DISTRESSED SPACE CASE
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|Real estate students from NYU joined fellow Cornell, Indiana, American, Penn State, UCONN, and UT-Austin undergrads Thursday at TIAA-CREF’s Third Ave HQ for the first annual Cornell Undergraduate Case Competition, where they were given 20 minutes to present and another 20 to answer questions on the best investment strategy for a fund. We snapped Jeremy Salzberg, Diana Berger, Bretton Taylor, Daniel Pessar, Jameel Merali, and Ardon Wiener.|
|The esteemed judges: Archon Hospitality prez Todd Giannoble, Cornell professor Daniel Quan, Praedium Group director Jeffrey Hertz, DRA Advisors prez Francis Tansey, Prudential Real Estate Investors managing director Cathy Marcus, and TIAA-CREF managing director Martha Peyton. The overall winner, Cornell, was chosen for its best strategy on how to handle three distressed properties: an empty lot at E. 40th St and offices in NoMa (DC) and King of Prussia (PA); and whether the fund should purchase a fractured condo in Orlando and convert it. Sponsors were Archon, AREA Property Partners, BlackRock, ING Clarion, National Realty & Development Corp., Prudential, and TIAA-CREF.|