New York Community unloads mortgages on Bronx properties, angering city officials

TRD New York /
May.May 18, 2011 03:45 PM

New York Community Bank has unloaded the mortgages on Van Cortlandt Village, three foreclosed Bronx buildings on Sedgwick Avenue, in the latest in a series of note sales on distressed properties by the bank, according to Crain’s. It has sold mortgages on three dozen distressed buildings in the last year, said RuthAnne Visnauskas, deputy commissioner for development at the city’s Housing Preservation and Development, angering city officials and housing advocates.

“There’s obviously nothing wrong with a bank selling a mortgage,” Visnauskas told Crain’s, but “there should be more involvement on the side of the bank to make sure violations are getting corrected.”

Built in the 1920s, Van Cortlandt has had 919 violations, 731 classified as serious. The mortgage went into foreclosure in March, with a principal balance listed as $19.5 million.

City officials were particularly angered by this sale as they had been working towards getting the property sold at a price that would allow for repairs. HPD had provided the bank with a list of city-approved buyers. [Crain’s]

Related Articles

Clockwise from top left: 179 Beach 38th Street (Far Rockaway), 200 Beach 54th Street (Far Rockaway), 691 Zerega Avenue (Bronx), Jefferson Field at 12506 Flatlands Avenue  (East New York), 598 Beach 43rd Street (Far Rockaway), 114-200 Beach 36th Street (Far Rockaway) and 201 Beach 60th Street (Far Rockaway) (Credit: iStock, Google Maps)

Whatever happened to the city’s largest vacant lots?

147-07 94th Avenue in Jamaica and Pheonix Realty Group president Keith Rosenthal (Credit: Google Maps)

Phoenix Realty, Artimus snag $181M loan for Jamaica resi project

The buildings at 107-10 Shore Front Parkway, 106-20 Shore Front Parkway and 106-10 Shore Front Parkway in Far Rockaway (Credit: Google Maps)

Massive Far Rockaway apartment complex nabs $107M loan

Brad Hargreaves and a project illustration (Credit: Francesco Sapienza)

NYC is banking on Common to deliver affordable beds

From left: REBNY President James Whelan, Housing Preservation and Development Commissioner Louise Carroll and State Senator and Housing Committee Chair Brian Kavanagh (Credit: Facebook, Twitter, Getty Images, iStock)

De Blasio official thinks rent board will be kinder to landlords

Housing Preservation and Development Commissioner Louise Carroll

City crafting overhaul of landlord tax break

New York Community Bank CEO and president Joseph Ficalora (Credit: Facebook, iStock)

Freed by Dodd-Frank, NYCB is on the hunt for M&A deals

Louise Carroll (Credit: Twitter)

De Blasio selects Louise Carroll as new
HPD chief