Stopgap Funding Saves Bankrupt NYC Apartments From Maintenance Peril
The properties, which were put into bankruptcy in May, will be permitted to use cash its primary lender Flagstar Bank has an interest in through July 11, Judge David S. Jones said during a Wednesday hearing. The bank and advisers representing Wiener's properties are trying to strike a longer-term deal to cover the cost of operating more than 5,000 rent-stabilized units in Manhattan, Brooklyn, Queens and the Bronx.
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