The Real Deal New York

Goldman Sachs creates $75M urban housing fund

Bank unit seeks to build $250M in new moderate-income residences in New York area

The Goldman Sachs Urban Investment Group is investing $75 million into a new fund that will develop housing in New York and New Jersey.

Manhattan-based developer BRP Companies will leverage Goldman’s investment to build more than $250 million worth of homes for moderate- and middle-income residents.

“We will mostly focus on workforce housing,” Geoff Flournoy, managing partner at BRP, told Crain’s. “There is a significant market that we feel is unmet in the city.”

The Goldman unit was previously headed by Deputy Mayor Alicia Glen, and is now under the leadership of Dina Powell. Goldman Sachs and BRP have already developed more than $260 million in construction projects, according to Crain’s. [Crain’s]Tom DiChristopher