Associate Real Estate Council NYC Trek
Trek participants and speakers at Two Sigma Real Estate in NYC.
Thirty first- and second-year graduate students from the Cornell Baker Program in Real Estate participated in the annual Associate Real Estate Council (AREC) trek to New York City, providing a unique opportunity to connect across cohorts and learn together during the journey. The first stop was Two Sigma Real Estate, a hedge fund combining traditional private equity investments with technology and data science. The visit began with a brief welcome, tour of their workspace, and remarks from Richard Gomel, partner and chief investment officer; Angela, investment associate; and Marlene Guraieb, head of data science for private equity real estate. They shared insights into the company’s fund structure, fundraising process, and investment strategy. The team also presented a case study of a $700 million acquisition of a multifamily portfolio in Brooklyn, NY. They detailed the transaction process and highlighted the challenges the company overcame to close the deal successfully, illustrating their integration of data science.
Our second visit was to Avison Young, where we were graciously hosted by Scott Singer, principal and co-lead of Tri-State Debt & Equity Finance. He provided an overview of the company’s real estate services, which range from brokerage to debt and equity financing. Singer and his team discussed current economic challenges and applied historical trends in the 10-year U.S. Treasury yield to current market conditions. They concluded their presentation with a detailed discussion of a specific transaction: an office building in New York City valued at $23 million, financed with $11.5 million in debt. The team walked us through key metrics such as debt yield and details of the sponsor and asset.
The trek offered a well-rounded perspective of the real estate industry, showcasing the contrasting approaches of a technology-driven investment firm and a traditional real estate services provider. The day ended with a reception at the 42nd Annual Cornell Real Estate Conference, wrapping up an insightful and productive experience in New York City.
The AREC trek was made possible through the resources and contacts provided by the Center for Real Estate and Finance and the Paul Rubacha Department of Real Estate. Special thanks to Elizabeth Cunningham, department manager of the Paul Rubacha Department of Real Estate, for her critical role in coordinating logistics for this event.
About the author
Ernesto Bordon Gonzalez is a second-year master’s student in the Baker Program. He serves as co-president of the AREC.