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December 3, 2007
Mo Vaughn Takes Another Swing at East New York
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.
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Comments
Good for Mo V!
Posted by: guest at December 3, 2007 10:14 AM
Good for Mo! This certainly seems like a much more serious commitment to "inner city" development than the theatres and Williamsburgh Savings bank condos that Magic Johnson invested in.
Posted by: guest at December 3, 2007 10:20 AM
Ah, c'mon. Give Magic a break. Magic's urban development is more elite. Nothing wrong with that.
Posted by: guest at December 3, 2007 10:40 AM
Wow, a post that does not have to do with Park Slope, Clinton Hill, etc. Good work!
Posted by: guest at December 3, 2007 10:47 AM
I agree - go Mo! I hope more wealthy minority sports figures follow his example, wherever they are.
I'm not dissing Magic, however. He has done a lot of great work in Los Angeles, here and in other cities where his companies invest. Black people spend a lot of money in movie theatres. Why not own them?
Also who said we all have to do the same things? It's about time everyone realizes that just as black people are in all income groups, from top to bottom, we should be in all investing ventures, from high end to low. There is certainly room for everyone. Besides which, practically speaking, high end investments produce capital for lower end investments. Simple economics.
Posted by: Montrose Morris at December 3, 2007 10:58 AM
Thanks for the post Mr. B, I agree with 10:47, refreshing to hear about other projects and developments in Brooklyn, especially E. New York where many revitalizing projects are about to take place for 2008,
Posted by: guest at December 3, 2007 10:59 AM
what kind of ROI can get on this type of deal? if vacancies have to kept affordable?
Posted by: guest at December 3, 2007 11:54 AM
Maybe his ROI is seeing people in decent affordable housing, that gets to stay that way for a long time. Sometimes good works are their own reward.
Also, a stable community helps promote a generally more prosperous community. Kids stay in school, go to college, get decent jobs. Better jobs bring more $$ into the community, brings better amenities, stores, businesses, which makes the entire community more prosperous. People stay in the community, more want to move in, and a rising tide floats all boats.
A bit simplistic, of course, but certainly a worthy goal, and a good return on an investment.
Posted by: Montrose Morris at December 3, 2007 12:14 PM
hah! first that came to mind when i read this was "good for mo!" and then i open up the comments and there it is in the first 2 entries. good for mo!
Posted by: BrooklynLove at December 3, 2007 7:16 PM
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