Mo Vaughn struck out when he tried to bid for Starrett City last February, but the former Mets/Red Sox slugger recently found another East New York property to invest in. Last week Vaughn’s Omni New York LLC plunked down $12.25 million for Remeeder Houses, according to public records. Remeeder is a 260-unit rental in East New York that’s long been considered one of the city’s most troubled affordable housing complexes. In September the New York State Housing Finance Agency approved a $20 million loan for capital improvements to the property; in exchange for the loan, the complex will be kept affordable for another 40 years. Vaughn’s company (which he runs with fellow investor Eugene Schneur) specializes in the redevelopment of affordable housing and has substantially expanded its portfolio in New York over the past year: This summer, Omni purchased Brownsville’s notorious Noble Drew Ali Plaza and announced plans to rehabilitate the 385-unit complex. Omni’s also already rehabbed another affordable housing complex in East New York, Grace Towers, a 168-unit property it bought a couple of years ago. GMAP P*Shark
Remeeder Houses photo by Hilary Black for Property Shark; Mo Vaughn photo from It’s Mets For Me.