“`html
New York City, Black leaders, diversity, inclusion, mentorship, networking, ULI New York, REBNY, CURE">
News Staff">
New York City – Breaking into the competitive world of real estate can be daunting,especially for young professionals lacking capital and connections. A panel discussion held on February 11, 2025, in Manhattan, addressed these challenges, notably for African Americans and other people of color. Hosted by ULI New York, the Real Estate Board of New York (REBNY), and the council of urban Real Estate (CURE), the event, titled “The changing Face of Commercial Real Estate—a Program in Recognition of Black History Month,” featured prominent Black leaders sharing their experiences and advice.
Attendees gather at the Offices of the Real Estate Board of New York in Manhattan in February.
Overcoming Barriers and Finding Opportunities
The real estate industry, particularly in a city like New York, presents notable hurdles for newcomers. Kirk Goodrich, president of Brooklyn-based Monadnock Advancement, emphasized the scarcity of opportunities, especially for African Americans and other people of color.The panel aimed to provide actionable strategies and inspiration to overcome these obstacles.
Derek Fleming, senior adviser with HR&A advisors and moderator of the panel, highlighted the key takeaways from the discussion: “The common threads of the panel are working hard, connecting, being resourceful, being resilient.”
The discussion also touched upon the evolving landscape of diversity, equity, and inclusion (DEI) programs. The panel took place shortly after President Donald Trump’s second inauguration, a period that saw a rollback of DEI initiatives at the federal level, prompting some private companies to follow suit. These programs had previously played a crucial role in creating opportunities for underrepresented groups.
Kimberly Hardy, senior vice president of diversity, inclusion, and compliance for McKissack, a minority/women-owned professional design and construction firm, acknowledged the potential impact of these changes. “For young people under 35, you might not have known a time when there weren’t all these great programs,”
Hardy said, while also stressing that “You can succeed, nonetheless.”
Addressing Under-Depiction and Performance
Despite the ambition of many minority professionals,the real estate sector has historically been difficult to penetrate. Fleming pointed out that African Americans and other people of color remain under-represented across various commercial real estate verticals. He cited data indicating that, of an estimated 112,046 private real estate developers nationwide, only 447 are African American and 175 are Latino. Moreover,a report from Grove Collective Foundation in Washington,D.C., revealed that only 9.3% of senior executives at top real estate firms are people of color.
Fleming emphasized that under-representation is not a reflection of performance. “The source of the problem of under-representation in commercial real estate appears to be about the lack of chance and access, not about performance and leveling up competitively in the business,”
he stated. He further noted that small- and medium-sized latino and African American developers often outperform their white counterparts in generating revenue for investors.
Goodrich echoed this sentiment,asserting that “Diversity is not a favor.”
He drew a parallel to other fields where diversity is celebrated, such as sports and entertainment, questioning why the same principle wouldn’t apply to fields like architecture, science, or real estate development. “We’re better off becuase those fields are diverse. If that’s true for those fields, then why wouldn’t it be true for architecture or science or real estate development?”
he asked.
Strategies for Breaking into the Industry
The panelists offered practical advice for young people seeking to enter the real estate business. Leonard Allen-Smith, founder and CEO of Allen Smith Equities, urged aspiring professionals to persevere. “Just keep knocking. You cannot be denied at the door
Breaking the Mold: Black Leaders Revolutionizing NYC Real Estate
Is the lack of diversity in NYC real estate a performance issue, or a systemic problem of access? The answer might surprise you.
Interviewer: Dr. Anya Sharma, welcome. Your expertise in urban growth and economic equity is invaluable. The recent panel discussion highlighted the underrepresentation of Black leaders in NYC real estate. Can you shed light on the root causes of this disparity?
Dr.sharma: Absolutely. The underrepresentation of Black professionals in NYC real estate isn’t about a lack of skill or talent; it’s fundamentally a systemic issue rooted in ancient and ongoing inequities. This includes historical redlining, discriminatory lending practices, and a lack of access to capital and networks that have historically excluded minorities. The panel correctly pointed out that this isn’t a performance problem—it’s an access problem. Many talented individuals are simply denied opportunities to even enter the field, let alone thrive.
Interviewer: The panel discussion mentioned the impact of DEI initiatives, particularly the potential setbacks following shifts in federal policies. How crucial are thes programs in fostering equitable prospect in the long term?
Dr. Sharma: DEI initiatives are absolutely critical for long-term change. While setbacks can occur,robust and sustained DEI programs signal an institution’s commitment to equitable practices and opportunities. Thay are not just about meeting quotas; they shape the culture, attracting and retaining diverse talent, and building inclusive environments. These programs, when properly implemented, can substantially increase access to mentorship, networking, and resources, ultimately leveling the playing field. However, it’s imperative that these initiatives are thoughtfully designed and implemented to truly address the root causes of inequality and not just be superficial band-aids.
Interviewer: The article highlights the importance of networking and mentorship. How can aspiring Black real estate professionals navigate these historically exclusive networks?
dr.Sharma: This is key. Networking effectively requires a strategic approach,even in the face of potentially exclusive environments. Aspiring professionals should actively seek out organizations and events focused on diversity and inclusion within the real estate industry—like ULI New York, REBNY, and CURE, mentioned in the article.These groups provide invaluable networking opportunities with like-minded individuals.Forming strong mentor-mentee relationships is crucial. Mentors can provide guidance, support, and access to resources that can help navigate the complexities of the field and overcome systemic hurdles.
Interviewer: What tangible steps can industry leaders take to improve diversity, equity, and inclusion within their own organizations?
Dr. Sharma: Industry leaders must move beyond symbolic gestures and commit to meaningful change. Here’s a multi-pronged approach:
Invest in targeted recruitment strategies: Actively seek out and recruit diverse candidates from a range of backgrounds and institutions.
Implement blind resume screening: Remove identifying information from resumes during the initial screening process to mitigate unconscious bias.
Establish transparent promotion criteria: Ensure that promotion decisions are based on objective criteria and eliminate subjective biases.
Provide diversity and inclusion training: Educate employees on unconscious bias and cultural competency to foster a more inclusive workplace.
create employee resource groups: Support employee-led groups that provide a sense of community and advocate for diversity and inclusion.
Establish diversity metrics and accountability: Track diversity metrics and hold leaders accountable for achieving diversity goals.
Interviewer: The panel emphasized the need for resilience. How can aspiring professionals maintain this resilience when faced with systemic barriers?
Dr. sharma: Resilience is absolutely essential. It involves developing a strong support system, both personal and professional, and maintaining a growth mindset. This means viewing challenges as opportunities for learning and growth, rather than insurmountable obstacles. Knowing your worth,pursuing professional development opportunities continuously,and remembering the ultimate goal keeps individuals focused and motivated.
Interviewer: What is your final thoght for both aspiring Black real estate professionals and industry leaders hoping to foster change?
Dr. Sharma: for aspiring professionals, remember: your talent and hard work are invaluable. Don’t let systemic barriers discourage you. Connect, learn and persevere.For leaders, understand that diversity is not simply a social duty, it’s a business imperative. A diverse and inclusive workforce brings varied perspectives,innovative ideas,and a competitive edge. Embrace authentic change, make a commitment to long-term, effective systemic change, and reap the rewards. Share your thoughts and experiences in the comments below – let’s keep this vital conversation going!