CRER Vol. 18 (2020)

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Letter from the Editors
McFalls, Joe; Blum, Wilson (2020-06-29)
On behalf of the entire Cornell Real Estate Review Editorial Board, we are pleased to present Volume 18 (2020) of the Cornell Real Estate Review. A student-run publication founded in 2002, the Review chronicles the achievements, activities, and scholarship of students in Cornell’s Baker Program in Real Estate. This year, as detailed throughout this journal, Baker Program students obtained internship and full-time opportunities with dynamic real estate companies across the country and world, again boasted strong performances in real estate competitions, engaged with leading real estate firms in Singapore and Miami, and explored varied topics in research articles.
Table of Contents
(2020-06-29)
Table of contents for Cornell Real Estate Review (2020), Volume 18.
Cover
(2020-06-29)
Front cover of Cornell Real Estate Review (2020), Volume 18.
Acknowledgments: Internships and Full-Time Jobs
(2020-06-29)
[Excerpt] In 2019, Baker Program students received internships and full-time jobs at leading real estate companies throughout the world.
Hahne & Co. Case Study
Spritzer, Jennifer; Covington, Lera; McFalls, Joe; Sequeira, Ryan; Thompson, John; Tomlan, Michael; Jones, Dustin (2020-06-29)
We are pleased to present a ULI case study of the redevelopment of the historic Hahne & Co. building in Newark, New Jersey. This is the first in a series of case studies and briefs jointly created by ULI and Cornell University’s Baker Program in Real Estate. The Baker Program is honored to collaborate with ULI and looks forward to contributing to the continued success of these case studies and briefs, which are important resources for professionals throughout the real estate industry. All ULI case studies and briefs can be found on ULI’s website at https://casestudies.uli.org/.
International Trek: Singapore
(2020-06-29)
[Excerpt] The Cornell Baker Program in Real Estate Class of 2020 kicked off its international trek in Singapore on Monday, January 6, 2020. Singapore’s phenomenal urban transformation since its independence in 1965 has been internationally recognized as a case study in the advocacy for and potential of a strong, centrally planned and state-backed guidance of real estate development. The students had spent the prior semester studying Singapore’s approach and contrasting it against others both in the region and internationally. The first stop of the trek, PGIM Real Estate, immediately offered students an immersion into the dynamics of the local market and Singapore’s importance as a hub through which many in the international community deploy capital across Southeast Asia.
Domestic Trek: Miami, Florida
(2020-06-29)
[Excerpt] The first stop of the Cornell Baker Program’s Class of 2021 Miami Trek was a visit to the office of Chad Oppenheim, Principal and Lead Designer of Miami-based Oppenheim Architecture. The class gathered in the mezzanine conference room inside Oppenheim’s Miami office located in the famous Design District. The building itself is covered in greenery on the exterior and surrounded by trees, providing perhaps the block’s only cool, shady spot on an otherwise hot South Florida morning. Inside the building, white walls and interior furnishings elicit a modern minimalist feel, a trait synonymous with the projects Oppenheim discussed with the class.
Research Articles
(2020-06-29)
PACE Financing Emerges as a Valuable Resource for Property Owners Rushing to Comply with NYC’s New Climate Mobilization Act
Lee, David (2020-06-29)
In May 2019, the City of New York passed the Climate Mobilization Act (CMA), the most ambitious climate legislation ever enacted by any city or county in the State of New York. The CMA mandates the reduction of the City’s overall carbon emissions by 80 percent within 20 years. Generally, buildings are responsible for 70 percent of the City’s emissions – by far the highest percentage of any sector (Climate Mobilization Act: Mayor’s Office of Sustainability, 2019). Building emissions are likely only to increase compared to other sectors, such as transportation, which have had a head start in reducing their carbon emissions. Given buildings’ contributions to carbon emissions and the lack of significant progress to date, this legislation is seen by many as overdue. With numerous large developments occurring throughout the City, this legislation could yield major long-term improvements to the environment. In fact, “the Climate Mobilization Act is a down payment on the future of New York City – one that ensures we lead the way in the ever-growing fight against climate change,” Council Member Costa Constantinides said in a statement before the bill was passed (New York City Council [NYCC], 2019). With the help of Constantinides, the CMA also included Property Assessed Clean Energy (PACE) financing – a voluntary financing mechanism that enables energy efficiency and renewable energy projects to receive long-term financing for little or no money down – to assist building owners in complying with the CMA (NYCC, 2019).
Suburban Slum Redevelopment in Mumbai, India
Kharche, Madhura (2020-06-29)
Slum redevelopment has recently emerged as a popular and successful model in Mumbai’s chaotic commercial real estate market. With slums occupying a significant portion of the city’s land, the government of Maharashtra’s Slum Rehabilitation Scheme presents a great opportunity for private developers. As the market experiences political cycles, policy makers update schemes to gain favor with voters, and slum redevelopers find it increasingly difficult to feasibly meet the stringent requirements of rehabilitated housing. This paper discusses the implications of such policy updates on Shivangan SRA CHS, an ongoing redevelopment in Mulund East, Mumbai.

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