In 2019, two Cuban entrepreneurs discussed their growth strategy, given the regulatory framework instability, for private companies, in Cuba. Experiencya Cuba offered car and apartment rentals, airport pick-up, and tours around the island, all conducted in perfectly restored American cars from the 1950s.

Nathalie Parizat and her husband, Hugo, were contemplating a new real estate investment. For two years they had been frustrated by and lamenting their situation of paying high rents to third parties while the couple had idle cash in the bank. They also were convinced that Brooklyn's rising rents and property prices were showing no signs of abating. The couple had $100,000 in savings, which they intended to combine with mortgage financing to purchase a residential income-producing building. Nathalie focused her search on Brooklyn, narrowing it down to Williamsburg, where she thought there was better potential to make a good return on their investment. She had quit her full-time job and was planning on managing the building and the renovation-should it be needed-herself. Was she ready to take on this challenge or was she in over her head?

13th Floor-Adler, a partnership of 13th Floor Investments and Adler Group, was compiling a response to a Miami-Dade County Request for Proposal (RFP). The RFP's prize was the opportunity to develop a 7.5+/- acre parking lot, adjacent to a heavy-rail rapid transit station, into a Transit-Oriented Development (TOD) in Miami. To win, 13th Floor-Adler, had to submit a proposal that was the "highest and best use" for the land, catered to the County's demands for workforce housing, provided a market return for investors and compensated the County for the use of the land. Throughout its history, Miami has been subject to a number of real estate booms and busts. Intricate expertise of Miami's demand drivers were necessary in order to succeed. Arnaud Karsenti (MBA 2006), founder and Principal at 13th Floor Investments (13th Fl), with over $1B worth of completed transactions in the South Florida market, had this well of expertise. Furthermore, the partnership with the Adler Group, headed by Michael M. Adler, provided additional credibility for the proposal due to their 50+ years' experience in Miami. At "Link @ Douglas," can Karsenti and his team be "placemakers" creating a true live, work, and play environment, deliver market returns to investors and create a winning proposal that caters to the demands of the Miami-Dade County officials?

MaryAnne Gilmartin, President and CEO of Forest City Ratner ("Forest City") was planning for yet another protracted discussion over the merits of a green roof for part of her $5 billion dollar new development in Brooklyn. While the low seven-figure cost overrun was to be "value-engineered" and in the scheme of things, this budgeted item was not going to impact the financial success of the project, it had become a heated source of contention. Was the debate symptomatic of something deeper that was amiss in the relationship?

In 2016 against the backdrop of a challenging Chinese macroeconomic environment, SOHO China, the largest owner and developer of Class-A real estate in Beijing and Shanghai, was struggling to convince analysts of the merits of their new "build-to-hold" strategy. Founded as a merchant builder, the company went public in 2007 raising a record USD 1.9 billion, but the firm, led by Zhang Xin, refocused in 2012 towards a "build-to-hold" strategy in an effort to capture the long-term value of their properties. Ms. Zhang also saw an opportunity to capitalize on the rapidly growing "shared office" trend developing their own '3Q' coworking product placing these centers in their newly held buildings. Despite 3Q's initial success and the "build-to-hold" strategy beginning to bear fruit, SOHO's stock price was still near record lows. How could Zhang Xin educate the stock market to reward SOHO's share price and acknowledge the successful transition? Would these strategic decisions be sufficient to steer SOHO China through new economic hurdles? Is 3Q enough to buoy SOHO's performance and bring them into the next phase of growth?

A technical note on the state of Chinese commercial real estate and the effects of China's slowing growth. This note was written in conjunction with the case study "SOHO China: Transformation in Progress."

In 2011, Songy Partners, an Atlanta-based real estate developer, was facing three distressed investments within their portfolio each with distinct sets of challenges. Having weathered a myriad of issues during the global financial crisis that included operational shortfalls, failed partnerships, bankruptcies, lender consolidations, lagging tenant demand, low investment liquidity, and pending loan maturities, Songy needed a path forward for these three assets. Songy's lenders were threatening to foreclose on all three properties and also call on corporate guarantees. The case addresses Songy's decisions leading up to and during the crisis. Which of the firm's challenges might have been avoidable? Did the company have any leverage with its creditors? What tactics might the company employ to save its properties? Within this context, what are Songy's responsibilities to his investors?

Jamestown is contemplating how to best lease a portion of their new development along the Brooklyn waterfront, Industry City. The 6 million square foot, mixed-use development is meant to accommodate Brooklyn's growing innovation, creative, and "maker" communities. Jamestown is intrigued by the recently revived trend of "shared office space," championed by WeWork and originated by well-known players like Regus. The case is intended to introduce the reader to the shared office market, including the similarities and differences from traditional office space, and explore the underlying trends driving this change, as well as the risks to the business model. Jamestown must weigh the pros and cons of their different leasing strategies, including economic, operational, and reputational, and must decide whether or not to lease the space to a traditional tenant, lease the space to a third-party shared office operator (e.g., WeWork or Regus), or develop their own shared office offering.

Peter and Kate Rose are a young couple looking to buy their first home in the Boston area. They have narrowed down a target list to three homes, but are also considering whether it makes sense to buy a home in the first place. They must make decisions regarding which home to buy, a price, a broker, a mortgage package, and how to source a down payment. Both quantitative and qualitative factors are considered in their decision making.

This technical note provides an overview of the senior housing industry in the United States. There were 40 million seniors in America in 2010, and that number was expected to double by 2050. Seniors would make up 1 in every five Americans. This note explores the living options available to this important and fast-growing demographic.

In 2014, Rick is serving as a trustee for a large family trust whose principle asset is a plot of prime real estate in the Upper East Side of Manhattan. The land is currently subject to a ground lease which pays $4.6 million annually, with resets every 20 years at 4.5% of the appraised value of the land. The next reset is in 2022, and in the meantime Rick must make a decision on whether it might be better for the trust's beneficiaries to sell the land early. If so, what price should he seek?

The case describes several issues for the continuum of senior care alternatives for residents and developers. What motivates seniors to leave their homesteads for much smaller spaces? How can they afford to do so? What are the physical as well as operational challenges for operators when serving the different levels of acuity? The case also describes what zoning issues may be faced by developers who seek to build in attractive but challenging neighborhoods. Furthermore, how can a successful operator branch out into new businesses? When should the operator form joint ventures to help them achieve their strategic ends?

Demonstrates the accelerating impact of leverage on returns under differing scenarios of property performance. The performance scenarios represent two points in time: the inception of the investment and the liquidation.

Every real-estate transaction is affected by the tax consequences that result from its form and substance. Structuring a transaction without a thorough understanding of its tax considerations is likely to reduce the transaction's potential value. The failure to utilize the available tax benefits eliminates one of the major reasons for making a real-estate investment.