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LI New York, the Real Estate Board of New York (REBNY), and Council of Urban Real Estate (CURE) partnered to host a panel "The Changing Face of Commercial Real Estate—a Program in Recognition of Black History Month" at REBNY's Manhattan office. The event highlighted successful professionals of color in real estate.

    Kirk Goodrich, president of Monadnock Development, noted that opportunities are scarce for young people entering the real estate business, especially for African Americans and other people of color. Goodrich was one of five panelists who shared their experiences finding success in New York real estate as African Americans.

    Moderator Derek Fleming emphasized that working hard, connecting with others, being resourceful, and being resilient were common threads among the panelists. The event took place just weeks after President Donald Trump ended federal funding for many diversity, equity, and inclusion (DEI) programs, which has left young professionals under 35 without a familiar landscape.

    Kimberly Hardy, senior vice president of diversity, inclusion, and compliance at McKissack & McKissack, said that despite the challenges, people can succeed regardless. African Americans and other people of color are still underrepresented in commercial real estate, with only 447 African American developers among an estimated 112,046 private real estate developers nationwide.

    Fleming cited a report from Grove Collective Foundation, which found that small- and medium-sized Latino and African American developers outperform their white counterparts in terms of producing revenue for investors. Goodrich emphasized that diversity is not a favor, but rather a strength that benefits the industry as a whole.

    The panelists offered advice to young people trying to break into the business: "Just keep knocking," said Leonard Allen-Smith, founder and CEO of Allen Smith Equities. They should build their own network of professional relationships by joining organizations like ULI, REBNY, and CURE, and volunteering their time.

    DeVon Prioleau, managing principal of PRI-O-LEAU Development Group, added that getting on individual committees allows people to showcase their thought process and work ethic. Allen-Smith stressed the importance of earning trust and finding mentors who can open doors.

    The panelists also emphasized the value of patience, humility, and perseverance in achieving success in real estate. Goodrich shared his own journey, which included working for a subsidiary of Enterprise Community Partners before founding his development firm.

    Hardy advised young people to look for mentors outside their comfort zone and to be themselves, bringing unique experiences and perspectives to their firms and families. The panelists concluded by emphasizing the importance of celebrating diversity and promoting opportunities for underrepresented groups in commercial real estate.