LET'S TALK ABOUT
BLACK HISTORY MONTH - 

"Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek." - Former President Barak Obama

The following are excerpts from the article "Black Real Estate Executives Seek Lasting Change in Diversity" by Gillian Than from the website Bloomberg.

Black Real Estate Executives Seek
Lasting Change in Diversity

Black real estate executives, sharing their experiences of systemic racism, said they’re seeking lasting change from the current spotlight on inequality in the U.S.

“I hope deeply it’s a movement” and not a moment, Margaret Anadu, a Goldman Sachs Group Inc. partner and head of its Urban Investment Group, said on a Zoom panel hosted by New York University’s Schack Institute of Real Estate. “When the rage subsides just a little bit and you’re in the phase of trying to be constructive, you look around and you’re like, ‘My firm’s not diverse, my bosses are not diverse.’”

Onay Payne, a managing director at Clarion Partners, said she hopes to see the recent statements executives have been making affirming diversity and inclusion translate into tangible actions.

‘LASTING CHANGE’
“I am hopeful that this is a lasting change,” she said. Payne described such micro-aggressions as being on a site tour where an equal wouldn’t look her in the eye. “I spend so much time and energy working through, OK, probably, hopefully it’s not that, but it occupies so much of my energy and consciousness.”

Jim Simmons, chief executive officer of Asland Capital Partners, said that in his early days on Wall Street, he was encouraged to get a master of business administration degree after expressing interest in becoming a trader -- even though others in similar positions may not have even gone to college.

African Americans weren’t initially accepted into the most lucrative corners of finance -- investment banking, private equity, venture capital and hedge funds -- said Simmons, who has worked at firms including Ares Management Corp. It’s a tragedy, he added, that few Black professionals have ascended to the top of firms.

“If we can’t do that, given everything we’ve accomplished, what does that portend for the generations that come after us and what do they have to look forward to?” Simmons said. “I hope this our Stonewall, I hope this is our #MeToo.”

MINORITY RETENTION
When investment firms take money from pensions, which includes retirement funds for people of color, there should be people in the room with similar backgrounds, he said. Also, institutions should publish their minority retention rates and review the composition of senior leadership, Simmons said.

Goldman’s Anadu encouraged the session’s roughly 1,200 attendees to “use your power and privilege in a way that is natural,” such as hiring Black people, allocating capital to firms led by African-American professionals and investing in Black neighborhoods, many of which have been disproportionately impacted by Covid-19.

SPOTLIGHT: JERRY JOSEPH

What is your favorite quote?
A people without the knowledge of their past history, origin, and culture is like a tree without roots.
- Marcus Garvey

ABOUT JERRY JOSEPH
Jerry Joseph is an Assistant Vice President in our Lee & Associates New Jersey office. He began his real estate career with Lee & Associates in 2016 as an investment sales associate, where he developed the skills to underwrite, structure capital stacks, and strategically put together deals. Joseph is a knowledgeable, motivated, and diligent broker specializing in capital markets, investment sales, and landlord representation.

He is a market expert in the submarkets of East Essex and Hudson County. His most recent project includes a $12.5M construction loan for a fifty-one unit luxury apartment building in Orange, New Jersey. His extensive client base includes developers, sophisticated investors, and local business operators. Joseph's success in brokerage has been attributed to his ability to build trust with his clients and his uncompromisable integrity. Simply put, Joseph and his team give their clients the leading edge in the current marketplace and always ensure their client's goals are met. 

Joseph grew up in Elizabeth, New Jersey. He is an active member in his community and has been a volunteer coach for a local children's football league. He enjoys spending time with family and friends, doing outdoor activities, and traveling in his spare time.