Sale of Troubled Buildings May Not Mean Rescue
(NYT) — “Bronx portfolio,” the Web posting read. “These distressed properties fetches prices that are much below its market value.” The grammatically sloppy advertisement for 10 troubled buildings in the Bronx appeared this spring on eBay classifieds, not a forum known for attracting the kinds of investors who can afford to rescue the properties, which are plagued with crumbling ceilings, roaches and unsustainable debt piled on during the speculative boom of the previous decade.
