All Press Releases for July 25, 2006

THE HOUSE THAT MO (Re)-BUILT Former NY Mets First Baseman Mo Vaughn Takes on the Bronx in a New Way

    /24-7PressRelease/ - NEW YORK, NY, July 25, 2006 - Omni New York LLC (ONY), the real estate investment company founded by Maurice "Mo" Vaughn and his former attorney Eugene Schneur, announced today, along with their partner Robert Bennett of Mill Plain Properties, that it has purchased Target V Apartments and repairs to the property have begun. This affordable housing development for low-income residents is located at 1971 and 1975 Grand Avenue in the Morris Heights section of the Bronx.

Target V was originally constructed in the 1940's and underwent renovation in the mid 1980's. In recent years the development, which is comprised of 83 apartments in two six-story buildings, fell into disrepair and basic system upgrades were neglected, making living conditions unsafe for tenants. Many residents have been without hot water for several months and even more are living without basic appliances. In addition, tagging and other graffiti has destroyed the interior of the buildings increasing tenants' security concerns.

"Housing is a very personal matter," stated Mo Vaughn, ONY Principal and Co-Managing Director, "and it's not right that the residents of Target V have been subjected to living this way. It is the mission of Omni New York to ensure that people are able to live in decent, quality housing and have a sense of pride in where they live."

On July 13th, ONY finalized the purchase of the property with a $7.8 million loan from the New York City Housing Development Corporation (HDC) for the cost of the building acquisition and rehabilitation. The loan was made from the proceeds of tax-exempt bonds sold through HDC. Additionally, the project is supported through the Section 8 program administered by the US Department of Housing and Urban Development (HUD).

"It is great to see so many turnarounds like this one coming from our innovative partnership with Omni," said Emily A. Youssouf, president of HDC. "Mo Vaughn was known as a slugging, heavy hitting clean-up man during his baseball days. Now with help from us he's becoming a different kind of clean-up man."

The renovations at Target V are expected to be completed by December 2006. Repairs include new roofing, energy efficient windows, new boiler systems, radiators, fresh paint for apartments and common living areas, new appliances, kitchen cabinets, and bathroom fixtures. In addition, a high tech security system will be installed and new entryways and lobbies will be constructed.

This is ONY's third rehabilitation project in the Bronx and its sixth in the New York area. The other properties in the Bronx are Thessalonica and Brookhaven apartments, located in the Mott Haven section, the remaining properties are located in Brooklyn and Long Island.

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Tracy Paurowski
Omni New York LLC
New York, NY
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