In 2008, Schelton left J.P. Morgan and Wall Street to found Brooklyn Renaissance Development Corp(“BRC”) as a real estate development and property management company specializing in distressed and historically ethnic neighborhoods in the emerging Brooklyn housing market.
He formed Ask Capital (“ASK”) as an investment vehicle designed to invest in the housing market and provide high yield returns to investors. With initial investments for properties in the historic Bedford-Stuyvesant, Crown Heights, Clinton Hills and Bushwick areas of Brooklyn, BRC profitably renovated and restored dozens of residential properties while actually increasing the pool of affordable housing units and homeless shelters within those neighborhoods.
The initial success and profits from the primary portfolio created rapid expansion for BRC and ASK Capital. By 2012 the companies had invested and renovated tens of millions of dollars’ worth of properties for dozens of investors and over a hundred families were residing in BRC managed properties. Ask Capital was poised for significant institutional investments.
Soon after the legal issue was settled, Schelton continued with his original mission of renovating and restoring residential properties in distressed and emerging ethnic neighborhoods. In 2018, Brownstone NYC (“BNYC”) embarked on a “Wealth Creation Initiative” designed to educate and empower current property owners in rapidly gentrifying areas. He helps them into utilizing their properties as wealth creation platforms while maintaining a presence and ownership stake in their respective communities.
The inaugural group of properties has been identified and construction activities will commence soon in formerly depressed and undervalued areas such as the Bronx. This effort will create new jobs while establishing a new capital base for communities that have previously lacked access to capital and professional services in the construction sectors.
BNYC’s primary mission continue to be community empowerment through development, diversity and expanded knowledge.