Big Real Estate Firms Buy Up in Poor Neighborhoods

The current real estate boom is attracting major investment in some of the most unlikely places. Over the last several years large real estate groups, often backed by the deep pockets of Wall Street firms are buying up blocks of rent stabilized buildings in poor neighborhoods such as East Tremont and Highbridge in the Bronx. Even foreign groups have gotten into the game investing in this cheap stock of housing that’s far from luxurious.