Cornell presents “Titans of New York Real Estate” Panel

Ithaca, NY Three of New York City’s major real estate developers recently joined together to discuss current trends in the city’s real estate on May 6, during a morning panel discussion called, “Titans of New York Real Estate.” Panel members William Mack of Mack Real Estate Group, Harry Macklowe of Macklowe Properties, and Larry Silverstein of Silverstein Properties. The panel was moderated by Richard Baker, governor and executive chairman of Hudson’s Bay Company (HBC).

The event, which was arranged by the Cornell School of Hotel Administration’s Center for Real Estate and Finance (CREF), was supported by title sponsors Cushman & Wakefield and Commonwealth Land Title. The “Titans of New York Real Estate” are leading New York City’s construction renaissance as they develop high profile projects that will change the skyline and dramatically alter many areas of the city. “We are delighted that these real estate leaders agreed to join together for this panel discussion,” said professor Daniel Quan, CREF’s academic director. “New York City is entering a new and exciting phase in real estate, and these people are key visionaries in this Manhattan revitalization.” As examples, Quan points to Harry Macklowe’s development, 432 Park, which will be the tallest residential structure in the western Hemisphere. Additionally, the work by Larry Silverstein, who has spent the last 14 years rebuilding the office component of the World Trade Center site, will contribute greatly to the city. Along with co-developing the Time Warner Center, William Mack is currently involved in the construction of 8,000 multi-family residential units. Quan added that panel chair Richard Baker also has substantial real estate interests, in addition to his retail turnaround of HBC, which operates 320 stores, including Hudson’s Bay, Saks Fifth Avenue, Lord and Taylor, Saks Fifth Avenue OFF 5th, and Home Outfitters. Led by title sponsors Cushman & Wakefield and Commonwealth Land Title, sponsors for the event include Ackman Ziff Real Estate Group, Convene, Eastdil Secured, First American Title Insurance Company, and Four Seasons Hotels and Resorts. The Center for Real Estate and Finance, established in 2009, is the foremost clearinghouse for hospitality real estate and finance information. Defined by its intellectual capital, industry experience, and rigorous academics, the center is respected as a leader of real estate and finance. Built on a tradition of quality research in the hospitality industry and a growing real estate and finance faculty, the center is at the forefront of research in all areas of commercial real estate—from studying the behavior of real estate assets in investment portfolios to understanding real estate capital markets and science of hedging real estate risk.