Inside Schelton Assoumou’s Mission-Driven Real Estate Career

Schelton Assoumou was born in 1976 in Oakland, California. His early life was anything but typical. His father, Martin, was from the Ivory Coast and a top student in his home country. He studied engineering at Columbia University and later returned to Africa to help with economic development. Schelton’s mother, Maureen, was from Trinidad and built a 40-year career in banking, working at Chase Manhattan, Ecobank, and SunTrust.

As a child, Schelton lived and studied in several countries. He attended the Lycée Français Jean Mermoz in West Africa and later the Lycée Français Charles de Gaulle in London. By the time he was a teenager, he was fluent in English, French, and Spanish. He also played competitive tennis and made the Ivory Coast junior national team.

“I think growing up all over the world made me learn to adapt quickly,” he says. “It also made me comfortable being uncomfortable.”

First Steps in Finance

In 1994, Schelton enrolled at Stony Brook University in New York. He double-majored in Economics and Business Administration. He worked to pay his tuition, tutored other students in math and economics, and served as a resident assistant.

“I didn’t have a lot of money, but I had opportunity. And I had hustle,” he says.

By 1998, he graduated magna cum laude. He was an Academic All-American in tennis and a member of both the Phi Beta Kappa and Golden Key honor societies.

That same year, he joined J.P. Morgan in New York City. Over nearly a decade, he worked in structured finance, asset-backed securities, distressed debt trading, and leveraged finance.

“I learned the architecture of financial deals from the inside,” he says. “I was lucky to work on complex transactions early in my career.”

He helped execute over $20 billion in deals. That included more than $9 billion in high-yield bonds and leveraged loans.

Harvard and a New Path

In 2003, Schelton left banking briefly to attend Harvard Business School. He was selected as a Robert Toigo Fellow, a program that supports underrepresented minorities in finance.

“I didn’t go to Harvard to change jobs,” he says. “I went to expand my lens.”

After earning his MBA, he returned to J.P. Morgan. But something had shifted.

“I started thinking more like an owner,” he says. “Not just someone helping others make decisions, but someone building something himself.”

By 2008, in the wake of the financial crisis, Schelton left J.P. Morgan for good.

Into Real Estate

That year, he launched ASK Capital, a real estate and advisory firm. He began acquiring and repositioning distressed properties across New York City.

“I saw value in places others overlooked,” he explains. “But I also saw families being priced out.”

Since then, he’s managed over $100 million in real estate transactions and repositioned more than 120 properties. His focus: off-market residential and small commercial buildings.

He now leads Brownstone NYC, a minority-owned development firm. Brownstone provides housing for over 300 residents, including veterans, single mothers, and people transitioning from homelessness.

“We want to be part of the solution,” Schelton says. “Not just build buildings, but build better neighborhoods.”

One of Brownstone’s goals is to expand housing access through joint venture partnerships that allow homeowners to retain equity while revitalizing underutilized properties—creating value for both families and communities.

Mentorship

Schelton doesn’t just build houses. He also believes in mentorship.

“I believe in redemption,” he says. “Someone gave me a chance. I want to give that back.”

He also mentors young professionals through organizations like Inroads and the Toigo Foundation.

“I’ve mentored over 15 interns, from the internship to when they got a full-time job on Wall Street and half of them have gone on to Ivy League business schools" and gotten an MBA. 

My mentees have done well, he says.   “If I can open one door for someone else, that matters.”

Giving Back

Since 2014, Schelton has volunteered at the Brooklyn Tabernacle, a local church with deep roots in community work. He’s also worked with the Abyssinian Development Corporation in Harlem to help move families from shelters into permanent homes.

His work spans sectors, but the theme is always the same: build, empower, and uplift.

“I don’t want to be known for what I own,” he says. “I want to be known for what I help others build.”

A Vision Going Forward

With Brownstone NYC, Schelton Assoumou is pioneering joint venture partnerships and leveraging air rights to unlock hidden value for homeowners, helping them stay in their communities while benefiting from the city’s growth.

“Real estate is about space,” he says. “But impact is about people.”

As housing costs rise and neighborhoods change, his mission remains clear: build structures that make a difference, financially and socially.

He’s not trying to be the biggest developer in New York. Just one of the most thoughtful.

“I measure success in stories,” he says. “Not just square feet.”

Interview with Schelton Assoumou

You started your career in finance at J.P. Morgan. What drew you to real estate after nearly a decade on Wall Street?

I enjoyed the technical side of finance, but I wanted to build something tangible. Real estate feels more personal, you're not just moving capital, you're shaping neighborhoods. After the financial crisis, I saw an opportunity to apply what I learned in banking to distressed assets. That’s when I knew it was time to pivot.

You’ve repositioned over 120 properties. What makes a project stand out to you?

I look for gentrifying neighbourhoods! Neighbourhoods that are undergoing a big change. We believe that we create value to the construction and what really drives us is seeing how the neighbourhoods change and we have the ability to impact and keep the homeowners in the neighbourhood. I’m more interested in projects that capitalize on air rights, if it's going to help a community member while making us money. 

So either short term or long term and the opportunities in New York with the dynamics is practice with air rights. That's what really drives me and is interesting because it's mutually beneficial. It's a win-win for the homeowner and for us.

Why do you like New York City?

There could be some challenges, but the benefit is that the New York market has been very stable.

For the past 15 years, there's neighbourhoods where values have tripled or quadrupled in the last 15 years. So New York values hold pretty well and there's opportunity with the pool of investors which is very strong, there's always end buyers, which is not typical for other neighbourhoods. 

New York is a good market, basically air rights, stronger end buyer pool and rental pool.

In my mind, it's the top three markets in the US, if not the highest. There's value preservation and being able to monetize any equity created.

You’ve long been involved in mentorship, particularly through Inroads, which played a pivotal role in launching your Wall Street career. Why does that matter to you?

Everyone deserves a second shot. If society doesn’t offer that, we all lose. Housing and employment are key to reducing recidivism. I’ve seen firsthand how stability can change a life.

How did growing up internationally shape your values?

One of my biggest competitive advantages is that I've lived on 4 continents and I've been to over 50 countries, so understanding people and culture, I would say is one of the strengths that I have.

I speak multiple languages. I see myself as a global citizen. It made me curious, adaptable, and aware that perspective matters. Whether I was in London, Abidjan, or Brooklyn, I learned to see the world through other people’s eyes. That’s helped me in every part of my life.

What advice would you give someone starting out, especially someone from an underrepresented background?

My advice would be to get a mentor or sponsor. A sponsor is someone who's got clout and makes sure that you're okay at your job. 

Mentors are good. They give you advice and stuff, but having a sponsor or someone who believes in you is even better and can accelerate your career.

Don't do it yourself. Always get a mentor or sponsor or someone who cares about giving back and that person is always going to want to pay it forward.

Mentors have shaped my career, even on Wall Street. I wouldn't have made it without two or three mentors that really took a liking to me, regardless of race. Actually, I've had minority mentors and white mentors including my former boss who managed the whole group. 

One of my mentors was also my sponsor. His name is Scott Davidson. He took a liking to me and basically created opportunities for me because he really saw a lot of potential.

You can't do it on your own, you should get mentors but better still get a sponsor and that will help with rapid career growth. And when you get through the door, hold it open for someone else.

succeed. Sometimes, they just need a quiet town, a steady hand, and a clear sense of purpose.