Crain's New York Business

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ASKED & ANSWERED Why the city should invest in worker skills PAGE 10

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SEPTEMBER 7, 2020

OFF THE TABLE? Indoor dining might not come back anytime soon PAGE 3

HALL 2020

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FAME

PEEBLES says building in New York is more capital-intensive than other places.

BUCK ENNIS

Saluting five New Yorkers who’ve helped define the city’s key industries PAGE 13 REAL ESTATE

INEQUITABLE EQUITY

Black developers often face hurdles in obtaining capital to get their projects off the ground BY BRIAN PASCUS

BUCK ENNIS

W FROM THE LEFT: Dr. Steven Corwin, Katherine G. Farley, James Gorman, Marcus Samuelsson and Jerry I. Speyer

NEWSPAPER

VOL. 36, NO. 29

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© 2020 CRAIN COMMUNICATIONS INC.

hen real estate developer Don Peebles was in negotiations with the New York Economic Development Corp. in 2013 to buy two office buildings for $250 million, his private-equity partner changed the terms of the deal at the last minute. “They wanted to bring in a white developer who was a partner of theirs on other deals to develop this project,” said Peebles, who is African American. “Naturally, I wasn’t

going to have someone take the lead on that, and I wasn’t going to accept a less-favorable deal economically after taking more of the risk.” Peebles eventually found alternative funding for both projects, but when he looks back on this failed partnership, he can’t help but wonder how much race played a part in the actions taken by his would-be investors. “These allocators of capital are See CAPITAL on page 19

A BROOKLYN DOCTOR FIGHTS THE VIRUS AND VIOLENCE

Comptroller lays out extreme budget scenarios for city, state

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GOTHAM GIGS

9/4/20 1:07 PM


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