Real Estate Practice M.S. students

REP-601          The Development Process – 3 credits

The course provides an overview of the complete development process. Structured as a practicum, coursework will focus on structuring and managing an integrated project management process from project concept, development program, site control, market and feasibility analysis, consultant team, governmental approvals, financing, planning, design, construction contracting, construction, to operations. Students will be introduced to the various disciplines, partners, and stakeholders in the development process, and strategies for risk management and quality control, and will examine the roles and perspectives of the public and private sectors in urban development.

REP-602          Fundamentals of Real Estate Development Finance – 3 credits

The course establishes a conceptual foundation for understanding real estate finance. It examines the interplay between markets, demographics, and spatial patterns relating to migration, transportation, land use regulation, employment, and construction costs, with special attention paid to environmental factors that influence both social equity and asset valuation. The course focuses particularly on housing. Although housing is a universal necessity, millions of households cannot afford what market-rate development produces. Affordable housing development therefore provides a lens for the analytical skills developed in this course.

REP-603          Fundamentals of Real Estate Portfolio Investment – 3 credits

The course applies real estate discipline in finance, development, and law to arrive at sound portfolio investments. Professional tools for modeling and analyzing real estate portfolio investment, acquisition, and asset improvements will be developed in the class. The course will emphasize a value-based approach to analyzing investment opportunities. Mission-based cost-benefit analysis, and short vs. long term return expectations, will be examined to evaluate applicability for achieving asset management and portfolio performance objectives. Investment analysis of green and energy efficient measures in new acquisitions and existing assets, as well as equity and affordability strategies, will be core to the various investment and portfolio case study analysis in the course.

REP-604          Real Estate Law and Land Use Regulation – 3 credits

The course covers the standard legal transactions and instruments (such as ground leases, contracts, deeds, and development and operating agreements) involved in real estate practice. The emphasis, however, is on the ways in which private development occurs within the public sphere. This involves zoning and other land use and environmental regulations to which all development is subject. It also involves developer designation, land disposition agreements, and other legally binding public instruments in the context of public-private ventures and the development of publicly owned sites, to ensure that the development achieves project objectives, which typically include public benefits and private profit.

REP-605          Public/Private Redevelopment - Practicum – 2 credits

Public-private partnerships, long employed to implement large-scale urban redevelopment projects, are increasingly common as a strategy to implement public policy objectives and build civic infrastructure. The structure of these development partnerships continues to evolve.  This class provides an overview of public-private development partnerships and considers the issues associated with such arrangements from different perspectives. Through case studies of redevelopment projects in New York City, the course examines the variety of parties that may partner, the selection methods for choosing partners and projects, elements of deal structures that can be negotiated, and the public and private benefits and risks that may result from such partnerships.

REP-606          Urban Economics and Market Analysis – 1 credit

This intensive and comprehensive course will focus in two areas of real estate markets for practitioners in both the public and private sector. The course begins with developing the basic tools needed to evaluate trends and understand the key factors affecting real estate markets. The second part of the course provides an understanding of how public policies affect real estate development, valuation, and investment. Urban policies related to urban growth, land uses, public infrastructure, environmental reviews, impact fees, economic development, water and energy, taxes, permitting and codes, as well as funding priorities have direct impact on real estate valuation, development, and investment. The course explores the impact of urban policy on real estate market supply and demand identification and projection, and the conditions that create strong or weak markets. The course will introduce data sources and methods for analyzing real estate properties and their context.

REP-607          Real Estate Valuation and Capital Markets – 1 credit

This course examines the sources of debt and equity capital, and the interplay of capital in real estate valuation. It reviews the instruments, terms, and vehicles for delivering capital to finance real estate development and investment. The course analyzes public and private debt and equity and their influence on underwriting and evaluating real estate development. The course addresses investment metrics such as risk, land value, cap rates, and rates of returns, as well as the basic structure of bond financing, tax increment financing, gap financing, and other financial incentives.

REP-632/FM-632   Project Management – 3 credits

This course introduces the student to project management theories and best practices from the concept phase through post occupancy, to include budgeting and cost estimating, project delivery systems, programming and space planning, selecting the design team, and managing construction and occupancy. Techniques for cost analysis, scheduling and procedures for contracting, construction coordination and the control of change orders are reviewed. The impact of scheduling on contractor claims is studied along with management reporting and feedback.

REP-609          Demonstration of Professional Competence-Studio – 5 credits

The course integrates financial, analytical, and policy tools from other Real Estate Practice coursework to address an actual neighborhood for the practicum's “client”—a community board, development organization, or neighborhood group. Students first produce a comprehensive land use and feasibility analysis of the study area; then identify a range of neighborhood-wide opportunities related to land use and zoning, soft sites, and urban design. Lastly, students create development proposals for the soft sites, generating schematic-level site plans and pro forma financial analyses. The coursework emphasizes the application of the three E’s of sustainable development—economy, equity, and environment—and their integration into development proposals. 

REP-659          Demonstration of Professional Competence-Thesis – 5 credits

This course is the culminating academic experience of the Real Estate Practice program. The course integrates the tools and methodologies developed throughout the program. Each student creates an original, professional quality real estate development proposal that demonstrates an application of the “triple bottom line” approach. Students work with their advisors over the semester to create a comprehensive development proposal package that includes site description, development narrative, contextual and urban design analysis, market analysis and comps, development program, site plan, public realm plan, circulation and parking plan, infrastructure plan, phasing strategy, and a discounted cash flow analysis pro forma.

Image: Neighborhood Planning Session (photo courtesy of NYC HPD)