Omni New York, LLC, has been swinging for the fences on its most recent affordable housing deals.
Founded in 2004 by former major leaguer Maurice “Mo” Vaughn and attorney Eugene Schneur, the firm continues to grow at a rapid pace, as of Jan. 1 owning 7,449 units of affordable housing, of which 2,024 units were acquired in 2012.
Omni’s biggest undertaking last year was the acquisition of the 1,654-unit River Park Towers, a Mitchell-Lama property in the Bronx, N.Y.
Schneur, co-managing director, says the firm closed on the property in December with tax-exempt bond proceeds and 4 percent tax credits.
“We’ve started the rehabilitation of the property, which is over $100 million,” says Schneur.
He says a big task is converting the building from electric to gas heat. Unit interiors will be updated with new flooring, Energy Star appliances, and bathroom features. New roofs, windows, and elevators will be installed, in addition to 1,500 security cameras to improve the residents’ quality of life. The massive rehab is expected to take two and a half years.
Omni also purchased and rehabbed a scattered-site portfolio in the Bronx in 2012. The buildings, which were in poor condition, required extensive rehabilitation that averaged more than $100,000 per unit spread across the portfolio.