LA-based Milbank Real Estate “wrecked havoc” with city real estate purchases

New York /
Apr.April 06, 2011 03:18 PM
509 West 212th Street (source: PropertyShark)

Milbank Real Estate defaulted on the mortgage for its $4.79 million, 45-unit, rent-stabilized building on 212th Street and the property is set to be auctioned off, according to the Wall Street Journal. The building, like other properties owned by the firm, has some of the worst conditions in the city, according to the Department of Preservation and Development, and has collected 214 violations since 1998, records show. If there are no bidders for the apartment, LNR Property, which represents investors in the commercial mortgage package, will retain the property. The Inwood apartment, purchased by Milbank in 2007, is one of many troubled properties in the portfolio the firm put together at the height of the housing bubble. In 2009 Milbank defaulted on a $35 million mortgage for 10 apartment buildings in the Bronx. “They are the perfect representation of what went wrong during the housing boom,” said Dina Levy, the director of housing advocacy group Urban Homesteading Assistance Board. “They wrecked havoc and left a lot of turmoil in their wake and [a] lot of us are struggling to clean it up.” [WSJ]


Related Articles

arrow_forward_ios
A rendering of 5055 Broadway and the current site with Timber Equities' Jeff Torkin (Google Maps, LinkedIn)
Inwood parking lot owned by murderous drug kingpin will become housing
Inwood parking lot owned by murderous drug kingpin will become housing
Joy Construction principal Eli Weiss,  375 West 207th Street in Inwood and Maddd Equities CEO Jorge Madruga (Getty, Maddd Equities)
Maddd Equities receives approval for 611-unit Inwood affordable housing project
Maddd Equities receives approval for 611-unit Inwood affordable housing project
Renderings of The Eliza Apartments at the Redeveloped Inwood Library (New York Housing Conference)
Inwood affordable housing project moves forward after rezoning fight
Inwood affordable housing project moves forward after rezoning fight
Joy Construction’s Eli Weiss (Getty; Google Maps)
Inwood developers outlasted lawsuit, but damage is done
Inwood developers outlasted lawsuit, but damage is done
Mayor Bill de Blasio (Getty; Google Maps)
Inwood rezoning is a done deal
Inwood rezoning is a done deal
Joy Construction’s Eli Weiss, Maddd Equities’ Jorge Madruga, and Mayor Bill de Blasio (Google Maps, Getty)
Inwood rezoning faces new challenges in HPD budget cuts
Inwood rezoning faces new challenges in HPD budget cuts
From left: Maddd Equities’ Jorge Madruga, Joy Construction’s Eli Weiss and Mayor Bill de Blasio (Google Maps, Getty)
Inwood rezoning upheld by court
Inwood rezoning upheld by court
The fate of Inwood’s rezoning could take months to play out in New York’s court system. (Google Maps, iStock)
Inwood rezoning battle could take months. Will developers wait?
Inwood rezoning battle could take months. Will developers wait?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...