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Undergraduate Track

Now Available: Course schedule for 2013-2014 Academic Year


The Real Estate Track provides rigorous training in (i) the economics of real estate development and investment, the financing 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.), and (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 (RED focus) or the investment strategies in real estate capital markets (REF focus). 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.

Prerequisites

  • Stern Business Tools
  • Law, Business, and Society
  • Foundations of Financial Markets (FINC-UB 2) 

Essentials

  • Corporate Finance (FINC-UB 7, req: Foundations of Financial Markets)
  • Real Estate Transactions (new BSPA course in Spring 2013, Prof. Jeanne Calderon)
  • Real Estate Primary Markets (FINC-UB 39, co-req: Corporate Finance)
  • Real Estate Capital Markets (FINC-UB 38, req: Foundations of Financial Markets)
Advanced Electives – Four courses from the following list, of which at least one of the first two courses. The courses denoted by [REF] are more interesting for students who want to specialize more towards a real estate finance specialization, whereas the courses denoted with [RED] are more interesting for students who want to focus on the development, direct investment, or management of property.

• [RED] Real Estate Development and Entrepreneurship (IOMS, Prof. Harry Chernoff, new course for UG in Fall 2012 and Spring 2013)
• [REF] Real Estate Investment Strategies (new course in Spring 2014, Prof. Stijn Van Nieuwerburgh)

• [RED] Urban Economics (ECON-UA 227 – CAS)

• [RED/REF] Financial Statement Analysis (ACCT-UB3)
• [RED] Taxation of Individuals (ACCT-UB 63)
• [REF] Risk Management in Financial Institutions (FINC-UB 22)
• [RED/REF] Topics in Emerging Financial Markets (FINC-UB 23)
• [REF] Debt Instruments (FINC-UB 26)
• [RED/REF] Behavioral Finance (FINC-UB 29)
• [REF] Equity Valuation (FINC-UB 41)
• [RED] Topics in Entrepreneurial Finance (FINC-UB 61)
• [RED] Mergers, Acquisitions, and Restructuring (FINC-UB 50)
• [REF] Monetary Policy and the Financial System (ECON-UB 221)
• [REF] Macroeconomic Foundations for Asset Prices (ECON-UB 233)
• [RED] Strategic Analysis (MGMT-UB 18)
• [RED/REF] Negotiation and Consensus Building (MGMT-UB 30)

• Possibility to add undergraduate Frontiers or Advanced research seminar in senior year
• Possibility to add a Capstone Experiental Learning Lab

CAS, Department of Art History: Urban design and architecture studies – courses in history of architecture, shaping the urban environment, etc.
Law School: courses in real estate law, taxation, property law, or partnership law, subject to approval of NYU LS instructor and Stern real estate track director
Wagner School: courses in urban planning, subject to approval of instructor and Stern real estate track director
SCPS, Shack Institute: courses in real estate finance and development, subject to approval of instructor and Stern real estate track director.

There are many ways to complete the real estate track. The following presents a few different options.

SAMPLE CURRICULUMS

Sample curriculum 1: maximum real estate exposure, timing 2012-2013, most appropriate for students that will be juniors or seniors in 2012-2013

Junior year
Fall:
• Law, Business, and Society (offered Fall 2012 by Prof. Rachel Kowal)
• Corporate Finance (req: FFM, offered Fall 2012 by Prof. Anthony Marciano)
• Real Estate Primary Markets (co-req: Corporate Finance, offered Fall 2012 by Prof. Frank Leiber)
Spring:
• Real Estate Transactions (req: Law, Business, and Society, offered Spring 2013 by Prof. Jeanne Calderon)
• Real Estate Capital Markets (req: FFM, offered Spring 2013 by Prof. Aurel Hizmo)
Senior year
Fall:

• Real Estate Development and Entrepreneurship (offered Fall 2012 and Spring 2013 by Prof. Harry Chernoff) as Elective 1
• Elective 2
Spring:
• Real Estate Investment Strategies (offered Spring 2014 by Prof. Stijn Van Nieuwerburgh) as Elective 3
• Elective 4

Sample curriculum 2: maximum real estate exposure: preferred timing

Sophomore year
• Foundations of Financial Markets (Fall)
• Urban Economics as Elective 1
Junior year
Fall:

• Corporate Finance (req: FFM)
• Law, Business, and Society (required for all juniors)
• Real Estate Primary Markets (co-req: Corporate Finance)
Spring:
• Real Estate Transactions (req: Law, Business, and Society)
• Real Estate Capital Markets (req: FFM)
Senior year
Fall:

• Real Estate Development and Entrepreneurship (Prof. Harry Chernoff) as Elective 2
• Elective 3
Spring:
• Real Estate Investment Strategies (offered Spring 2014 by Prof. Stijn Van Nieuwerburgh) as Elective 4

Sample curriculum 3: real estate FINANCE track

Sophomore year
• Foundations of Financial Markets
• Corporate Finance (req: FFM)
Junior year
Fall:
• Law, Business, and Society (required for all juniors)
• Real Estate Primary Markets (co-req: Corporate Finance)Elective 1 from REF list (Spring)
Spring:
• Real Estate Transactions (co-req: Law, Business, and Society)
• Real Estate Capital Markets (req: FFM)
Senior year
Fall:

• Elective 2 from REF list
• Elective 3 from REF list
Spring:
• Real Estate Investment Strategies as Elective 4

Sample curriculum 4: real estate DEVELOPMENT track

Sophomore year
• Foundations of Financial Markets
• Corporate Finance (req: FFM)
Junior year
Fall:

• Law, Business, and Society (required for all juniors)
• Elective 1 from RED list
• Real Estate Primary Markets (co-req: Corporate Finance)
Spring:
• Real Estate Transactions (req: Law, Business, and Society)
• Real Estate Capital Markets (req: FFM)
Senior year
Fall:

• Real Estate Development and Entrepreneurship as Elective 2
• Elective 3 from RED list
Spring:
• Elective 4 from RED list