Brooklyn Social Impact Investment Empowers Community
Life long Pulaski resident profits through real estate joint venture with Brownstone NYC
Rahim Deas, a community activist and real estate owner in the Pulaski neighborhood of Bedstuy Iverson was able to profit from increased real estate demand through joint venture with Brownstone NYC, a social impact investment fund.
By: Schelton Assoumou
Published April 21, 2021
ASK Capital is proud to announce a joint venture with Rahim Deas of Brooklyn NY. The deal is a reflection of the power of a vertically integrated social equity model. Rahim Deas is the principal of the Freedom School and community activist.
Rahim partnered with Brownstone NYC, an ASK Capital alumnus, to help renovate and sell his property. Through this partnership Mr. Deas stands to sell his home for a potentially greater profit than if he were to hire a traditional broker. That’s because Brownstone will complete the renovation before helping to sell the property. Completing the renovation prior to sell increases the sale price and potential profit.
Unfortunately, many homeowners don’t have the resources to fund development and renovation before the sale. Lacking access to capital, the home owner potentially misses out on larger profits that come following completion.
That’s what initially led Brownstone NYC and Rahim to work together. Rahim organized a community workshop to help homeowners learn their options for selling their property. He brought in Brownstone NYC to answer questions about renovation, selling and joint ventures.
Rahim saw over time that many first time home buyers were attending the events to network and learn as well. Rahim believes that education and access to specialists can help create wealth inside of his Pulaski neighborhood in Brooklyn NY.
As a lifelong activist, Rahim has fought hard to help increase wealth in minority communities. The Freedom School, his primary focus, is a charter program for educating students. In his free time, he mentors business owners to help improve their access to credit through the International Finance Institute. He’s also a partner in a digital marketing and advertising group in Detroit. Deas splits time between Detroit and Brooklyn NY helping young entrepreneurs and developing communities.
The joint venture between Brownstone NYC and Rahim Deas represents the progress of the Ask Capital initiative to increase wealth with impact capitalism. Our team is hopeful that this relationship will blossom into further opportunity to better serve homeowners in Brooklyn and throughout the NYC metro.
His house is currently a frame house in a changing neighborhood. It’s the final house in a developed block in a neighborhood that doesn’t want to sell. He’s working on unlocking over $1.5M equity using the equity in the house where we are going to multiply his equity by 2 or 3rd times in the next 12 months.
Williamsburg residents are moving into Bed Stuy. This has brought more Jewish families. This presents a unique opportunity because of fighting foreclosure for 10 years. He has to sell as is, but is going to have to relocate.The goal of the Joint Venture is to rebuild the home. The Property is worth $800,000. When complete worth to $3m. Property next door just appraised at 3.2 Million. Air rights are considered.