Goldman JV plans mixed-income projects in NYC

The joint venture will develop three mixed-use developments in the emerging neighborhoods of Bedford Stuyvesant and Harlem.

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.
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.