A group of companies has agreed to clean up a hazardous waste site in the North Bronx.

Residents say the site, the old Hexagon Laboratory, has been an eyesore for decades. State officials say the site is a significant threat to public health and the environment. On Friday, Community Board 12 received the official word that the building at 3536 Peartree Avenue will be torn down.

The State Attorney General announced a deal with 31 companies that used the polluted the site. Officials estimate that the companies will pay more than $6 million to clean it up. The clean up process will start with the demolition of the old building and is expected to take at least two years to complete.