NEW YORK CITY-New York Community Bank has sold the loan on eight distressed properties in the Bronx. The bank has disposed its interests in the buildings, which intrigued tenant protests.
The mortgage, which had a balance of $16 million, was purchased by an unidentified buyer at a discount. Tenants in the buildings have filed an appeal in foreclosure proceedings holding New York Community Bank accountable for repairing the properties. Repairing all eight buildings may cost nearly $23 million.For the full story, go to Wall Street Journal.
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