Tag Archive | "bluestone group"

Bronx apartment buildings continue through the wringer with latest sale, reports Crain’s

A group of Bronx apartment buildings is going through their fourth sale in five years, reports Crain’s business news. Bluestone Group had purchased the buildings for $10 million a little more than a year ago after they’d been foreclosed on, and promised tenants that the buildings would be renovated.

Turns out, they were bluffing. The buildings were sold to Bronx-based Gazivoda Realty Co. for $17.6 million, which Crain’s attributes to a notice that tenants received late last week and to the real estate trade publication Real Deal.

Department of Housing Preservation and Development officials told Crain’s that they’ve been in contact with the new buyer to make sure they “take the interests of current tenants to heart.”

The six building-struggle started in 2006 when Ocelot Capital Group, which no longer exists, bought the buildings for $16.5 million, but then abandoned responsibilities.

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