Black-Owned Real Estate Firm Secures $30 Million Affordable Housing Deal
Previously, we reported on the success of father and son duo, Osei and Nadir Rubie, who own a title insurance agency, National Standard Abstract (NSA), known as one of the largest Black-owned companies in the industry with over a billion dollars in real estate deals.
Recently they made headlines again by securing an affordable housing deal worth $30 million.
The new deal, overseen in partnership with CB Emmanuel Realty, LLC, will consist of a seven-story residential building with 71 units including 55 studios, 14 one-bedroom units, and two two-bedroom units in New York’s Brownsville neighborhood in Brooklyn. All of the residences will catering low-income families but provide upscale amenities, including a landscaped garden and a green rood with solar panels.
The partnership is working with the HPD Supportive Housing Loan Program (SHLP) to underwrite the project and offer more accessible homes for marginalized groups.
“In our five-plus years of operation, a common question posed to us is ‘How do we engage National Standard Abstract to provide title insurance for our project or transaction?’” said Nadir Rubie, partner, National Standard Abstract, in an interview with Shoppe Black. “As an MBE NYC Certified firm, our credentials are inclusive of City-funded commercial real estate projects as well as market-rate development projects.”
The Rubies are also known for the charitable efforts. Through their nonprofit organization, the Osei Rubie Charitable Fund, the company has awarded over $100,000 to numerous organizations dedicated to advancing social change and justice for the Black community since 2015.
“It is our responsibility to provide opportunities for other minority-owned firms that we know engage, inspire, and empower people of African descent in the community,” said Christopher Bramwell, managing member, CB Emmanuel Realty, LLC to Shoppe Black. “National Standard Abstract (NSA) has demonstrated this philosophy in action after every transaction they complete. For that reason, we hire NSA to provide title insurance for all of our real estate transactions.”
This content was originally published here.