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Goldman Sachs' Urban Investment Group has committed USD 270 million to support the development of Innovative Urban Village in East New York, Brooklyn. Spearheaded in partnership with the Christian Cultural Center, Gotham Organization, and Monadnock Development, this large-scale housing initiative aims to provide 385 affordable homes in its first phase, along with essential retail and community spaces. The project, which leverages a mix of public tax credits, private capital, and brownfield redevelopment incentives, is part of a broader plan to create over 2,000 homes in the coming years.
Goldman Sachs, through its Urban Investment Group, has invested USD 270 million in the first phase of the Innovative Urban Village project in East New York. The funding will support the construction of 385 permanently affordable residential units, alongside new community-serving infrastructure such as a grocery store, commercial and retail outlets, and cultural and public gathering spaces. Advertisement
The development is being undertaken in close partnership with the Christian Cultural Center (which owns the 10-acre site), Gotham Organization, and Monadnock Development. The long-term vision for the project spans over 2,000 affordable housing units supported by integrated services including daycare, senior services, workforce development, arts and cultural centers, landscaped open spaces, and improved neighborhood walkability.
The project is supported by a layered capital stack. Funding sources include USD 170 million in tax-exempt bonds issued by the New York State Housing Finance Agency, a USD 47 million subsidy from the New York City Department of Housing Preservation and Development (HPD), and USD 143 million in low-income housing tax credits and brownfield remediation equity arranged by Goldman Sachs. The financing also includes the use of federal and state brownfield cleanup programs, due to the site's prior industrial use.
Construction on the first phase is already underway, with the initial batch of units expected to be ready for occupancy by 2026. The broader development is anticipated to unfold over the next decade, aligning with long-term urban planning efforts to build resilient, inclusive neighborhoods.
Since 2001, Goldman Sachs' Urban Investment Group has committed approximately USD 11 billion across New York State, with USD 9 billion specifically focused on projects within New York City. Asahi Pompey, President of the Goldman Sachs Foundation and Global Head of Corporate Engagement, stated that this investment serves as a "down payment on East New York's future," and reflects a vision of sustainable neighborhood revitalization led by both private capital and community-rooted institutions.
The Christian Cultural Center, led by Reverend A.R. Bernard has been deeply involved in shaping the project's design and social mission. Its aim is to ensure that the development is not only financially sound but also meets the lived needs of East New York residents especially those facing economic vulnerability.
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