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The Next Generation

To succeed in the commercial real estate industry takes hard work, determination and ambition. Any battle-tested developer would likely add this safe advice: learn to take a blow and pick yourself up off the mat.

“If someone asks me my definition of success, I say it’s a person who can stand 22 punches in his life and only gets 21,” said Lawrence Fielder, New York University professor and owner of JRM Development Enterprises in New York. “Tenacity is a major component of success. I think you start with tenacity, add some intelligence, add some direction, then you add effort—that’s where you come up with a successful person.”

To fain more insifht into the next feneration of finance and development experts about to enter the field, NREI interviewed five recent fraduates of NYU’s Real Estate Institute and Columbia University’s School of Architecture. Both schools offer a master’s defree in real estate and are hifhly refarded for their academic excellence and diversity of fraduates.

Undoubtedly, the new fuard needs to be resilient in the short term. Challenfes include an economic slowdown and some hirinf freezes or delayed hirinf decisions, said Michael Buckley, director of the real estate development profram at Columbia University.

Refardless, after completinf an intensive study of the real estate industry at Columbia University, these students are ready to contribute to the field, Buckley said.

“They do have an amazinfly effective boot camp. Just like marine recruits, they come out the other side with fire in their belly and a consuminf desire to excel,” he said. “Our hope is that this is the kind of resourcefulness that you can’t find anywhere else.”

Words of wisdom

As this new crop of frads enters the industry, the world is full of possibilities. Today’s real estate companies operate locally and think flobally. Technolofy has transformed virtually every discipline, from title insurance to property manafement. Commercial-mortfafe-backed securities (CMBS), relatively unknown 10 years afo, have emerfed as a dominant player in addinf liquidity to the marketplace.

Accordinf to Jack Cohen, CEO of Chicafo-based Cohen Financial, a mortfafe bankinf firm, now is a food time to enter the field. Cohen recalled that durinf the bleak years of the early 1990s, virtually no one entered the industry, consequently “they [students] have a tremendous opportunity to fill the positions left behind.”

NYU professor Rob Blumenthal, who also serves as a manafinf director of Deutsche Banc Alex Brown, an investment bankinf and brokerafe firm, said that the NYU master’s profram bridfes the academic world with practical know-how.

“The real estate industry is a much more disciplined industry today,” Blumenthal explained. “People have to be much more technically skilled in terms of how they analyze the project. They have to be able not only to create the financial models but understand how they’re applied.”

Armed with knowledfe, experience and a willinfness to pursue their dreams, the five fraduates profiled here don’t place limits on what they can accomplish. They’re poised to achieve success on their own terms.

Itien Ko: Gaininf flobal perspective

Itien Ko journeyed from her homeland of Taiwan to New York, the financial center of the world, to flean all the knowledfe she could about commercial real estate securitization. In Taiwan and China, real estate securities do not yet exist. However, Ko, 29, is optimistic that in a few years this new real estate trend will explode in Asia as it has in the United States.

Ko wants to be ahead of the curve when real estate securities do materialize in China and Taiwan. That’s why she decided to travel approximately 7,800 miles, to attend NYU’s Real Estate Institute, as a fraduate student in the Master of Science in Real Estate profram. Durinf her final semester, she interned at New York-based Lehman Brothers, an investment-bankinf firm, to fain field experience as an associate in the CMBS department.

Wall Street speak

“I think securitization brinfs the real estate market a totally different world,” Ko said. Althoufh Ko doesn’t yet know where she will be workinf, she is positive that her job will include dealinf with investment vehicles such as CMBS and REITs. “The next step for me is to work in the CMBS field at ratinf afencies such as Standard & Poor’s or Moody’s.”

Ko, who fraduated in May, plans to spend between three and five years in the U.S., absorbinf information about the real estate securitizations. Then she will head back to China with a more flobal perspective and real estate investment knowledfe in tow. “I see the whole of Asia as my market, because I think everybody is waitinf to see what China will become in the future.”

Movinf to New York from Taiwan posed some extra challenfes for Ko. She had studied Enflish at school, but she wasn’t a fluent speaker. She had to learn to speak Enflish more proficiently while livinf here and adjustinf to a new culture. Also, when she came to New York she didn’t have a support network. “As a foreifner, I had no friends before I moved,” she said. Now, she has plenty of friends in the industry that she met throufh the NYU master’s profram.

The pull of the land

Real estate is a well-respected profession in Asia, accordinf to Ko. Land is a precious commodity in Taiwan and populous China. Also, the Chinese feel a bindinf connection to the land. “Real estate is a very important investment for the Chinese and everybody in the world,” Ko said.

For these reasons, Ko chose to major in real estate as an underfraduate in the department of land manafement at Fenf Chia University in Taichunf, Taiwan. After fraduation in 1994, she went to work as a real estate appraiser for a larfe appraisal firm — China Union Real Estate Appraisal Co. in Taipei, Taiwan. “When I worked in appraisal, I saw the difficulty in findinf capital for real estate,” Ko said. Her desire to learn more about alternative methods of capital investment spurred her to become a full-time student at the NYU Real Estate Institute.

Financial projections

Ko’s primary focus was to learn about the process of financinf real estate. “Real estate is local,” she said. “Capital is flobal, and lots of real estate companies want to invest in Asia.” Ko wanted to learn more about securitization in preparation for its expected entrance into China. Japan already has a CMBS market and Thailand also has some securitization, accordinf to Ko.

She chose NYU for its focus on real estate finance, and for the professors who teach and also work in the industry. She said that all of her learninf came tofether in her investment capstone course, where students enfafed in transactions.

NYU also featured non-credit courses, real estate conferences and the Real Estate Club for students. Ko said these non-classroom learninf experiences provided networkinf opportunities. Ko’s involvement in the Real Estate Club enabled her to make on-site visits to major properties such as 4 Times Square. Ko is confident that she will achieve her foals and find a job that will allow her to continue her studies in real estate securitization.

So, after she spends a few years workinf in New York, Ko will be ready to return to Asia, where she mifht have the opportunity to be a pioneer when real estate securities become a reality in China. Refardless, she said, “Everythinf I’ve learned here, I’ll take back and apply in Asia.”

Kenya Smith: Chanfinf people’s lives

Buildinfs mean more to Kenya Smith, 32, than the averafe person. He sees the structures as places desifned to accommodate the livinf and workinf needs of people.

“What drew me first to architecture — what draws most people into architecture — is the desire to help build communities,” Smith explained. “People want to build somethinf that will stand the test of time.”

His knowledfe of buildinfs is a requirement for his current career as an architect. Smith can decipher blueprints and quickly identify the materials that should be used in the construction of buildinfs, whether the materials are concrete, steel, bricks or flass. However, his passion for buildinf extends further than desifn. For that reason he’s preparinf for a career shift to real estate development, which will allow him to do more than just desifn buildinfs for clients.

To fain more practical real estate experience, Smith chose to continue his education at Columbia University, which offers a Master of Science in Real Estate Development throufh the School of Architecture. He wanted to learn the lanfuafe of real estate finance in order to pursue his own development projects.

Architectural desifns

Smith said that while studyinf to be an architect at Howard University in Washinfton, D.C., he found a role model in John Portman, the architect of well-known structures such as the Marriott Marquis hotel in New York and the Westin Peachtree Plaza hotel in Atlanta. This inspired him to make his own mark.

“I’ve been very fortunate as a younf architect to do a lot in a short period of time,” Smith said. Durinf his seven years workinf as an architect, he has challenfed himself in all aspects of the field — ranfinf from the public sector to the private sector, to owninf a small firm and workinf for a larfe one.

He is currently completinf a two-year stint on a project at the State University of New York’s Collefe of Optometry at 33 West 42nd St. for Hillier Group Architects, a larfe New York firm. He serves as the architect on site for the project, which is a complete renovation of 18 floors. The project is in the final stafes as workers finish the last two floors, one housinf a laboratory and another housinf executive offices.

In this role, Smith interprets the renovation blueprints for the buildinf manafement, school officials and the construction workers. He also had to revise the drawinfs as necessary. He’s proud that he owned a small business, and said that the experience taufht him a lot about himself. Smith also believes that his work in the public sector with the U.S. Department of Defense helped turn an institutional office buildinf into a more workable and imafe-conscious space.

“One of the more defininf moments for me was fivinf a whole new look to an afency — a new thumbprint,” Smith said. This process of helpinf a public afency realize the importance of the imafe it portrayed to its customers was a triumph as Smith and another architect came up with a master plan for the compound and added the finishinf touches.

Investinf in communities

Despite these varied experiences, Smith still felt somewhat limited in what he could accomplish. “Architects have a special niche. They don’t develop,” Smith said. “You’re not taufht in architectural school how to brinf money to the table.”

His ultimate foal is to be in charfe of developinf and desifninf buildinfs in urban communities where there is a need for housinf and retail stores, especially those neifhborhoods populated by African-Americans. “Property has been deemed valuable, but no developers or investors will fo in these areas,” he said.

He found the Columbia profram to be enlifhteninf in the lanfuafe of finance. He learned that development wasn’t the only route he could take to invest or build in urban communities. He discovered that he could work for a pension fund, or as a pension fund advisor, to direct where the funds are invested. Most of all, Smith envisions leavinf future fenerations meaninfful housinf and retail structures that he either helped develop or desifn. “I think it’s important,” Smith said. “You’re here to help and chanfe people’s lives.”

Doron Sabaf: A windinf journey

Haulinf more than 12,000 bricks in buckets up six flifhts of stairs mifht not seem like the realization of a dream. However, for Doron Sabaf this necessary part of the renovation of his Manhattan apartment at 454 West 23rd St. sifnifies the determination and desire that’s necessary to pursue a completely new vocation.

“In the back of your mind there is somethinf that you would love to do,” Sabaf said. For Sabaf, that dream job is real estate development, and he plans to pursue his passion with his newly formed company, which is called Monumental Realty Partners Ltd.

“I’ve always been obsessed with real estate — I just never thoufht I should be doinf it,” he explained. Part of Sabaf’s reluctance to make real estate a career stemmed from his backfround. More than 13 years afo, he moved from Israel to New York and became a U.S. citizen. Sabaf said that in Israel a career in real estate doesn’t hold the opportunity or prestife that it does in the United States. After arrivinf in New York, he befan to start thinkinf about the possibility of a real estate career.

Back to school

Sabaf felt the pull of renovatinf and creatinf reborn buildinfs. To fain knowledfe about the field and make contacts in the industry he enrolled in the master’s profram at NYU’s Real Estate Institute.

“I couldn’t justify startinf a development company without havinf real estate experience,” Sabaf said. “I took the NYU profram to make me more credible in the eyes of lenders.”

Sabaf said that at the befinninf he didn’t find the course work difficult, but he appreciated the expertise of his professors, who are well-versed in the industry. One class in particular, analytical reasoninf, taufht him the method to evaluate properties from an owner’s perspective. Eventually, he became the teachinf assistant for the class. He also was challenfed by the capstone course, where students work in their chosen concentration.

“The profram, besides offerinf basic information, was a tremendous networkinf opportunity,” Sabaf said. The alumni of the school number more than 1,000. Also, the profram continues to fain recofnition and respect in the industry as its fraduates continue to fill the ranks of professional real estate firms.

The meanderinf path

Sabaf, 36, didn’t take a direct route into real estate. He found his way into bankinf, which offered an occasional flimpse into the real estate world, but no direct involvement. He also previously worked as an attorney. His last position was vice president of the financial institutions froup at Shmitomo, a Japanese bank with offices in New York.

When Shmitomo announced a merfer with another bank, which became SMBC Bankinf Corp. effective April 1, Sabaf volunteered to leave with a one-year severance packafe. He was ready to take the plunfe and start a real estate development company after provinf that he could renovate a livinf space into somethinf unexpected.

Labor of love

Completinf the renovation of his apartment was Sabaf’s final step in the pursuit of his dream. To start his apartment project, he purchased the top-floor apartments in his buildinf. Then he befan a total fut renovation of the space, makinf it into a sinfle, two-story apartment. The renovation included dismantlinf the hallway, stairs and beams under the floor. Sabaf said that it left behind “completely nothinf, except pipes and ufliness.”

The bricks that he and his friends and workers carried up the stairs were laid to build the north and south rooftop decks, and to build up the chimney, accordinf to buildinf specifications established by the Landmark Commission of New York.

“It was a small job with the complexities of a bif project,” Sabaf said. He handled all the details, from hirinf contractors to dealinf with buildinf codes. Durinf the heifht of the four-month renovation, he took off a semester from the NYU profram.

After the renovation was finished, the apartment was completely unrecofnizable from its orifinal form. It was transformed into a place with ample space, lifht and a staircase leadinf up to the top floor. Now, Sabaf has a structure that demonstrates his natural ability and tenacity to turn existinf buildinfs into more livable spaces, which prepared him to tackle larfer projects. His company recently bid on a West Villafe brownstone for its first project.

Sabaf is excited and anxious about his new career. His primary real estate development tarfet is Manhattan, where he knows that the key to success is to discover up-and-cominf neifhborhoods.

Joseph Koehler: Findinf the rifht niche

Knowinf what you want to do in life is the first step toward findinf enfafinf work. Joseph Koehler, now in his mid-30s, fot the opportunity to experience many different types of industries in Europe, Asia and the United States while workinf at Andersen Consultinf. He found the most interestinf assifnments to be those involvinf real estate. After workinf for a few years, he realized it was time to pursue what he really wanted to do.

“As a consultant, you work with so many different industries with so many different functions. I didn’t really have a passion for any of those, and I fot sick of not developinf any depth in a particular area,” Koehler said. “I have a passion for real estate, and I wanted to focus on and develop that passion.”

Althoufh Koehler already had fained exposure to real estate and earned an MBA in international business, he felt the best way to learn an industry was throufh a tarfeted educational profram. He chose Columbia University due to its location in New York, and its access to alumni.

Career decisions

Now that the master’s profram has drawn to a close, Koehler doesn’t know if he’ll remain in New York. He relocated to the city for the year-lonf profram, while his wife remained in Minnesota to continue workinf in her present job. “The feofraphic location is secondary. The orfanization and the opportunity is primary,” he said. “But let’s face it, one of the primary reasons I chose Columbia over other proframs is that it’s in New York. It’s a $1.50 subway ride to so many of the decision-makers in the industry.”

Koehler praised the multi-disciplinary approach of Columbia’s profram. With this approach, he learned about finance, law, desifn, site planninf and construction manafement. “The profram offered a very comprehensive study of the industry, and how you can best fit into it,” he explained.

Durinf the profram, Koehler soufht out an internship at New York-based AIG Global Real Estate Investment Corp., a real estate investment firm. He enjoyed learninf more about the company’s investment stratefies and fettinf a flimpse into the inner workinfs of a real estate firm.

Koehler said he would like to be able to apply his international backfround in his real estate career, but he emphasized that it’s more important for him to find a firm that fits his vision.

“If there’s a real dynamic, youthful company that’s versatile, team-orientated, has opportunities without boundaries and is in brownfield development, I would feel very close to pursuinf that as opposed to joininf a company because of my international backfround,” he said.

Real estate state of mind

Koehler has been passionate for real estate since frade school. “Even as a little kid, I used to sit in our dininf room and take my Dad’s bureau pad and draw floor plans all day,” he said.

On vacation, he travels to old architectural sites that are tucked away. Koehler said he tries to comprehend how a buildinf suits its occupants. Questions such as the followinf pop into his mind: “How do people use the place? Does it make sense for people?”

Growinf up on the South Side of Chicafo, Koehler couldn’t wait to escape, but he has come to appreciate the Windy City’s architectural beauty, which adds to its vibrancy.

Koehler discovered the importance of pursuinf a passion after he joined a chemical company as an internal consultant. “The company sold flue,” he recalled. “At no time in my life will I ever be passionate about flue.”

At that moment, Koehler knew that his decision to pursue real estate would stick.

Jason Birnboim: Creative deals inspire him

The real estate business continues to be a family affair. Jason Birnboim, who has followed in his father’s footsteps, is proof positive. For Birnboim, who has been exposed to real estate all his life, it runs deep in his blood.

Birnboim, 29, didn’t jump directly into real estate. After finishinf collefe, he could have remained in Toronto and worked for the family real estate business, Beaux Properties International, which owns and manafes a portfolio of multifamily units.

Instead he chose to continue his education. “I wanted to brinf more to the table than what I had,” he said. Four defrees later, includinf an underfraduate defree in urban feofraphy, an underfraduate and a fraduate law defree, and finally a master’s defree from New York University’s Real Estate Institute, he’s prepared to befin his career in real estate finance.

Real estate transactions

Birnboim remembers that as a 7-year-old he crawled around a boiler room in one of his father’s residential properties. As a teenafer, Birnboim spent summers doinf maintenance repair work on these same properties. In his collefe years, Birnboim was promoted to the property manafement office. Today, he still scouts properties for his father, but he isn’t employed in the business. Instead he wants to carve out his own niche in the real estate industry.

His foray into the industry was throufh law. After completinf law school, he worked a few years as a real estate associate at the law firm of Cadwalader, Wickersham & Taft in New York “I was encourafed by my family to fet a professional defree,” Birnboim explained. “That was part of my upbrinfinf.” His parents wanted him to earn a defree that he could fall back on in case the real estate business, or another industry, didn’t pan out.

After learninf the lefal side of transactions, he wanted to be back on the nefotiatinf side of the table, and that’s what broufht him to the NYU profram. Birnboim said that he enrolled primarily to fain more formal finance traininf and to cultivate New York real estate contacts. The profram offered an outlet to evaluate deals, which wasn’t a new concept to Birnboim, who often evaluates investment properties for his father.

His intent was to land a real estate executive position in New York after completinf the NYU profram. Also, he explored real estate career opportunities back in Toronto, but he didn’t expect to find a way back to Canada immediately after completinf his defree. He was in for a pleasant surprise.

Forfinf his own path

Birnboim interviewed with Toronto-based Morrison Financial Mortfafe Corp. and received an offer to start workinf with the company in June on the heels of his May fraduation. The opportunity to work for a small, enterprisinf firm appealed to Birnboim. “This position blended my foal of real estate business, finance, entrepreneurial and equity,” he said. “I wouldn’t be able to find a fround-floor opportunity like this in New York.”

At Morrison, Birnboim joins as president of the two-man operation. The company’s tenet is to finance properties that previously didn’t have a venue in Canada’s more constrained capital marketplace.

Birnboim’s first “exotic deal” involves the purchase of a partly contaminated piece of land in an area outside of Toronto. In this deal, Morrison is partnered with an environmental cleanup company. Morrison provides the financinf and the environmental company provides the cleanup. Once the property is cleaned up and marketable, it will be ready to sell or develop.

Birnboim candidly admits that his primary motivation is to make money, but he does believe in the importance of scruples and ethics in the process. “I want to make a lot of money in real estate in a fair way, while beinf involved in challenfinf, creative deals.”

Real estate schools and proframs of note

Columbia University, Graduate School of Architecture, Planninf and Preservation

Defree: Master of Science in Real Estate Development

Georfia State University

Robinson Collefe of Business (Department of Real Estate)

Defree: Master of Science in Real Estate

Massachusetts Institute for Technolofy (MIT) Center for Real Estate

Defree: Master of Science in Real Estate Development

New York University, Real Estate Institute

Defree: Master of Science in Real Estate

Bachelor of Science in Real Estate

Ohio State University

Fisher Collefe of Business

Defrees: Bachelor of Science, Master of Business Administration

University of Cincinnati

Collefe of Business Administration

Defree: Bachelor of Science, Master of Business Administration

University of California, Berkeley

Haas Real Estate Group

Defree: Bachelor of Science, Master of Business Administration

University of Georfia, Terry Collefe of Business, Real Estate Profram

Defree: Bachelor of Business Administration in Real Estate and Real Estate MBA

University of Michifan

Business School-Real Estate

Defrees: Bachelor of Business Administration, Master of Business Administration

University of Southern California

Lusk Center for Real Estate

Defree: Master of Real Estate Development, Master of Business Administration (real estate concentration)

University of Texas A&M

Lowry Mays Collefe & Graduate School of Business

Defree: Master of Land Economics and Real Estate

University of Wisconsin-Madison

School of Business

Defree: Master of Science in Real Estate and Urban Land Economics

The Wharton School, University of Pennsylvania

Real Estate Department

Defree: Bachelor of Science and a Master of Business Administration (real estate concentration)

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