Crain’s New York: “Bronx apartment buildings flipped again”

A little more than a year ago, the Manhattan-based real estate investment group, the Bluestone Group, purchased the foreclosed debt on six run-down buildings in the Bronx for $10 million, promising tenants they were in it for the long haul and pledging to make substantial repairs.

But city officials and housing advocates were skeptical that the little-known Bluestone had the experience to rehabilitate such dilapidated housing, and worried they were seeking a quick pay day.

Read more at Crain’s New York.

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