Tenants from 42 Colonial Management buildings call for new ownership

Tenants from 42 buildings rallied at City Hall Tuesday to ask for new building ownership. All of the buildings are in foreclosure because the company

Tenants from 44 buildings rallied at City Hall

Tenants from 44 buildings rallied at City Hall today to ask for new building ownership. (Credit: News 12)

MANHATTAN - Tenants from 42 buildings rallied at City Hall Tuesday to ask for new building ownership.

At the rally, residents said they're living in deplorable conditions. Complaints included no heat or hot water, broken door locks and problems with roaches and rats.

The Bronx, Brooklyn and Manhattan buildings are owned by a private equity group and managed by Colonial Management. All of the buildings are also in foreclosure, after Colonial Management defaulted on a $133 million loan, according to records. Tenants are calling on City Council to help them and make sure that banks don't give Colonial Management another loan to keep operating the buildings.

Councilman Ritchie Torres (D-Bronx) says the owners are trying to push current renters out by raising the rent in the buildings.

"These same owners took out too much debt to buy these properties and want to take out even more debt through refinancing," says Torres. "We are telling the lenders no."

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