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Cooley's Bankruptcy Practice Advises Former New York Met in Brooklyn Housing Project Renovation
Collaboration of City, Federal and Private Entities Results in Home Run for Tenants
| Source: Cooley Godward Kronish LLP
NEW YORK, NY -- (MARKET WIRE) -- January 30, 2007 -- Cooley Godward Kronish's Bankruptcy and
Restructuring Practice is advising former New York Met baseball player Mo
Vaughn and his partner, Eugene Schneur, in their dramatic effort to
transform a housing development in Brooklyn, N.Y.
On January 17, 2007, Judge James M. Peck of the Bankruptcy Court for the
Southern District of New York signed an order approving the sale of Noble
Drew Ali Plaza to Mr. Vaughn and Mr. Schneur's company, Omni New York LLC,
for $21 million. Omni New York has committed to vastly improve the quality
of life in the complex, located in the Brownsville section of Brooklyn,
N.Y., and Mr. Vaughn has devoted his post-baseball career to rehabilitating
and revitalizing economically distressed communities in the New York City
area and elsewhere in the country.
In addition to the purchase price, Omni New York will spend $23 million to
rehabilitate and upgrade the structure, the appearance and the security of
the five buildings and grounds of the complex. This expenditure equates to
approximately $60,000 in renovations per apartment. The scope of the
improvements for the buildings will include new lobby areas, elevators and
upgraded heating systems, and the addition of 300 security cameras and
security guards. Apartment improvements will include new floors, windows
and complete renovation of the kitchens and bathrooms. There will be no
displacement of any tenants during the rehabilitation.
"This is a win-win for everyone involved, especially the tenants of Noble
Drew," said James Beldner, the Cooley partner leading the bankruptcy
representation. "It is also a powerful example of how entities such as the
Creditors' Committee, the Department of Housing and Urban Development, the
City of New York and the local union have collaborated for the common good
-- in a profitable way."
In addition to Mr. Beldner, Cooley bankruptcy attorney Gregory Plotko is
also advising on the matter.
Cooley's Bankruptcy & Restructuring Practice represents secured lenders,
official and unofficial creditors' committees, equity committees, employee
and retiree committees, tort committees, investors in distressed
situations, debtors, companies and governmental entities in the negotiation
of complex reorganizations. Major cases the Firm has handled include
litigations in the Enron, Montgomery Ward, Federated Department Stores,
Pacific Gas and Electric Company and USG Corporation Chapter 11 cases.
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