The mission of Pratt’s Master of Science (MS) in Real Estate Practice (REP) is to educate and train students in the core discipline and skills of real estate practice. The goal of the program is to develop students with the capacity to practice the business of real estate with a focus on public/private partnership, as well as housing and urban development, with a commitment to achieving The Three E’s of sustainability—economy, equity, and environment. A key objective is to graduate students as real estate practitioners with the core skills to secure professional employment in the field of real estate business.
The Pratt Real Estate Practice (REP) program, a full-time program offered afternoons and evenings, will prepare students for an employment environment that demands flexibility on the part of real estate development practitioners and a rigorous understanding of the complexities of urban development. In the past, real estate professionals typically worked in either the public or private sector. Career trajectories for professionals today vary widely as a result of changes in the development process.
The increasing role of public-private partnerships means that real estate professionals interact with a much broader interdisciplinary team to urban development. In addition, the goals of sustainability—economic development, social equity, and environmental stewardship—are increasingly integrated into development planning. Similarly, achieving community-based development goals have become essential to the development process. Real estate professionals today thus need flexibility to practice across sectors while ensuring financial viability.
The REP program prepares graduates to seek employment in the field by complementing one of the core competencies of Pratt Institute—education in the design and development of the built environment. The Pratt School of Architecture is a key setting for educating future real estate development professionals because of the interdisciplinary character of its programs. Students in the REP program will gain in-depth understanding of the core knowledge areas of real estate development practiced across the country and will develop interdisciplinary collaborative skills within the School of Architecture academic community.
Academic and Career Objectives of Program and Concentration
- Students will be able to apply the core disciplines in real estate to develop, invest, and finance housing and urban development projects.
- Students will have practical project management skills applicable to the real estate development process.
- Students will develop theoretical and practical knowledge of real estate practice.
- Students will have an area of concentration that builds on the foundational building blocks of real estate development, investment, and finance.
- Students will be familiar with the structures of public/private partnerships, mission-driven real estate practice, and sustainable development.
- Students will have professional experiences as part of their coursework to develop high-quality development proposals, feasibility analysis, and other reports and presentations.
- Students will develop a network consisting of students, professors, and real estate professionals to facilitate transitions from academia to the workforce, as well for ongoing professional relationships as careers develop.
Applicants should have a bachelor's degree in business, architecture, construction management, engineering, or interior design. Applicants in other fields are eligible but may be required to take non-credit courses in building technology unless they have acquired equivalent knowledge through non-academic experience. A statement of purpose in essay format (500 words) is required. The GRE or GMAT is optional; neither is required The application deadline is January 5. Applications will be accepted after the deadline if there is room.
A TOEFL score, Pearson, or IELTS score is required of international applicants whose native language is not English. This requirement is waived for applicants who have attended a college in the United States for four years. The minimum required TOEFL score is 79 (Internet) and the required IELTS score is 6.5. Please make sure that you register for a TOEFL or IELTS test that will enable you to submit your scores by the application deadline or soon after. It generally takes four to six weeks to receive the scores. Check www.toefl.org for information on testing sites. Read more detailed information on requirements.
Pratt's Masters of Science (MS) in Real Estate Practice provides students with theoretical and practical knowledge and experience in the core disciplines of real estate business, as follows:
Real Estate Finance
Students will be immersed in the financial instruments available to develop and invest in real estate. They will gain a practical understanding of the connection between markets and trends to analyze the financial viability of real estate proposals. The program will focus on urban economics, and public and private financing, to develop and invest in housing and urban development.
Real Estate Development
Students will obtain the fundamental skills to serve as developers and project managers in housing and urban development within public/ private partnership structures. They will have a sound understanding of the development process and how to manage an integrated, multi-disciplinary process with multiple interests. The program will focus on the evolving field of sustainable development to achieve triple bottom line objectives.
Real Estate Investment
Students will develop the capacity to move beyond the development of a single project and understand the risk and cost/benefit factors associated with real estate portfolio investment. They will have the foundational knowledge of real estate portfolio analysis and project risk factors in portfolio acquisitions and asset management. The program will focus on cost benefit analysis of green, high-performance, and sustainable development portfolio strategies.
Real Estate Law
Students will be grounded in the regulatory and legal parameters that directly affect the development of, and investment in, the built environment. They will have an understanding of zoning and land use, land law, public/ private structures, and standard legal documents in real estate transactions. The program will focus on real estate development within the framework of effective public/ private partnerships.
Real Estate Practice
Image: Affordable Housing Buildings in Cypress Hills (photo courtesy of NYC HPD)