Real Estate Specialization Description
The Real Estate specialization provides rigorous training in (i) the economics of real estate development and investment, the financing of such projects, leasing, and appraisal of buildings, (ii) the pricing/valuation and trading of financial instruments with real estate as the underlying, such Real Estate Investment Trusts (REITS), residential and commercial mortgage-backed securities (MBS), and related derivative and structured finance products such as collateralized debt obligations (CDOs), credit default swaps (CDS), and index products (CDX, ABX, etc.), (iii) the workings of real estate primary and secondary markets, including the various participants in these markets, their roles, and (iv) the legal, taxation, and regulatory environment. Elective courses can be chosen to emphasize the commercial real estate development process or the investment strategies in real estate capital markets. With an appropriate choice of elective courses, this track provides in-depth preparation for careers in real estate development, real estate brokerage, real estate project investment for private equity firms, family offices, sovereign wealth funds, and careers in real estate finance in the fixed income or equity desks of investment banks (research, sales & trading), hedge funds, and sovereign wealth funds.
Academic Advisor: Professor Stijn van Nieuwerburgh, svnieuwe@stern.nyu.edu
Course List
At least 6 credits must be taken (and all 9 credits can be taken) from the following list of Stern courses:
BSPA-GB.2300 Real Estate Transactions
ECON-GB.3375 Urban Systems
FINC-GB.2329 Real Estate Primary Markets
ECON-GB.3375 Urban Systems
FINC-GB.2329 Real Estate Primary Markets
FINC-GB.2339 Real Estate Capital Markets
FINC-GB.2341 Real Estate Investment Strategies
OPMG-GB.2312 Operations in Panama
OPMG-GB.2360 Real Estate Development and Entrepreneurship
OPMG-GB.2312 Operations in Panama
OPMG-GB.2360 Real Estate Development and Entrepreneurship
Up to 3 credits may be taken from the list of pre-approved non-Stern courses below
SCPS Shack Real Estate Institute (All are 3 credits)
REAL1-GC.1060 The Development Process
REAL1-GC.2635 Commercial Lease Analysis
REAL1-GC.2315 Risk and Portfolio Management
REAL1-GC.3145 Acquisition Procedures and Analysis using Argus Software
REAL1-GC.3165 Analytical Techniques in Real Estate Investment Analysis
REAL1-GC.3180 Global Real Estate Markets and Investments
DEVE1-GC.1010/REAL1-GC.2410 Land Use and Environmental Regulation
DEVE1-GC.1020 Planning and Design Issues in development
DEVE1-GC.1025 Construction Methods and Technology
DEVE1-GC.2105 Green Building and Sustainable Development
DEVE1-GC.2200 Comparative International Real Estate Development
DEVE1-GC.3015/REAL-1-GC.3015 Affordable Housing Development
School of Law
LAW-LW.11871 Taxation of Property Transactions – 3 credits
LAW-LW.11625 Taxation of Business Conduits – 1.5 credits
LAW-LW.11776 Partnership Taxation – 3 credits
LAW-LW.10579 Land Use Regulation – 3 credits
LAW-LW.10651 Land Use, Housing and Community Development in New York City Seminar – 3 credits
Wagner (All are 1.5 credits)
URPL-GP.1620 Introduction to Urban Physical Design
URPL-GP.2415 Public Policy and Planning in New York
URPL-GP.2670 Land Use, Housing and Development
URPL-GP.2615 Environment and Urban Dynamics
URPL-GP.2613 Sustainable Cities
URPL-GP.2608 Urban Economics
For additional recommendations on how to gain expertise in the area of Real Estate, please visit the Center for Real Estate Finance Research.
For additional recommendations on how to gain expertise in the area of Real Estate, please visit the Center for Real Estate Finance Research.