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Real Estate Specialization

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, and trading), hedge funds, and sovereign wealth funds.
Academic Advisor: Professor Stijn van Nieuwerburgh, 

Course List

Part I of the Specialization: 

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.
ECON-GB.3182 Law & Economics of Municipal Governance
FINC-GB.2329 Real Estate Primary Markets
FINC-GB.2339 Real Estate Capital Markets
FINC-GB.2341 Real Estate Investment Strategy
OPMG-GB.2312 Operations in Panama: A man, a plan, a canal
OPMG-GB.2360 Real Estate Development and Entrepreneurship
OPMG-GB.2313 Operations in Entertainment: Las Vegas, with approved Real Estate project*

Part II of the Specialization:

You may complete the remaining 3 credits from the lists below:

SPS Schack Institute of Real Estate (All are 3 credits)

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
REAL1-GC.1060  The Development Process
REAL1-GC.2315  Risk and Portfolio Management
REAL1-GC.2635  Commercial Lease Analysis
REAL1-GC.3145    Acquisition Procedures and Analysis using Argus Software
REAL1-GC.3180  Global Real Estate Markets and Investments
REAL1-GC.3405  Advanced Real Estate Development and Investment Practices

SPS Preston Robert Tisch Center for Hospitality, Tourism, and Sports Management (All are 3 credits)

TCHS1-GC.3400  Hotel Investment Analysis

School of Law (All are 3 credits)

LAW-LW.11871  Taxation of Property Transactions
LAW-LW.10579  Land Use Regulation
LAW-LW.10651  Land Use, Housing and Community Development in New York City Seminar

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.2608  Urban Economics
URPL-GP.2613  Sustainable Cities
URPL-GP.2615  Environment and Urban Dynamics
URPL-GP.2670  Land Use, Housing and Development

*In order for you to have OPMG-GB.2313 Operations in Entertainment: Las Vegas count towards the Real Estate Specialization, you must have your professor approve a real estate project and complete this form. Upon approval by the professor, the form must then be submitted to the Office of Records & Registration.


For additional recommendations on how to gain expertise in the area of Real Estate, please visit the Center for Real Estate Finance Research.