Saving Hillside Homes
Saving Hillside Homes
Hillside Homes, 2023
Rick Aidekman on Saving Hillside Homes a true revival of a Bronx property from disaster to home for a several thousand people.
One of the most interesting real estate opportunities that I ever had was when my partner and I were to become engaged to manage what was then called Hillside Homes. Hillside Homes was a five square block residential complex in the North Bronx. In 1996 the owner of the complex was being foreclosed upon by the lender, the Wall Street Firm of DLJ. My partner and I were contacted by DLJ and were asked to interview to manage the complex for the newly appointed receiver. Although we were eminently qualified to be appointed, we were in competition with some of the largest management companies in New York City.
Hillside Homes, 1940’s
As I learned, Hillside Homes was a sprawling complex with 1408 apartments in mostly four-story walkups in a unique area of the Bronx. Surrounded by single family town houses that were well maintained and entirely middle class occupied. Hillside Homes was not only mismanaged for years, but in utter turmoil. At the time of our first interview, about 1/3 of the units were vacant; 1/3 were occupied by squatters with no rights to the units; and 1/3 with single mothers below the poverty level.
