What factors should Manhattanville Real Estate Partners consider when deciding to purchase 65 Broad Street to either release as an office building or convert for residential use?
What factors should Manhattanville Real Estate Partners consider when deciding to purchase 65 Broad Street to either release as an office building or convert for residential use?
Manhattanville Real Estate Partners (MREP) has an investment opportunity to acquire 65 Broad Street, an office building in downtown Manhattan, for a distressed price. If acquired, the company would decide whether to keep the building as office space with minimal renovation expenditures or convert to a residential space at a significant cost. In this case, students analyze data on the property, the real estate market, and funding requirements to determine what decision should MREP make regarding the building. They also consider the (tax) implications for the city.
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