"When I build, I think about the community I’m potentially impacting"

The Quaker Student Life Center ran out of chairs at a recent Lunch and Learn hosted by the student-run Upper School Architecture Club, in anticipation of guest speaker alumnus and alumni parent Rashid Walker ‘87.

Sharing from his years of experience in the real estate development world, Rashid spoke to issues of affordable housing, ramifications from global warming, and what it has been like to work in the Long Island market. 

“Long Island can be a difficult place to build apartments,” began Rashid. “But once you can develop on the island, you can do it anywhere,” he smiled. 

Following Friends, Rashid attended Villanova University and after graduation, began working in the financial industry and on Wall Street. “I really wanted to be GM of the Dallas Cowboys,” he laughed in response to a student’s question. “But that wasn’t going to happen; so I spent some time figuring out what I wanted to do.” 

With a degree from Columbia Business School, Rashid continued in finance before pivoting to real estate development with companies like JPMorgan Asset Management and Wood Partners. In 2021, after spending five years as Managing Director at BRP Companies, Rashid left to found his own company, First Street Companies, which specializes in “acquiring and developing institutional-quality, market-rate multifamily rental communities in high-barrier-to-entry locations in the New York City metropolitan area.”

“There is a huge need for affordable housing on Long Island,” said Rashid, underscoring the current $700,000 median price tag for single-family homes. “Seventeen percent of the housing stock on LI is rental; in major cities that number is more like 25-30%,” he added. Discussing additional factors regarding supply and demand, as well as environmental, Rashid also touched upon the intersection of politics and development. “I can’t just go into Glen Cove to develop,” he explained to the group. “I have to ask for permission and sometimes that can be difficult.”

In describing the relationship between developers and architects, Rashid likened it to baking. “In real estate development, you are like a chef. You have to go buy eggs, flour, and icing. You are running the show, which means you hire an architect, a contractor, and a civil engineer,” he stated. “An architect helps me with a vision for the property – to come up with a concept; and there’s a lot of back and forth.”  

Responding to a student question about sustainability, Rashid spoke to both stewarding human and finite resources. “I am very sensitive about displacement,” he said. “I try to build on under-utlized spaces, like building on an old parking lot. When I build, I think about the community I’m potentially impacting – being considerate, having integrity, and not doing anything illegal,” mused Rashid, who also spoke about how his time at Friends has directly impacted his worldview.

“Friends Academy had a huge effect on my life,” recalled Rashid. “I really appreciate the Quaker values that have hopefully been instilled in all of us. One of the things I appreciate about Friends is that we try to educate the whole person and shape who you are to be kind, and come to a consensus.  There shouldn’t be just one perspective – we can compromise.”

Photography by Alvin Caal/Friends Academy