Dilapidated 10-building Bronx complex finds potential buyer

A 10-building, 548-unit rental complex in the Bronx may have found a buyer, after falling into foreclosure and dilapidation last year, according to Crain’s. The portfolio, which Los Angeles-based Milbank Real Estate bought in 2007, was named the worst in the city in 2010 by Housing Commissioner Rafael Cestero, after it racked up upwards of 4,300 violations. This, however, has not deterred Scarsdale investor Steve Finkelstein, who said he’d buy the properties and their mortgage for $28 million. But the deal is far from complete — Finkelstein’s proposed $6.8 million repair package for the apartments falls short of the $26 million that the City Council estimated it would need. Juan Nunez, a tenant at the Bronx portfolio, said the residents are riled over Finkelstein’s pitch. “We looked at his numbers,” Nunez said. “He’s spending a lot loss on the repairs than we think is needed.” [Crain’s]