Schelton Assoumou is an African American real estate developer and investor based in New York City with investments in multi-family, commercial, mixed use and luxury condominiums in the Greater New York area.
Schelton is the CEO of a Social Impact Real Estate Development firm that operates as a vertically integrated business with divisions in development, sales, financing and management. Each division operates as a separate entity under the parent company, Brownstone NYC. The Brownstone NYC Social Impact Initiative aims to create over $2 Billion in Generational Equity by 2030 and has been recognized by several investment and non-profit organizations as a leader in the ESG development space. Since 2014, Brownstone NYC (BNYC) has helped create over $100 Million in Generational Equity among underrepresented homeowners in urban communities. The BNYC vertically integrated model consolidates profits across real estate transactions. By use of a joint venture agreement, the homeowner transfers their equity to a multi-family development investment that allows for shared appreciation upon sale.
Schelton’s creation of the Relocation Without Displacement model serves to keep the homeowner in their community while providing affordable housing. By leveraging Air Rights, Brownstone NYC has helped to add square footage to existing properties, thereby making them more attractive to investors.
