Real Estate Club Treks to Brooklyn
Twenty-five students in the Cornell Real Estate Club participated in the annual New York City Trek, May 5 and 6. This year, the club toured a variety of properties in Brooklyn on Thursday followed by two school-sponsored events on Friday. Thursday’s site visits showcased several of Brooklyn’s emerging developments.
The tour began at the Brooklyn Navy Yard, which built merchant vessels following the American Revolution. Today, it aims to function as one of the central nodes of the Brooklyn Technology Triangle. The next site, Industry City, was originally built in 1895 as a monumental intermodal manufacturing warehousing and distribution center covering roughly 40 acres. Industry City is on the cusp of a rebirth as a dynamic 21st century innovation and manufacturing community, balancing existing manufacturing tenants with those centered on creative and innovation economy fields. The group heard from the developer, Belvedere Capital, about the history of the site and the redevelopment plan. Students then took a walk in Brooklyn Bridge Park from Brooklyn Heights to Dumbo (down under Manhattan Bridge overpass). The tour then took them to Williamsburg, one of New York City’s strongest residential submarkets, increasing the population of luxury renters which, in turn, is increasing the need for retail amenities. The tour ended at the Wythe Hotel rooftop.
On Friday, the students attended the Titans of New York Real Estate panel discussion in the morning. As explained in a separate article, they joined over 200 attendees to hear a fascinating discussion by leaders in real estate development. That afternoon, the group joined students in the Baker Program in Real Estate for the capstone course final presentations. Students in the graduate class prepared a business plan for a real estate project which they selected. The course culminated in “Shark Tank” style presentations where the students pitched their ideas to industry investors. The students answered questions from the investors who then determined which project they would spend their money on.
The investors were members of the Baker Program in Real Estate Advisory Board, along with other industry leaders:
• Andrew Isikoff, A&S '91, Managing Director, Silverfern
• Andrew Benioff, MBA '04, Founder and Managing Partner, Llenrock Group, LLC
• Robert Hellman, A&S '76, Managing Director, Pembrook Capital Management
• Paul Rubacha, A&S '72, MBA '73, CEO and Principal, Ashley Capital
• Seth Singerman, SHA '99, Founder, Singerman Real Estate