This article is excerpted from Real Estate New York.

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

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