Sherry Wang

Sherry Wang’s division at Goldman Sachs, the Urban Investment Group, has in recent years been putting major projects in the pipeline to level the playing field for people of color.

Much of that work has included arranging financing for major projects to serve underserved neighborhoods and to preserve affordable housing stock, Wang said. Take the $242 million construction loan provided for the buildout of a 414,000-square-foot facility for the Urban League’s Empowerment Center on 125th Street in Harlem. Not only will the development serve as the organization’s headquarters, but it will include 180 mixed-income residential units and retail spaces that will be anchored by grocery tenants.

“I think we closed at a time when there wasn’t as much new investment in New York City,” Wang said. “And we’ve been very pleased with the progress of construction on that deal. And even more so about the leasing component.”

Launched in February 2021, the Empowerment Center is slated for completion by the end of 2023.

This year, the Urban Investment Group has provided ​​$75 million in financing through the New York City Department of Small Business Services for a program known as One Million Black Women, an opportunity fund for women of color hoping to establish themselves in the business world, according to Wang.

The initiative started in March 2021 and has $10 billion set aside for investment to improve the lives of at least 1 million Black women by 2030 through health care, education, housing and access to capital.

“It’s across a number of holistic pillars where we can make a significant impact,” Wang said. “Since the inception of the program, which was about two years ago, I believe the firm has invested just about $2 billion of the $10 billion, and we’ve narrowed the opportunity gap to just under 200,000 women. So very much kind of like pro rata, on track.”