Real Estate Development

Created solely with the intention of protecting the community from housing deterioration, Mosholu Preservation Corporation has successfully gone on to solve many of Norwood’s other issues. At the time MPC was formed in 1981, much of the Northern Bronx was experiencing rapid abandonment. Apartment buildings sat vacant and fell apart. Buildings with residents still remaining fell subject to neglect as landlords hoped residents would leave to damage the property to collect insurance claims. It was now more valuable for landlords to burn the building down and collect insurance payments than to rent the apartments to tenants. In the years leading up to the creation of the MPC, arson rates in the South Bronx rose from 1 to 10 percent. Lack of involvement and response from city agencies to the Bronx’s troubles allowed the borough to become the definition of urban decay and disrepair. Newspapers reported increases in violent crimes while cameras captured fires in the background of Yankee Stadium, coining the term “The Bronx is Burning”.

Although physical barriers like Woodlawn Cemetery and the Bronx River Parkway had kept Norwood relatively protected, similar vicissitudes were beginning to encroach on Montefiore’s backyard. The hospital was now a well established and highly regarded center for medical care. Montefiore determined that medical care was not the only thing it was responsible for. The hospital made a commitment to protect Norwood, its home, from the ravages of the surrounding areas. Its first step was to setup the Mosholu Preservation Corporation.

MPC would initially purchase housing in the worst condition, usually either burned out or labeled a ‘knock-down’. It started with apartment complexes in Montefiore’s immediate vicinity and eventually worked its way to the outer edges of Norwood. During the same time MCP was acquiring properties through purchase, the city was amassing a large amount of buildings as so many owners had stopped paying property taxes. With more buildings then the city knew what to do with, the city began to give the properties to private interests for private redevelopment. The MCP was given buildings within the areas bordering Norwood and the few which were actually within Norwood. Funded by Montefiore and partially the Department of Housing, MCP systematically converted dilapidated buildings to modern, livable dwellings. To discourage this kind of abandonment from happening again, Montefiore focused on the idea of individual ownership within Norwood. It was believed that private interests would keep residents proactive in the community’s stability. Many of the renovations that MCP supported were to change apartments into private condominiums. The MCP even helped many buyers with loan and mortgage originations to facilitate the process. Five of the buildings MCP originally took hold off, those immediately adjacent to Montefiore, are still under control of Montefiore. As for the converted condominiums, Montefiore sold many of the outermost residences but has also kept many of the closer buildings. Montefiore continued to hold the position as largest real-estate buyer until this day. Its purchases include offices for special practices and in house long term care.

The Mosholu Preservation Corporation can be credited with the resiliency of Norwood and its ability to stave off the downfall of the Bronx in the late 1900’s. Montefiore has continued to be the anchor which ensures the stability of Norwood and will continue to support the community for the duration of its stay.

http://www.mpcbronx.org/realestatedev_housing.html

http://www.mpcbronx.org/quality_cleanup.html

http://www.nytimes.com/2009/08/23/nyregion/23bronx.html?pagewanted=all&_r=0

http://www.montefiore.org/body.cfm?id=1738&action=detail&ref=366