This morning, we wrung our hands and wracked our brains trying to make sense of the deal that Gazivoda Realty struck with Hudson Valley Bank and the Bluestone Group. As we stared at each other around our conference room, the Daily News published this article.
Daniel Beekman interviewed Andres Rios, tenant at 1585 E. 172nd street. Andres’s fury, and simple desire for a safe, livable home, strengthens our conviction that this deal does not make sense, and that the debt-dumping must be stopped.
When the Bluestone Group bought the debt of six Bronx slums 15 months ago, it promised to fix up the rotten buildings and make life bearable there.
But tenant advocates warned that the Manhattan-based company had overpaid and was looking to make a quick buck.
Last week, Bluestone sold the debt for a handsome profit and walked away.
Now the tenements that sent slumlord Sam Suzuki to jail in June 2010 have their fourth owner in three years.
Read more at The Daily News.