As reported by Elise Goldin in the Jewish Daily Forward
Watch Video of Jewish slumlords destroying their building to evict rent-stabilized tenants - a common practice in minority communities (broke the boiler, slashed sewer pipes and gutted gas and electrical meters).
Blacks own less than 5% of the privately-owned, for-profit, real estate in Harlem.
The Harlem Real Estate Fund, LLC (the "Fund") was founded in 2014 by Thomas Lopez-Pierre, a licensed real estate broker as a socially responsible private equity real estate crowdfunding firm (and members club) committed to achieving superior, risk-adjusted returns by investing in Black-owned real estate partnerships in Harlem, New York.
Today, Black people in Harlem,the capitol of Black Americamake up about 40% of the population, down from 65% in less than 20 years but [ own less than 5% ] of the privately-owned, for-profit real estate in Harlem.New York Times:"No Longer Majority Black, Harlem Is in Transition".
Jewish people[ own more than 70% ]of the privately-owned, for-profit real estate in Harlem.
The Fund's investment approach is based on fundamental real estate analysis. The very nature of the Fund's business is long-term, with horizons measured in decades, not years.The Fund emphasizes partnerships with experienced local Black real estate owners and operators to minimize risk and improve execution. Operating and investment partners assist in due diligence, contributing expert knowledge and execution expertise to the Fund’s investment strategy.
The Fund's primary business objective is to:
1) Accumulate a portfolio of high-quality real estate assets;
2) Maximize the return on investment without engaging in predatory real estate practices, such as displacement and;
3) Organize Black real estate owners and industry professionals to serve as a catalyst to strengthen the economic and political power of Black people in Harlem.
The Fund is a forward-thinking company but mindful of the past, immersed in the present, and focused on the future.
To harness the potential urgency of this moment in time, Black people must work together in defense of their community by engaging in "group economics" by pooling their money to purchase the real estate in Harlem(and spend a larger share of their disposable income with Black small businesses in Harlem, i.e.: the Harlem Restaurant Book).
1) Identify up-and-coming Black candidates to support for political office in NYC;
2) Raise political funds in support of Black candidates for political office;
3) Engage our elected officials on issues important to the economic and political survival of Black people in Harlem.
The Fund’s crowdfunding plan of action is rooted in group economics:
1) Black real estate owners seeking top dollar for their properties;
2) Black real estate buyers out bidding the general market and;
3) Strong financial support within the Black community to invest in real estate in Harlem (and supporting Black-owned small businesses).
Once the U.S. Securities and Exchange Commission (SEC) issue its rules (expected Fall 2014) on Crowdfunding/JOBS Act, the Fund will raise [ equity capital ] from Accredited Black Investors and [ debt capital ] from the general public via a grassroots online social media video networking campaign.
The general public will have the opportunity to purchase from the Fund: three year non-interest bearing promissory notes (secured with real estate). The Fund will offer accredited Black investors the opportunity to invest alongside Black real estate entrepreneurs in Harlem.
Black people in Harlem have real economic, political and social problems that can NOT be fixed solely with government intervention but will require a comprehensive plan of action rooted in personal responsibility, unity of purpose, group economics and love of community.
Black people in Harlem must accept responsibility for their own economic, political and social salvation. The good news is that by working together, the Black community can set a new course that will drive economic, political and social outcomes that serve the best interests of the Black community in Harlem.
The Fund will demonstrate that profit and social responsibility are NOT mutually exclusive and can enhance a company’s profitability while at the same time helping to fighteconomic injustice in Harlem.