Serrano Applauds Sale of Former Ocelot Mortgages
Omni New York’s bid was accepted by Fannie Mae, the government-controlled mortgage finance company that acquired the debt along with Deutsche Bank last year. In July, Serrano, along with Senator Schumer, intervened to prevent the mortgages from being sold at open auction to the highest bidder, urging instead that Fannie Mae give priority to a responsible owner who will commit to the long-term rehabilitation and affordability of the properties.
“The announcement that Omni New York is the successful bidder for the Ocelot portfolio is very positive news for the tenants of these troubled buildings,” said Serrano. “From the start of this whole ordeal, I have stood side-by-side with the tenants in saying that the properties must land in good hands and Omni New York has a reputation for responsibly managing its properties. I am sure that under the leadership of Mo Vaughn these buildings will see immediate repairs and the improvements that are so urgently needed. I applaud the steadfast resolve of Senator Schumer, HPD Commissioner Cestero and all others involved for ensuring a positive outcome to this sad situation.”
Omni New York has committed a million dollars for emergency repairs to the buildings while it pursues foreclosure on the portfolio to acquire complete ownership.
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Serrano speaking alongside Senator Schumer at an event in July calling on Fannie Mae to sell the Ocelot buildings to a responsible owner |