NAIOP New Jersey Selects Winner of 2016 CRE Intercollegiate Case Study Competition

FLORHAM PARK, N.J. - April 14, 2016 - PRLog -- Tomorrow's real estate leaders provided a glimpse of the future as NAIOP New Jersey presented its 2016 CRE Intercollegiate Case Study Competition (CREICS). The commercial real estate development association announced the winner of the competition during its April 5 chapter meeting, held at the Park Avenue Club in Florham Park.

Teams from Rutgers University, Monmouth University and New York University accepted the challenge of reimagining an industrial site located near Liberty State Park in Jersey City. Among the proposals submitted for the site, which was donated by sponsor KRE Group for purposes of the competition, were a shooting range and a flex warehouse, a golf-themed hotel and an indoor theme park and hotel complex.

"Youth is the lifeblood of the real estate industry," said NAIOP NJ President Clark Machemer. "This annual event is designed to help students better understand the needs of our developers and our communities, and engage them in the real-world process of meeting those needs."

In his opening remarks, Jonathan Kushner, president of KRE Group, praised the students for their effort and ingenuity. "We gave them a site that was challenging to work with and they responded with really creative ideas. In my eyes, all three teams worked incredibly hard and did a great job, which made this competition all the more difficult to judge."

Mayor John McCormac of Woodbridge and Deputy Mayor Marcos Vigil of Jersey City, who also served as judges, echoed Kushner's remarks. "It is always a pleasure to participate in this event, and I'd like to congratulate all of the teams on the commercial viability of their designs," said McCormac. "I encourage every student to take advantage of any chance they get to learn from professionals in the field."

Vigil noted that he lives near the site and is familiar with the challenges it presents. "I was pleasantly surprised to see the teams embrace the notion of taking advantage of the site's location near Liberty State Park. This area is actually designated for redevelopment, and having the opportunity to view it from a fresh perspective was a great experience."

The case study submissions were judged on three criteria: Financial feasibility, design excellence and sustainability. Each team received support from professional mentors in addition to working with educational advisors.

The winning team of Rob Stern, Richard Asirifi, Deepnath Majumder and Himadri Shekhar Kundu from Rutgers-Bloustein presented a hotel project, Gateway Golf Suites, which repositioned the site as a destination for golfers playing at the nearby Liberty National and Bayonne golf courses. The project was sustainable from both a financial and environmental standpoint, with a minimal building footprint, energy-efficient layout and features designed to move the project towards Net Zero Energy and LEED Platinum certification.

"NAIOP NJ is committed to connecting community leaders, industry professionals and aspiring college graduates whenever possible.  These forums inevitably lead to a fertile exchange of ideas and perspectives, based on current trends, market conditions and consumer preferences, that very often help these towns achieve their goals of being magnets for attracting talent and economic security," said CEO Michael McGuinness, who presented the $5,000 prize to the winners. "Once again, this event has proven to be a valuable and rewarding experience for everyone involved."

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Photo Caption: (L to R) NAIOP NJ Education Coordinator Chanchal Singh and CEO Michael McGuinness present a check for $5,000 to Rutgers University students Rob Stern, Richard Asirifi, Deepnath Majumder and Himadri Shekhar Kundu. The team developed the winning design for the commercial real estate development association's 2016 CRE Intercollegiate Case Study Competition.