2059 Madison Avenue Apartments is located in East Harlem, New York. The property consists of 54 units in two connected buildings. Omni New York LLC acquired the property in December 2009 with financing provided by the New York City Housing Development Corporation ("HDC") and the New York City Department of Housing Preservation and Development ("HPD"). HDC provided financing through the issuance of tax-exempt bonds and HPD financed the project with a low-interest secondary loan.
Over $2.1 million dollars was spent on the building renovation which was completed in October, 2010. The scope of work included renovating the lobby areas and elevator, replacing and upgrading building mechanics, new roofs and doors, brick pointing, and upgrading boilers. Additionally, in-unit capital improvements included the installation of new floors, windows, kitchen cabinets, appliances, countertops, fixtures, bathroom vanities, sinks, faucets, bath tubs and tiles. The security system at the property was also completely overhauled with the installation of DVR surveillance cameras.