City officials say a new agreement will remedy what they call “deplorable” living conditions at a Bronx housing complex.
The improvements will affect more than 1,000 residents of the former Milbank complex.
Finkelstein Timberger, LLC and its principal, Steven Finkelstein, have agreed to pay $27.75 million for the 10 buildings.
They plan to rehabilitate the buildings and keep them affordable for the current tenants.
Mayor Michael Bloomberg and City Council Speaker Christine Quinn were among the officials making the announcement Tuesday.
Bronx Borough President Ruben Diaz Jr. says the agreement marks a fresh start for tenants who were long treated “like second-class citizens in their own homes.”