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Making their first foray into the Manhattan real estate market, Mo Vaughn’s Omni NY affordable housing development company recently closed on their first Manhattan property: 2059-71 Madison Avenue. The property closed in an all cash transaction valued at $5,500,000.

Massey Knakal’s Shimon Shkury and James Nelson represented both the seller, who is a private investor and Omni in the transaction.

2059-71 Madison Avenue consists of two adjacent buildings spanning the entire eastern blockfront of Madison Avenue between East 130th and 131st Streets. Together, the properties contain a total of fifty-three residential units, all of which are under a Section 8 contract with HUD. Omni NY plans on significantly renovating the buildings and will continue to operate them as affordable housing.

“This transaction received an overwhelming amount of attention from the city’s many reputable affordable housing operators,” said Mr. Shkury, Partner at Massey Knakal. “In the end, we are very happy to have sold the buildings to Omni NY, a group that is quickly establishing themselves as some of the best operators in the city,” added Mr. Nelson, Partner at Massey Knakal.
Massey Knakal Realty Services, NYC’s #1 building sales firm, was the sole broker in this transaction.