Real Estate News

The 2009 Home Affordable Modification Program (HAMP), which provided loan servicers with sizeable financial incentives to renegotiate mortgages, was intended to help 3 to 4 million struggling homeowners. Instead, the program is benefiting just over a third of that target, according to a paper coauthored by Edward S. Gordon Associate Professor of Real Estate Tomasz Piskorski. The study finds that if the worse-performing banks had simply modified loans at the same pace as their better performing peers, then HAMP would have produced about 800,000 more modifications.

In February 2008, Madison International Realty was presented with the opportunity to buy an additional equity position in the partnership that owns the Mayfair House—a 10-story, trophy-quality office building located in the Mayfair submarket of London’s West End. In the case based on this situation, students are presented with information on the UK real estate market, the terms of the partnership agreement, and an investment spreadsheet in order to determine how much Madison should pay for this interest and what conditions in the partnership agreement might impact the valuation.

Gentry Ashmore Hoit ’90 is joining Park Madison Partners as partner to advise clients on real estate acquisitions and capital-raising efforts. The New York-based real estate placement and advisory firm was cofounded by Nancy Lashine ’81.

Adjunct Professor Tommy Craig '82 received widespread attention this week for leading Dallas-based firm Hines to sustained success in the New York market. Craig's work as senior vice president and partner in Hines's regional office in Manhattan is featured as the lead story in the July 23 Crain's "Real Estate Report." The piece commends the firm's development and management work in New York over the past 24 years, from the Lipstick Building in 1986 to the One Bryant Park building currently under way.

The real estate investment firm led by managing partners Nicholas Bienstock '96 and Christopher Schlank has climbed into second place among New York City's acquirers of commercial office buildings.

Allowing underwater homeowners to refinance their mortgages with shorter amortization periods and at minimal closing costs would benefit more than a million homeowners while also helping to stabilize the housing market and boost the broader economy, all without cost to taxpayers, according to new research and analysis by a team at Columbia Business School.

In early 2012, Lee Neibart, head of global investments for AREA Property Partners, considered the imminent changes to the real estate investment fund business. This case asks students to consider various modifications to the firm's business model, taking into consideration the macroeconomic and microeconomic drivers of the real estate market.

Managing partner and founder of Park Madison Partners, Nancy Lashine '81 has more than 25 years of real estate experience providing placement and strategic consulting services. In a recent interview with Kate Crosby '13, she shares insights about the industry that make for interesting and motivational reading whether you're a seasoned veteran or new MBA on the job market.

The Columbia Business School Real Estate Association is pleased to announce the co-presidents and vice presidents elected for the 2012-13 academic year. The officers, all in the class of 2013, were elected by the REA membership.

Hundreds of real estate alumni from the classes of 1960 to 2012 graduates gathered on May 10, 2012, for the Annual Alumni Real Estate Reception. Held at the Columbia Club of New York, the event honored 2012 Distinguished Real Estate Partner Andrew L. Farkas, Managing Member, Chairman, and CEO, Island Capital Group.