Twin Parks is a Mitchell-Lama
property located in the Bronx, New York.
The property consists of two buildings containing 274 units. Omni New York LLC acquired the property
on October 21, 2010 with financing provided by the New York State Homes and
Community Renewal (“HCR”). HCR
provided financing through the issuance of tax-exempt bonds and low-income
housing tax credits. The
transaction also benefited from energy efficiency grant funds from the New York
State Energy Research and Development Authority.
Over $16 million dollars was spent
on the building renovation that was completed in the summer of 2012. The scope of work included converting
from electric to gas heat, renovating the lobby and elevator, replacing and
upgrading building mechanics, new roofs and doors and brick pointing. 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
406 DVR surveillance cameras.