This article is excerpted from Real Estate New York.

Founded in 2004 by former Mets and Red Sox slugger Mo Vaughn and his attorney, Eugene Schneur, Omni New York has quickly made an impact in the arena of affordable housing. The company’s strategy? Purchase properties with some of the worst reputations in New York City, generously upgrade units and amenities, and still keep the projects 100% affordable, while providing a valuable service to long-suffering residents. Last month, a judge awarded the firm the right to purchase the 385-unit Noble Drew Ali Plaza, a dilapidated, crime-plagued compound in Brownsville, Brooklyn where tenants had successfully sued previous owners for withholding heat, water and other basic necessities. Omni intends to spend upward of $20 million in upgrades, beginning with 350 security cameras. In less than three years, the firm has acquired more than 1,300 rental units, mostly in the New York metropolitan area, with another 700 currently under contract.

RENY: How did the two of you come together to form Omni New York?

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.