The Goldman Sachs Urban Investment Group (UIG) has partnered with New York-based multifamily developer BRP Development Corp. to build three mixed-use developments in New York City’s Bedford Stuyvesant area in Brooklyn and Harlem in the Bronx.
The joint venture will commit approximately $20 million (€13 million) in three mixed-income developments, totaling around $80 million in development costs. Upon completion, more than 200 condo and rental units, as well as 16,000 square feet of retail and community facilities space will be built.
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The Urban Investment Group, headed by managing director Alicia Glen, is part of the Merchant Banking Division of Goldman Sachs. Since 2001, UIG has invested more than $250 million of equity capital totaling more than $1.3 billion of urban property.
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