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An Introduction to Properties FROM THE EDITORS 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. 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. Finance 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. Design 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? Regulation 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. Together 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 impacts. Properties A PREVIEW 6
Page 1 and 2: A Preview APreview School of Public
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Page 9 and 10: Schedule and Themes Properties will

Properties

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