One Of The Largest Black Owned Title Insurance Companies Closes $30 Million Dollar Affordable Housing Deal And Continues To Give Back To The Community
It isn’t often that you hear about large businesses that genuinely care about the community in which they operate, but this case is different.
As New York City is slowly reopening while spurring affordable housing to meet the growing demand post-pandemic, National Standard Abstract (NSA) closed a $30 million real estate transaction deal to develop a new affordable housing project in Brooklyn.
NSA is a title insurance agency owned by father-son duo, Osei and Nadir Rubie, widely-renowned as industry leaders after closing over $1 billion in commercial and residential real estate transactions in less than five years.
“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?’ As an MBE NYC Certified firm, our credentials are inclusive of City-funded commercial real estate projects as well as market-rate development projects,” said Nadir Rubie, partner, National Standard Abstract.
THE DEAL
Vacant city-owned land situated in the Brownsville section of Brooklyn will now become a seven-story residential building with 71 units. The nearly 47,000 sq. ft. structure will include 55 studios, 14 one-bedroom, and 2 two-bedroom apartments.
The amenities include a reception desk and mailroom; a multipurpose room; offices for supportive services, tenant and bike storage in the cellar; a landscaped garden in the rear yard; and a green roof with solar panels.
BACKSTORY
CB Emmanuel Realty LLC is a real estate development company focused on acquiring and revitalizing investment-grade properties in New York City and the surrounding metropolitan area. With a focus on dynamic urban neighborhoods, CB Emmanuel Realty LLC develops ground-up market-rate and affordable apartments through the preservation and upgrading of historic, irreplaceable assets.
In 2015, the New York City Department of Housing Preservation and Development (HPD) issued a Minority and Women-Owned Business Enterprise Building Opportunity Request for Proposals.
Two years later, CB Emmanuel Realty, LLC and Services for the Underserved received the award to jointly oversee development of the site into housing for formerly homeless individuals with disabilities.
The HPD Supportive Housing Loan Program (SHLP) has underwritten the project. This designation is pivotal in strengthening Black communities by ensuring every dollar invested continues to circulate amongst Black-owned businesses.
GIVING BACK
Following the announcement, CB Emmanuel Realty, LLC chose National Standard Abstract who has committed a portion of every real estate transaction to support the community in which they do business.
“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. 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,” said Christopher Bramwell, managing member, CB Emmanuel Realty, LLC.
“As New Yorkers, we overcame many challenges during the COVID-19 pandemic and continue to persevere despite our new normal. I am proud that National Standard Abstract remains an integral partner during this critical time to build one community at a time. I look forward to helping with the economic resurgence through our leadership in title insurance and our philanthropic arm, the Osei Rubie Charitable Fund,” said Osei Rubie, president and founder of National Standard Abstract.
To date, via the Osei Rubie Charitable Fund, $100,000 has been awarded in less than a year to fifteen organizations and counting that advance black culture, excellence, and generational wealth.
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