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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
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VOL. 36, NO. 29
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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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