Owners of burned Bronx building held billions in real estate, reaped housing subsidies

NEW YORK, NY - JANUARY 09: Emergency first responders remain at the scene after an intense fire at a 19-story residential building that erupted in the morning on January 9, 2022 in the Bronx borough of New York City. Reports indicate over 50 people were injured. When a trio of sophisticated investment firms purchased the 19-story Bronx tower two years ago, executives said they were committed to protecting the apartments "for the families that need them.

The fire on Sunday at the complex that left 17 people dead, however, has illuminated a striking contrast - between a group of investor landlords, whose portfolios have flourished with deals based on government incentives, and the residents of a building that, ensuing scrutiny showed, has a record of building code violations for mice, roaches, lead paint and faulty safety doors.

Tenants have told reporters that smoke detectors went off during the fire, but that the alarms rang so frequently at the tower that some residents may have ignored them. Investigators also are studying why the two doors were left open, allowing the smoke to spread, when regulations require that doors be equipped with automatic closing mechanisms, officials said.

"We are devastated by the unimaginable loss of life caused by this profound tragedy," the property owners said in a statement. "Our thoughts are with the families and friends of those who lost their lives or were injured, and we are here to support them as we recover from this horrific fire." Whatever the challenges in building and preserving affordable housing, however, the three firms behind the Bronx building reflect the success that some investment firms have enjoyed.

The third firm in the joint venture, Camber Property Group, is the only one focused largely on New York City. From its beginnings with small-scale projects in Brooklyn, Camber now touts 24 projects that encompass 5,839 units, according to the company.

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