The Real Deal New York

Omni New York lands $170M loan for 389-unit Jamaica housing complex

NYC Housing Development Corporation provided the financing
By Christian Bautista | July 17, 2018 03:00PM

From left: Maurice “Mo” Vaughn, 92-23 168th Street, and Eugene Schneur (Credit: Omni New York and Google Maps)

Omni New York landed a $169.8 million loan for a massive, mixed-use development in Jamaica, Queens.

The city’s Housing Development Corporation is providing the financing, according to documents filed with the city today. The debt package consists of five separate notes, the largest of which is a $59.5 million senior building loan.

The property at 92-23 168th Street will house a 23-story, 413,000-square-foot mixed-use building. Omni filed permits for the development last August. Once it’s built, it is expected to have 389 apartments across 333,000 square feet of residential space. It will also contain 68,800 square feet of retail and a 47,600-square-foot parking lot.

Supermarket chain Western Beef signed a lease for an unspecified portion of the retail space, according to the filing. The portion of the parking garage that’s two levels below has been earmarked for exclusive use of the New York Police Department. The rest of the parking space will be split between residents and supermarket customers.

The Economic Development Corporation selected Omni to develop the project on city-owned land through a request for proposals launched in 2015. Omni, founded by Eugene Schneur and former New York Mets first baseman Mo Vaughn, recently partnered with L+M Development to propose Alexander Landing, a $2.2 billion, 2,000-unit housing development at the south Bronx waterfront.

Omni did not immediately respond to requests for comment.

Queens has seen its share of large financings recently. The largest deal from the past quarter was a $1.4 billion loan for Delta Airline’s renovation of LaGuardia Airport. Other top loans for the borough include a $265 million mortgage on Westbrook Partners and Innovo Property Group’s 24-02 49th Avenue in Long Island City and a $100 million financing for Madison International Realty‘s 88-15 Queens Boulevard in Elmhurst.