Schack Team Honored By National Real Estate Competition

Multi-National Team Finishes Strong in MIT Competition

NEW YORK, NY - May 10, 2010 - A team of students from the NYU Schack Institute of Real Estate was selected as a finalist in a brand new national competition known as the “2010 Boston Open – Graduate Real Estate Competition”, sponsored by the Massachusetts Institute of Technology (MIT) Alumni Association.

The finalist presentations and awards ceremony were held immediately following the recent Urban Land Institute (ULI) Summit in Boston. Participants were asked to analyze and devise creative plans for an embattled landmark property and adjacent developable parcel of land located in the Chinatown district of Boston. 

The judges, all of whom hail from senior levels of the commercial real estate development and investment arenas, thoroughly evaluated written submissions and presentations from the finalists.

The Schack student team came in second place behind a team from the Harvard Graduate School of Design.  Third place went to a team from the Haas School of Business at UC Berkeley.

The Schack team consisted of Justin Tjalma, James Mack, Andrew Kim and Francisco Carreño. They proposed a 40-unit residential mixed-income development with ground retail.  Their strategy preserved and maximized floor space in the landmarked property while also offering 11 units of affordable housing.  In order to be feasible, they utilized historic tax credits and affordable housing incentives.  They also connected the two properties internally in order to share just one core and maximize efficiencies.  This diverse team consisted of Schack students hailing from South America, Asia and the US.

The NYU Schack Institute of Real Estate is one of the country’s leading centers of learning and the premier institution in New York City serving the greater real estate and building industries. The quality experienced in the classroom is a product of world-class faculty, scholars, and practitioners who draw their expertise from the real estate and construction industries in New York City—one of the world’s most dynamic and sophisticated real estate markets.