Former Goldman Sachs partner Peter Scaturro and real estate developer Lightstone Group are joining the rush into “opportunity zones"—designated areas that allow investors to claim tax breaks for putting money to work in low-income neighborhoods.

Scaturro’s wealth management firm, the PKS Group, is working with the New York developer to invest client money in individual real estate projects that benefit from the tax break. Their first project is a 203-room Moxy hotel in the Williamsburg neighborhood of Brooklyn that will cost about $125 million to build.

The partners also are weighing plans to develop apartments in the Bronx, and could...