The Real Deal New York

New York Community Bank sells Bed-Stuy distressed mortgages at 50 percent discount

March 08, 2012 03:00PM

New York Community Bank, New York City’s biggest lender to landlords, has agreed to a 50 percent discount on the distressed mortgages for four residential properties in Bedford Stuyvesant, Brooklyn, Crain’s reported. This is a first for the bank. The property addresses were not mentioned.

The debt has been sold to a Brooklyn non-profit named the Mutual Housing Association of New York Management who Crain’s reported will pay for the debt with funding from a new loan meant to preserve affordable housing.

The bank paid $2.4 million.

New York Community Bank is responsible for providing financing to over 3,000 buildings, which have 85,000 apartments, according to Crain’s. [Crain’s]