Tracey D. Syphax is committed to bringing Black Wall Street vibes to Trenton
The name Tracey D. Syphax is synonymous with perseverance. He’s an award-winning entrepreneur, real estate developer, author, and justice-reform advocate, born and raised in Trenton. After serving seven years in prison during his youth, Syphax changed the trajectory of his life and flourished as a successful entrepreneur. He founded the construction firm Capitol City Contracting and co-founded Phax Group, LLC, a multi-million dollar real estate development company. In 2011, he made history as the first African American to be named Entrepreneur of the Year by the Princeton Regional Chamber of Commerce, and he was honored as a White House “Champion of Change” in 2014 under the Obama administration.
Speaking with The Trenton Journal, Syphax shared his passion for entrepreneurship, his upcoming Black Wall Street Brunch, and why Trenton is poised to be the spot for the next wave of Black business leaders.
For Syphax, his business portfolio is full of diverse holdings that reflect his varied interests. While he’s faced some challenges in life, through determination and ingenuity, he’s become an ultra-successful businessman.
“I was formerly incarcerated, and I have been home for like 37 years. Now, I’m a serial entrepreneur who owns four different businesses. I have a restaurant, an ed tech company that teaches entrepreneurship in prisons. a snow removal business that does commercial snow removal for hotels, and a real estate development company that manages and owns property in New Jersey and Philadelphia,” Syphax said. “I also do Airbnbs.”
One of the key pillars of Syphax’s vision is to empower emerging entrepreneurs with everything he’s learned on his journey. Just like the philosophy of Sankofa, Syphax is reaching back to bring a new generation in Trenton forward. To inspire new business leaders, Syphax launched the New Wealth Alliance.
“I’m turning 64 in September, and I need to start pointing to young people who are coming up behind me. So I called 13 former incarcerated individuals, all of them are entrepreneurs, all of them started their own business. None of them are trust fund babies, and nothing was handed to them. They met at my house last September.”
“I told them I wanted to start a group that would provide information to the community about economic opportunities, generational wealth building, entrepreneurship, credit repair, real estate, home ownership, and all the things that will help our community economically,” Syphax continued. “Out of the 13 brothers, only six of them committed to meet every week. So, we did our first New Wealth Alliance, aka NWA, and we did our first Black Wall Street brunch in February for Black History Month, and it was sold out.”
Quayshaun Williams, proprietor of Much Better Studios in downtown Trenton and a member of NWA, spoke about how much the group has impacted him as a business leader.
“NWA gave me something every entrepreneur needs. Coming from the inner city, it’s hard to find a room full of people who actually want to see each other win,” Williams explained. “The relationships I’ve built has opened doors, created opportunities, and expanded the way I think about business and community.”
“NWA reminded me that success doesn’t have to be a solo journey. Being surrounded by people who are building, investing, and growing has pushed me to think bigger and move with more intention,” Williams added. “Tracey has really poured into all of us and given us a good blueprint to build on. The vision for NWA is bigger than networking. We want to create a pipeline where people can start businesses, buy homes, build wealth, and help the next generation do the same.”
On June 13, Spyax will be hosting the Black Wall Street II Brunch at Coopers Riverview. The highly anticipated event will feature info about starting your own LLC on the spot, credit repair, business marketing, and much more. Dr. Randall Pickett will give the keynote address.
“This Saturday, Dr. Randall Pickett, the first African American to win The Apprentice, will be the keynote speaker. We also have a panel of experts who are going to be speaking,” he said. “We just want to get that information out to the community. When it comes to median income, Black people are dead last. So for us to change that narrative, we have to provide information.”
According to Syphax, Treton will be central to economic prosperity in the region, and he hopes current residents will not miss out on the opportunities.
“All development is coming back to urban communities,” said Syphax. “The inner cities are where you have transit rail, where you can jump on the train in Trenton and go to New York, you can go to Philadelphia, you can go to DC, you can go as far as Florida, and as far north as Boston right out of Trenton.”
“For entrepreneurs, I believe Trenton is the place. I’ve been able to acquire, sell, and hold real estate in the city of Trenton since 2001,” he went on. “I know where the opportunity lies, and Trenton is the place. A lot of times, we get some money and leave the hood. But when we do that, other people see the value in our community, and they move right in.”
