Financing deal for notorious complex

HPD and HDC announced today that financing has been finalized for the purchase of the Noble Drew Ali Plaza housing complex in Brownsville, Brooklyn. OMNI New York, which is partially owned by former Met Mo Vaughn, will buy the 385-unit property. The city will provide Omni with tens of millions of dollars in financing through tax-exempt bonds and a low-interest loan so that the developer can renovate and maintain affordability at the complex. Sometimes referred to as “New Jack City,” Noble Drew Ali Plaza is considered one of the most notorious housing complexes in the city. The property has long been ravaged by drugs and marked by disrepair. TRD