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Properties A Preview - zicklin : school of business

A Preview


School of Public Affairs

Baruch College

17 Lexington Avenue

New York, NY 10010



The Steven L.Newman Real Estate Institute Review

Baruch College City University of New York



The Steven L.Newman

Real Estate Institute Review

School of Public Affairs

Baruch College

The City University of New York

17 Lexington Avenue

New York, NY 10010

212. 802. 5940

Lois Cronholm

Interim President, Baruch College

Carroll Seron

Acting Dean, School of Public Affairs

The Steven L.Newman Real Estate Institute

William Newman

Chair, Newman Institute Advisory Board

Henry Wollman


© 1998 The Steven L. Newman Real Estate Institute




Henry Wollman


Willard McIntosh


Ellen Posner


Judy Reiser


Leif Carlsson


Sara Hilska


William Newman

Chair, Board of Advisors, The Steven L. Newman Real Estate Institute

Carroll Seron

Acting Dean, Baruch School of Public Affairs

Sidney Lirtzman

Dean, Baruch School of Business

Patricia Barrera

Assistant Director, The Steven L. Newman Real Estate Institute



Philip Aarons

Millennium Partners

Jonathan Barnett

The University of Pennsylvania

Eugennia Birch

The University of Pennsylvania

Max Bond

Davis Brody Bond Architects

Douglas Durst

The Durst Organization

Desmond Emanuel

President, Santa Fe Construction Co.

Barbara J. Fife

Baruch College School of Public Affairs

Robert Geddes

Geddes Architects, Princeton, New Jersey

Stephen Lefkowitz, Esq.

Winthrop, Stimson, Putnam & Roberts

Elizabeth Barlow Rogers

President, Cityscape Institute

Peter Salins

Provost, State University of New York

Fred Siegel

Cooper Union for the Advancement of Science and Art

Steven Spinola

President, Real Estate Board of New York

Alair Townsend

Publisher, “Crain’s New York Business”

Opinions expressed in articles appearing in Properties are those of the authors or

persons quoted, and are not necesarily those of Properties, its advisory and editorial

boards, the Steven L. Newman Real Estate Insititue, Baruch College or the City

University of New York.

Properties A PREVIEW 2



From the Editors: 5

An Introduction to Properties

Guidelines for Contributors

Publication Schedule: Volume One, Issues 1 and 2

New York Real Estate Forum Excerpts: 11

The City Roundtable 1997

New York Real Estate: 2000

Private Realities/Public Visions


Considering the Future of Manhattan’s Offices

Participants and Excerpts


Examining Manhattan’s Housing Alternatives

Participants and Excerpts


Evaluating Manhattan’s New Scale of Retail Marketplaces

Participants and Excerpts

The Steven L. Newman Real Estate Institute 115

The School of Public Affairs

Baruch College, City University of New York

The Steven L. Newman Real Estate Institute Review 3

Warner Bros. Studio Store

New York City Flagship

Fifth Avenue & 57th Street.

Photo by Scott Francis.

An Introduction to Properties


You hold a preview of Properties, the new review of

the Steven L. Newman Real Estate Institute at

Baruch College, City University of New York. It

reflects the diverse aspirations of the Institute itself.

It is a vehicle to further serious education for New

York’s real estate leadership. It is a forum for the

identification and discussion of key real estate issues

confronting New York City and its metropolitan

region. And it is a meeting ground for industry and

government professionals. Properties will be both

catalyst and recorder.

A Comprehensive Approach

The distinguishing characteristic of this publication will

be its focus on the full range of real estate investment,

finance, development, and design concerns

facing both industry and government in New York.

Properties argues that these concerns are an interrelated

system. Their consequences affect all New

York’s businesses and citizens: capitalists who invest,

developers who build, bankers who finance, officials

who legislate, planners who zone, architects who

design, bureaucrats who regulate, and the individuals

who use and encounter the industry’s products.

Industry and Government

Properties will review the important emerging real

estate conditions facing both the private and public

sectors. Its editors will explore the diverse, sometimes

conflicting, points of views of the industry and

the government agencies that regulate development.


Properties intends to examine emerging building-type

needs and their demographic and business-plan

bases. It will discuss ownership alternatives, the availability

of public subsidies, and tax policy issues. It will

also review those regulatory structures over land and

construction that sometimes propel and sometimes

inhibit developers’ effective organization of their key

twin resources: technical knowledge and capital.


Properties intends to examine the range of existing

The Steven L. Newman Real Estate Institute Review 5

and new sources and structures of real estate

finance, and the emergence and growth of securitization

of real estate in New York through public and

private real estate investment trusts. It will address

the remaining utility of traditional forms of equity and

debt financing. And it will examine the influence of

foreign capital on ownership and development of

metropolitan region property and the roles of investment

banks, commercial banks, and pension funds

for both investment and development tracks.


Properties intends to examine the planning and architectural

professions. Why are so many of the very

expensively produced master plans—by both private

planning firms and public agencies—irrelevant? Why

is so much of the civic architecture in New York

unable to respond to the most basic of New York’s

functional and social needs? And why has most

urban and architectural criticism over the past thirty

years failed to mount an effective charge to the

design professions to “do better” for the

businesses and government agencies that employ

them—and for the citizenry of this greatest of metropolitan

regions who use and inhabit their creations?


Properties intends to examine government capacities

to shape wisely by incentive and mandate, and

to regulate effectively, the key private industry

resources and skills for the benefit of citizenry of this

region. We intend to explore, and to advocate forcefully

for, new structures of public-private partnerships,

for implementable, pragmatic-scale, long-term

planning for the development of the city and region.


Properties intends to examine the gears of the real

estate machine in a comprehensive manner—looking

at each issue not in its financial, technical, or

operational isolation, but as a confluence of interaction.

The editors intend for Properties to become an

important source for examining the investment,

development, finance, management and design

forces driving real estate in New York.

The Editors

The editors of Properties reflect this diversity themselves.

To organize and comment adequately on this

range of concerns, the editorship has been divided

into three parts: development, finance, and urban


Properties A PREVIEW 6

Henry Wollman, the director of the Newman

Institute, is the founder of Union Equities Ltd., a real

estate development company that has pioneered

public-private partnerships for mixed-income, subsidy-free

housing developments in Westchester. He

serves as the overall journal editor, focusing on private-

and public-sector development issues.

Willard McIntosh serves as Properties’ real estate

finance editor. The immediate past president of the

American Real Estate Society, Mr. McIntosh is

the Managing Director, Research for Prudential Real

Estate Investors, and a professor of real estate

finance with a Ph.D. from the University of North


Ellen Posner serves as Properties’ urban affairs editor.

The former architectural and urban critic for the

Wall Street Journal, and a writer on urban issues for

publications ranging from the Atlantic Monthly and

ARTnews to Quaderns d’Arquitectura i Urbanisme

and the journal of the United Nations Development

Programme, Ms. Posner wrote the introduction to

Cities in our Future (Island Press, 1997).

Contributing Editors and the Editorial Board

Additional editorial comment is shared with the exofficio

Contributing Editors, and with the Editorial


The four Advisory Board members include the chair

of the Newman Institute Board, the respective

deans of the School of Public Affairs and the Zicklin

School of Business at Baruch College, City University

of New York, and the assistant director of the

Newman Institute..

The Editorial Board, still in formation, serves as both

an additional resource for ideas and for review of particular

articles and features. This Board will be divided

proportionately among real estate professionals in

industry and government, and academicians. The City

University of New York, with its enormous depth of

faculty engaged in research and teaching in matters

related to real estate and urban development in the

New York metropolitan region, forms a core of the

academic component of the Board. Properties

intends that other professional and academic institutions

be represented.

The Steven L. Newman Real Estate Institute Review 7

Schedule and Themes

Properties will be published three times per year, following

the cycle of the three annual public events

sponsored by the New York Real Estate Forum, the

conference arm of the Newman Institute. The Forum

sponsors, each fall, the Finance Conference, dealing

with a key issue in real estate finance; each winter,

the City Roundtable, a venue for bringing together

senior real estate professionals from the private and

public sectors; and each spring, the Development

Conference, concerned with an emerging important

arena in real estate development. All three events,

while not focused exclusively on the New York metropolitan

region, will use New York as the prism

through which other local, national, and even international

real estate issues are better understood and


Properties will carry an edited transcript of the proceedings

of each conference. The transcripts will

appear in close congruence to each real estate

forum, creating both an ongoing working document

for immediate discussion among industry and government

policy makers and citizens at large, and a

longer-term record of real estate issues and policy


Properties will also include two additional sections as

standard features. The first, entitled Research Notes,

presents applied academic research-in-progress in

real estate and related urban issues, some especially

commissioned by the Institute. The second, entitled

Public Notices, is a source for primary information on

new private- and public-sector-generated development

initiatives, finance issues, and public policies,

and their effect on metropolitan New York real


For this preview issue, the editors present significant

excerpts from the 1997 City Roundtable, which

focused on the future of the central business district

of the city—Manhattan south of 96th Street, assessing

it from commercial, residential and retail perspectives.

Guidelines for Contributors

The editors will solicit manuscripts from real estate

development, finance and design professionals in

both the private and public sectors, and from academics

engaged in research on relevant aspects of real

estate. Prospective contributors in forwarding manuscripts

should be mindful of the rhythm of a year’s

Properties A PREVIEW 8

issues—finance concerns in the fall, public-policy/

urban concerns in the winter, and development concerns

in the spring. Additional details, including stylistic

rules for submission, may be obtained by writing

to the managing editor. The editors intend to establish,

in time, a significant letters column, enabling

readers to comment on issues raised in the journal.

Publication Schedule:Year One Issues 1 and 2

WINTER 1999–Vol I No. 1


•Do REITs have a future in New York?

•New York REITs 1998:

What Happened Since the Finance Conference

•New York REITs 1999:

Prospects and Structural Changes

•New York Stasis/Opportunity

•Surgically Removing the Element of Surprise



West Side Story: Private Projects and Public Goals

Toward a Midtown West Plan


Is government assisted housing for the poor

achieving its goal?


The 1998 Finance Conference:

REITs in the New York Regional Marketplace

SPRING 1999–Vol I No. 2


•How Shall the Upper Manhattan Empowerment

Zone Succeed?

•Alternative Strategies for Upper Manhattan: Three

Sites and Three Scales for Future Development

•Community Development in Harlem:

Past, Present and Pipeline



Current Public Investment in Upper Manhattan


The Quagmire of Measuring Urban Land Values


The 1998 City Roundtable:

Development and Preservation Alternatives

for Upper Manhattan

The Steven L. Newman Real Estate Institute Review 9

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