Prana pays Related $36M in Bronx multifamily play
A New York State Senator believes that the city is not enforcing a
2009 state law requiring the owners of foreclosed properties to
maintain them, WNYC reported. State Senator Jeff Klein, who wrote the law, said that enforcing the legislation could have prevented a fatal fire in April
in the Bronx, the borough he represents, along with Westchester. A 12 year old boy and his parents
died in the fire, at 2321 Prospect Avenue, on April 25, and now the
house is boarded up with garbage on the sidewalk, and the two
neighboring houses are uninhabited. According to the legislation,
Klein said, after seven days notice any municipal government has the
right to enter a foreclosed property and make an inspection and make
sure all violations are quickly remediated, and then send the bill to
lending institution and bank. The Bloomberg administration told WNYC
that the law does not guarantee that the city inspectors can get
access to the buildings. Klein said his office has conducted a
citywide survey and found that 2,000 foreclosed properties have some
3,751 violations. He and other community leaders warned that foreclosed apartments without upkeep could further depress property values. [WNYC]
