronx buildings in Kingsbridge have been forced to live in squalor since their landlord, Milbank Real Estate, defaulted on its $35 million mortgage and the properties went into foreclosure, according to the New York Times. But that could all change when the Bronx chapter of Legal Services NYC files a motion in The State Supreme Court today demanding that the mortgage holder, Wells Fargo, make the necessary repairs to maintain an improved quality of life in the buildings. It’s a move that could have far-reaching effects in the city, setting a precedent for tenants in the estimated 4,700 foreclosed apartments in the city. City Council Speaker Christine Quinn has thrown her support behind the motion. “If you are the bank that lent money to someone you should have and those people walk away from those buildings, the clear result would be that the bank is on the hook,” Quinn said. “The games of delay and passing the buck are no longer going to be tolerated.”


Comments are closed.