Distinguished Speaker Series Gets Under Way with Kevin P. Fitzpatrick

Kevin Fitzpatrick

On Thursday, August 27th, Kevin P. Fitzpatrick ‘76 headlined the Cornell Program in Real Estate (PRE) Fall 2009 Industry Seminar distinguished speaker series with a lecture on “Reflections on the Real Estate Industry Today.”  Mr. Fitzpatrick was the first of thirteen speakers scheduled to speak at the Cornell series running from August to December.  With over thirty years of experience in real estate, Mr. Fitzpatrick was uniquely qualified to opine on the state of the real estate industry and, more specifically, on finding employment in this challenging economy. 

“Kevin Fitzpatrick, as an industry veteran, Program Advisory Board member, and keen observer of the US and global real estate market, was the ideal speaker to launch our 2009-10 Industry Speaker Series,” said David Funk, PRE Director.  “Kevin set the table for the rest of the semester with an interactive style that kept second-year students on their toes and first-years engaged.” 

In identifying trends in today’s real estate market, Mr. Fitzpatrick noted that cash is tight and real estate participants are reacting to this.  Governing jurisdictions are raising property taxes.  Investors are seeking out trustworthy developers.  Lenders are reducing their exposure to real estate and, when they are lending, they are lowering permissible loan-to-value (LTV) ratios. 

In securing employment during tough times, Mr. Fitzpatrick emphasized the importance of mastering the “elevator pitch,” that is, whittling an introduction for a job solicitation (or deal offer) into its briefest, strongest points.  In finding the best deals, he suggested that “intelligent” investors would succeed over “smart” individuals; he emphasized the importance of using one’s gut feeling and warned against over-reliance on financial models.  When analyzing a deal, he suggested looking at it as if you were the principal, not just the advisor.

Since Fitzpatrick, the distinguished speaker series has included presentations by Marty Collins, President and Chief Executive Officer of Gatehouse Capital Corporation, and J. Allen Smith, Chief Executive Officer of Prudential Real Estate Investors.  “We select speakers for the industry seminar that can focus on topics not typically found in the regular classroom and who are often prominent in the industry and thereby can provide unique insights that are not typically available,” said Funk.  “We are grateful to these industry leaders for spending time on campus with the Program—it helps further the connection between Cornell’s Program in Real Estate and top professionals in the industry.” 
The distinguished speaker series continues, on Thursday, September 17, 2009, with Fred Lieblich, Managing Director of Real Estate for Blackrock.  Mr. Lieblich will be speaking from 4:30-6:30 p.m. in Room 198 of the Beck Center, Room 198.  A reception will follow in the Statler Hotel’s Regents Lounge.

Additional information regarding the Cornell Real Estate Industry Speaker Series can be found online at: www.realestate.cornell.edu

Biography

Mr. Fitzpatrick founded AIG Global Real Estate and turned it into one of the most diversified real estate companies in the world.  Before that, he held senior leadership positions with Metropolitan Life Insurance Company in Washington D.C. and was with Rockresorts, Inc. in the Virgin Islands.  Mr. Fitzpatrick received a bachelor’s degree in Hotel Administration from Cornell University and an MBA in Finance from Fordham University.  He is a Certified Hotel Administrator, former President of the Cornell Hotel Society, and Trustee of the Cornell Hotel Society Foundation.  He is also a member of the Urban Land Institute, the School of Hotel Administration’s Dean’s Advisory Board, Cornell Real Estate Council, the Real Estate Advisory Board for the Diocese of Brooklyn, New York, and the Advisory Boards for the Cornell Program in Real Estate, the New York Office of the Enterprise Foundation, and NYU School of Real Estate.