Goldman Sachs Urban Investment Group (UIG) announced today its joint venture with BRP Development Corp., a NY-based private developer of multi-family housing throughout New York City and Philadelphia. Through this agreement, Goldman Sachs UIG and BRP Development Corp. will commit approximately $20 million in three mixed-income projects, totaling approximately $80 million in development costs, located in the Harlem and Bedford Stuyvesant neighborhoods of New York City. In total, over 200 condominium and rental units, along with 16,000 square feet of retail and community facilities space, are expected to be built as a result of this investment.
UIG is a private equity vehicle whose mission is to revitalize and improve the urban environment by making catalytic investments in underserved or transitioning neighborhoods. Through its strategic partnership with BRP Development Corp., UIG is furthering its tradition of working in conjunction with the public sector to revitalize emerging neighborhoods like Bedford-Stuyvesant. In addition to its historical significance, Bedford-Stuyvesant's renaissance can be attributed to a unique mix of cultural, ethnic, and economic diversity.
INFO SOURCES
Goldman Sachs Urban Investment Group
FIRMS
The Goldman Sachs Urban Investment Group is part of the Merchant Banking Division within The Goldman Sachs Group, Inc. (NYSE: GS) that invests the company's proprietary capital in real estate projects and operators in emerging or transitional urban areas. The investments range from $5 million to $75 million. Since 2001, UIG has invested over $250 million of equity capital representing over $1.3 billion of urban real estate. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm. The firm is headquartered in New York and maintains offices in Los Angeles, San Francisco, and Washington, D.C.
Co-founded by Geoff Flournoy and Meredith Marshall, BRP Development Corp. is a full service real estate development firm that manages the acquisition, financing, design, and construction of properties throughout the primary metropolitan markets. Past and current real estate projects include new construction, renovation, condominium conversion, and restoration of historically landmarked properties. BRP Development has completed, and is currently developing, approximately $150 million of mixed-use properties in New York City and Philadelphia.
PEOPLE
Alicia Glen, Managing Director of UIG
Geoff Flournoy, BRP Managing Director
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