One of the principal missions of the Baker Program is to educate future leaders in the real estate industry. To this end, the Baker curriculum is likely the broadest and deepest of any graduate real estate program in the world. Additionally, adjustments made to the curriculum in 2015 are giving students an even more hands-on, real-world education. One example of this is the Residential Development course currently offered by newly-hired faculty member Suzanne Charles. In this course, student teams spend the semester completing all of the preliminary phases of a real-world development project. The project for this semester involves the redevelopment of a site in Ridgewood, Queens and students and faculty had the opportunity in late February to visit the location. This trip will provide context for all the coursework students will undertake throughout the semester.
The course excursion began with a visit to the Cornell AAP NYC campus, located at 26 Broadway in Downtown Manhattan. Students met with Tom Justin and Peter Bazeli of The Weitzman Group, a real estate advisory firm currently working with developer AB Capstone on the Ridgewood site. Among the many topics covered in that meeting, Justin and Bazeli discussed how the recent building boom in Brooklyn has yet to result in a corresponding increase in demand in the Ridgewood neighborhood. One of the principal motivations behind this site selection was anticipation of where demand will be 5 or 10 years in the future.
The following day, students traveled to Queens to visit the project site and perform on the ground research for their initial market site analysis. In small groups, students spent the day exploring the surrounding neighborhood, identifying nearby amenities and examining potentially competitive sites. Students then made their way to the Brooklyn neighborhood of Williamsburg to glean inspiration from many of the new residential buildings that have been constructed in this rapidly expanding market.
Throughout the remainder of the semester, students will use the information gathered on this trip to prepare numerous reports, including a site analysis, a conceptual building plan, cash flow forecasts, and a marketing strategy for the finished product. At the close of the semester, the class will return to New York City to pitch their final development proposals to representatives of The Weitzman Group and to the developer AB Capstone. Such practical, real-world experience will be invaluable to students as they enter the workforce and helps to fulfill the mission of the Baker Program.
