Colgate Real Estate Council Inspires Others to Pursue the Profession

​The Colgate Real Estate Council (CREC) comprises alums, staff, parents, and faculty who promote establishing relationships with the Colgate real estate community. Since its inception in 2011, the CREC has become a resource and a platform for professional development. A 2021 CREC Fireside Chat illustrates its work.

In 2011, the CREC began on LinkedIn with a group of alumni. In 2013, the CREC expanded after establishing the first of multiple Colgate Professional Networks programs, followed by its Professional Network program in 2014. This program focused on assisting students with establishing a career in real estate using the university’s alumni network.  

While networking remains a priority, the CREC engages in various activities, especially programs. Its programs usually work with the Colgate Real Estate Club and give students access to the Urban Land Institute (ULI) Foundations of Real Estate Program (FoRE), a five-module, 30-hour education program and certification. Other programs include homecoming networking events, SophoMORE Connections, NYC Student Immersion Tripp, and the CREC Winter Social.

Their events focus on providing a platform that transitions students into their real estate careers, considers campus priorities, and focuses on multiple Colgate Professional Network themes. They also draw on trends and current events. They usually happen on, off, or virtually.

The 2021 CREC Fireside Chat, a meeting of Colgate alums, brought together real estate professionals from diverse backgrounds to converse with New York real estate mogul Larry Silverstein, owner of Silverstein Properties. It also provided information regarding a program designed to help youth seek careers in real estate.  

Brian Collins, Class of 1982, spoke with Silverstein about how he started in real estate. Silverstein started as a pianist, but his parents felt he could not make a living, so they suggested he become a real estate broker. Silverstein has been in real estate since the late 1950s. In those days, succeeding in real estate was challenging, and the commissions were minimal. He, his father, and investors invested cash in a $600,000 building on East 21st Street that they renovated. They then purchased two more buildings, and the banks were willing to finance them by this point.

Silverstein worked on 7 World Trade Center on Vesey Street, a bid the Port Authority gave him in 1980. This deal involved allowing the Port Authority to power not only the World Trade Center but also Lower Manhattan. Silverstein went on to purchase the Twin Towers in 2001, six weeks before the September 11, 2001 incident. During the pandemic, the real estate mogul had to rebuild and fill 7 World Trade Center, but he managed to find tenants.

Silverstein shared his belief in the importance of real estate. He mentioned how it helped New York City pay its bills. New York City struggled in the 1970s and 1980s and, in one case, was at the point of not being able to make payroll. The city called upon the real estate developers to pay their taxes early, which paid the bills and salaries of many NYC employees. According to Silverstein, one should never discount real estate.

The talk also allowed CREC members to advertise their Professional Network Summer Internship Program. The CREC needed to raise $350,000 to support the program for youth that allowed them to participate in paid and unpaid internships in real estate.

Jay Kolmar

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