Questions related to Real Estate

Anonymous
timer Asked: Feb 6th, 2019
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Question Description

Use NYC Active Major Construction website to identify a New Building development site in your neighborhood or a neighborhood of interest to you and answer the following questions.

https://www1.nyc.gov/assets/buildings/html/nyc-active-major-construction.html

1. List the details of the development project you selected including location, use, lot and building size, developer, and status. Research and provide up to 3 objections to the development and stated reasons.

From the perspective of a resident/neighbor:

2. Discuss how this project will impact your block/neighborhood during construction and upon completion.

3. Do you think there was a better use for that location than what is planned or does it fit the property site/neighborhood?

Now, from the perspective of a developer:

4. What would you build on the site? What is highest and best use for the neighborhood and location?

5. How do you see the development’s impact on the neighborhood?

6. How does the site integrate with the surrounding buildings and block?

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III. WHAT IS DEVELOPMENT? Definition: REAL ESTATE DEVELOPMENT Real estate development is the continual reconfiguration PROCESS of the built environment to meet society’s needs. REBS 1-UC 1010 – Section 1 Development is a necessity for society. What are the basic needs of society? III. WHAT IS DEVELOPMENT? REAL ESTATE Three basic human needs: DEVELOPMENT PROCESS REBS 1-UC 1010 – Section 1 What else does society need? III. WHAT IS DEVELOPMENT? REAL ESTATE All of us inhabit the built environment DEVELOPMENT PROCESS . Most people don’t understand the real estate development process, REBS 1-UC 1010 – Section but1everyone uses real estate every day to: • Live • Work • Play • Eat • Drink • Shop • Learn • Connect & Engage • Build Community • Explore • Experience • Discover III. WHAT IS DEVELOPMENT? James Graaskamp, professor and chairman of Real Estate Department at University of Wisconsin, Madison (1964 – 1988) § Helped establish real estate field within the realm of academia § Created ethics-based curriculum used in teaching and real estate proceedings § Recognized development had considerable and nearly irreversible impact on land § Advocated more comprehensive approach and social component to feasibility analysis III. WHAT IS DEVELOPMENT? Graaskamp coined the concept that most development projects can be characterized as either: 1. A user in search of a site 2. A site in search of a user 3. An investor in search of a development opportunity III. WHAT IS DEVELOPMENT? REAL ESTATE DEVELOPMENT PROCESS 1. A user in search of a site. REBS 1-UC 1010 – Section 1 What does this mean? Examples? III. WHAT IS DEVELOPMENT? REAL ESTATE A specific user is looking for a site to do business. DEVELOPMENT § Retail concept expanding store locations PROCESS § Restaurant franchisee looking for locations § Municipality needs to build a new school or community center REBS 1-UC 1010 – Section 1 § Hospital needs new location to expand services § Amazon and Google needed a new NYC HQ § NYU needs to expand classrooms for SPS What does this mean for a developer? III. WHAT IS DEVELOPMENT? REAL ESTATE DEVELOPMENT PROCESS 2. A site in search of a user. REBS 1-UC 1010 – Section 1 What does this mean? Examples? III. What is Development? REAL ESTATE activate property from user occupying space or buyer: DEVELOPMENT §PROCESS Raw land/greenfield – suburban or in the path of urban growth A developer or public entity who owns property seeks to generate income and § Brownfield §REBS Existing building(s) 1-UC 1010 – Section 1(operating, demo, redevelopment) § Municipal property (RFP) III. What is Development? REAL ESTATE DEVELOPMENT What does a developer do if owns a site and is searching for a user? PROCESS REBS 1-UC 1010 – Section 1 Determine the Highest and Best Use How does a developer determine highest and best use for the site? III. What is Development? REAL ESTATE 3. An investor in search of a development opportunity REBS 1-UC 1010fund – Section 1 money to invest § Pension with § Private investor looking for high-yield investment or to diversify portfolio § 1031 Exchange III. What is Development? What is most important factor to consider in any real estate development? REAL ESTATE DEVELOPMENT PROCESS REBS 1-UC 1010 – Section 1 Risk vs reward III. WHY IS DEVELOPMENT IMPORTANT? REAL ESTATE DEVELOPMENT PROCESS Why is real estate development important? REBS 1-UC 1010 – Section 1 III. WHY IS DEVELOPMENT IMPORTANT? Constant social change implies constant alteration of the built environment REAL ESTATE DEVELOPMENT PROCESS REBS 1-UC 1010 – Section 1 Populations Consumer Tastes Lifestyle Choices Economic Changes Technology III. WHY IS DEVELOPMENT IMPORTANT? From the perspectives of: REAL ESTATE § Urban development (physical, social, environmental) DEVELOPMENT PROCESS § Finance & investment § A user REBS 1-UC 1010 – Section 1 § A community § The developer Which is most important? III. WHY IS DEVELOPMENT IMPORTANT? Development is a multi-disciplinary, layered, and iterative process (creation/recreation) The Graaskampian Spiral III. WHY IS DEVELOPMENT IMPORTANT? REAL ESTATE Real estate development is a creative process that adds value; a blend of art and DEVELOPMENT science. PROCESS Real estate development requires more knowledge than ever. REBS 1-UC 1010 –must Section 1 A developer anticipate the future while learning from the past. III. NOTABLE DEVELOPMENTS IN NYC World Trade Center REAL ESTATE DEVELOPMENT PROCESS § § § § § § REBS 1-UC 1010 – Section 1 16 acre mixed-use 5 office towers totaling 12M SF 500,000 SF of retail (shopping/dining) 8 acre Memorial Park Transportation Hub Estimated $15B to rebuild entire site “It’s been the biggest challenge of my life and it’s only taken us 18 years to this point.” -Larry Silverstein, Owner, Silverstein Properties III. NOTABLE DEVELOPMENTS IN NYC Hudson Yards REAL ESTATE DEVELOPMENT PROCESS REBS 1-UC 1010 – Section 1 § § § § § § § § § § 28 acre mixed-use 18,000,000 SF of office and residential 1,000,000 SF of retail and dining 4,000 residential units 14 acres of gardens, plazas, playgrounds, and public space Public School The Shed cultural space, Vessel Extension of 7 train Estimated development cost $25B A city on stilts “We think the center of gravity, which I regard as Rockefeller Center, will shift to Hudson Yards with all the things that we are doing.” -Stephen Ross, Chairman, Related Companies III. NOTABLE DEVELOPMENTS IN NYC One Vanderbilt Place 1,600,000 SF commercial office tower Completion 2020 Will be 4th tallest building in NYC Adjacent to Grand Central Terminal – required upgrades to subway platform, infrastructure § Observation deck § Estimated development cost $3B+ § https://www.onevanderbilt.com/#vid § § § § "One Vanderbilt will be a high-performing addition to the Manhattan skyline serving as a blueprint for 21st century commercial development.” -Marc Holliday, CEO, SL Green Realty Corp. III. NOTABLE DEVELOPMENTS IN NYC Midtown East Rezoning REAL ESTATE DEVELOPMENT PROCESS 78 block stretch Incentivizing the development of modern, sustainable, Class-A office space. Reducing challenges for the redevelopment of outdated, overbuilt buildings. Helping to preserve landmarked buildings and maintain the area’s iconic built environment. Upgrading the area’s transit network and pedestrian realm, befitting its status as a world-class business address. Enhancing key characteristics, such as access to light and air, active retail corridors, and the iconic street wall character in the area surrounding Grand Central Terminal. REBS 1-UC 1010 – Section 1 III. NOTABLE DEVELOPMENTS IN NYC Domino Sugar Factory § § § § § § § § 11 acre site on waterfront in Williamsburg Landmarked building Phase I completion 2019 Total 2,300 apartments in 4 buildings incl. 700 affordable units for which 87,000 applications were received 500,000 SF glass box office space geared towards creative/tech uses 5 acre Domino Park and historic artifact walk Play area and flexible playing field Estimated development cost $3B “Weaving in industrial remnants of the factory, Domino Park will serve as a living, breathing reminder of the history of this storied neighborhood.” -Jed Walentas, Two Trees Management III. NOTABLE DEVELOPMENTS IN NYC WeWork, 424 Fifth Ave. § Former Lord and Taylor Manhattan Flagship location for over 100 years at 39th St § Landmarked building § 676,000 SF § Basement, 1st and 2nd floors will be preserved as retail § WeWork purchased for $850M. Estimated redevelopment cost $200M § WeWork is now Manhattan’s largest private office tenant with 60 locations totaling 5.3M SF (surpassed JP Morgan Chase) § Opening TBD “Preserving one of the most iconic buildings in New York City’s history is a monumental opportunity. Our design will honor Lord & Taylor’s past, building towards the future and ensuring this landmark continues to be a central figure in our city for years to come. Traditional meets modern to bring renewed energy to the space, sparking new ideas and connections among its future tenants and users.” -Bjarke Ingels, Chief Architect, BIG for WeWork III. NOTABLE DEVELOPMENTS IN NYC REAL ESTATE DEVELOPMENT 21,000 SF, 2-level food hall patterned after Lisbon, which drew 3.6M visitors in 2017 PROCESS Time Out Market, DUMBO § § 21 restaurants including: Juliana’s, Reserve Cut, Bessou, Jacob’s Pickles, Clinton St. Baking Co, Mermaid Oyster BarREBS 1-UC 1010 – Section 1 § 3 bars, 520 indoor and outdoor seats, rooftop, and performance stage § Opening Spring 2019 § Estimated development cost unknown “You’ll eat meals from award-winning chefs, sip on refreshing cocktails, and take in breathtaking waterfront views and artistic performances all in one place.” -Time Out III. NOTABLE DEVELOPMENTS IN NYC REAL ESTATE DEVELOPMENT America’s worst airport and 14 worst in the world PROCESS Total project adds 2.7M SF to make 6 new concourses, LaGuardia Airport Renovation and Expansion § § th 72 gates, 2 new arrival and departure halls. § Rail service between LGA and Midtown along with 14 REBS 1010 – Section 1 miles of1-UC new roads § Completion in 2022 § Estimated development cost $8B funded 75% by private dollars and 25% public dollars (Delta is self funding $4B renovation of terminal) ...
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EagleEye1
School: Carnegie Mellon University

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Anonymous
Good stuff. Would use again.

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