Goldman Sachs Urban Investment Group and BRP Development Corp. form Joint Venture

NEW YORK — Goldman Sachs' urban investment group and private developer BRP Development Corp. have formed a joint venture to invest $20 million in three mixed-income housing projects in two emerging New York neighborhoods, Goldman said Wednesday.
The pair plan to develop more than 200 condominium and rental units and 16,000 square feet of retail and community facilities space in Harlem and Bedford Stuyvesant.
Goldman Sachs' urban investment group is a private equity vehicle which aims to revitalize urban areas through investments. BRP Development manages, acquires and develops multifamily properties in the greater New York area.
Shares of Goldman Sachs fell $1.37 to $188.13 in afternoon trading.