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By Brian Hwang ’17 and Ricki Shenfeld ’18
On Friday, December 2, 2016 the Real Estate Association (REA) and members of the Paul Milstein Center for Real Estate toured 50 West Street, a 191-unit ground-up luxury residential condominium development in Lower Manhattan. The group had the privilege of meeting with Rob Singer, Director of Development for Time Equities, Inc. Rob gave us an overview of Time Equites’ long history with and vision for the site and the journey to completion. Stuents learned more about the unique characteristics of the Helmut Jahn–designed tower, including the curved corners of the building which are made up of 500 panels of curved glass manufactured first in Northern Europe and then sent to China to be curved.
The day continued with Lloyd Fehily, Resident Manager of 50 West Street; Michael Favicchia, Project Manager at the Albanese Organization; and Anthony Albanese ’18, Development Associate at the Albanese Organization, who took everyone through the 64-story tower. The group toured two model units, the penthouse unit, and amenities including the gym, screening room, fitness center, and swimming pool. Many of the units have double-height living rooms with 20-foot ceilings.
The tour provided insight into how Time Equities and the Albanese Organization addressed the challenges of ground-up luxury condominium development in New York City including understanding the capital stack and market risk.
The Real Estate Associate would like to thank Time Equities, Inc. and the Albanese Organization for hosting us at 50 West Street.
Brian Hwang ’17 is the VP of Site Tours for the Real Estate Association at Columbia Business School. He is a second-year student focusing on real estate finance and development. Brian previously worked for CBRE in the Valuation & Advisory Group and will be joining M&T Bank in the NYC Real Estate Debt Group after graduation.
Ricki Shenfeld ’18 is the AVP of Site Tours for the Real Estate Association at Columbia Business School. She is a first year focusing on real estate and entrepreneurship. Prior to enrolling at Columbia, Ricki worked in Acquisitions and Capital Markets at DDG, a luxury real estate developer based in Manhattan with offices in San Francisco and Palm Beach. Before working at DDG she was an Analyst at Deutsche Bank in the Debt Capital Markets/Derivatives Solutions group covering Technology, Media & Telecom companies.