This Father-And-Son Black-Owned Firm Has Closed Real Estate Deals Worth Over $1bn Since 2015
AMA NUNOO | Staff Writer
Sometimes when life knocks you down, it is a way for the universe to open new opportunities for you. At the time it may not seem so but years or even months down the line, everything will fall into its place or exceed your expectations.
This father-son duo, Osei and Nadir Rubie, went from having to refinance their home of 14 years due to misfiled title insurance to owning one of the largest Black-owned title-insurance firms in the industry with over a billion dollars in real estate deals.
Osei Rubie, the father, has capitalized on his misfortune of having to refinance his home to learn the ropes of the real estate industry in the United States. The real estate industry is one of the most lucrative industries in the country and owning land in the U.S. is regarded as a great feat.
He began his journey to owning a million-dollar company by taking a job with one of the largest underwriters for title insurance in the country and in 2015, he teamed up with his son to start their business, National Standard Abstract (NSA).
Rubie capitalized on his years of experience whiles he was an underwriter and credits the entrepreneurial genes that seem to run through his family for his success because they served as great mentors for him. His grandfather and his parents were entrepreneurs who owned a chain of businesses, from a restaurant to a toy company to clothing stores.
The father and son business, NSA, now provides essential services for real estate deals including mixed-use, office, amusement parks, hospitals, affordable housing, and faith-based development projects, Black Enterprise reported.
In a little over three years after establishing the company, NSA “has reportedly closed a total of $432 million in faith-based and affordable housing development transactions. These deals include the $189 million Archer Green in Jamaica, Queens; the $47 million Regina Pacis Housing Corp. in Gravesend, Brooklyn; and a $42 million project in Harlem.”
They currently have over a billion dollars in real estate deals and have recently won a $30 million affordable housing contract to cater to low-income families in New York’s Brownsville neighborhood in Brooklyn. This will consist of a seven-story ultramodern residential building with 71 units including 55 studios, 14 one-bedroom units, and two two-bedroom units and plush amenities like a green roof with solar panels, and a landscaped garden.
This deal comes just in time as New York is slowly recovering from the coronavirus pandemic and opening. The Rubies, though running a multi-billion dollar company, genuinely care about the state of their community because they aim to make homes accessible to the marginalized groups.
Their deal will be overseen and developed by CB Emmanuel Realty, LLC, known to develop market-rate affordable homes whiles preserving and upgrading irreplaceable historic assets.
They will be partnering with the HPD Supportive Housing Loan Program (SHLP) that will be underwriters for the project. SHLP’s involvement is to make sure that every dollar invested remains among Black-owned businesses which are pivotal for strengthening Black communities.
“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, NSA, 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 father-son team is well known for their charitable ventures with the charity organization Osei Rubie Charitable Fund. Since 2015, the company has given over $100,000 to numerous organizations that “advance black culture, excellence and generational wealth.” Simply put, they are contributing their quota to the advancement of social change and justice for the Black community.
“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, who is the president and founder of NSA.
The Rubies were awarded the $30 million contract because of their zeal to empower other Blacks in their community.
“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.”
Read original article here.
