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Developer building affordable housing complex in Jersey City

A New York-based developer will build a 64-unit apartment complex in Jersey City that will be entirely reserved for low- and moderate-income housing, city officials said Tuesday.
The firm, the Genesis Companies, will develop the property known as the Lena Frances Edwards Apartment buildings at 445 Ocean Ave., replacing a blighted property that has been demolished, according a to a news release. Five of the units will be dedicated to housing homeless veterans, while the overall complex will include 12 one-bedroom units, 36-two bedroom units and 16 three-bedroom units. Read article HERE

Rev. Calvin Butts seeks salvation for the church-based organization that resurrected Harlem

At least one major sale appears to have gone smoothly. This past May, Abyssinian sold 28 brownstones and low-rise apartment buildings for $26 million to a lower Manhattan-based group called Genesis Cos. The firm is run by Karim Hutson and Brian Benjamin, native New Yorkers who met at Harvard, where the Pathmark development was a case study in their business-school class. To Butts, these young developers personify everything he's tried to achieve.

“These are minority developers, young black men, and would they get an opportunity if not for me making sure they got it?” he said. “Back in the '80s when this land was available, no black developer had a chance at it.”  Read More

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