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:  Sam Chandan,


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:
Course Number Course Title
BSPA-GB.2300 Real Estate Transactions
FINC-GB.2328 Real Estate Data Science, Artificial Intelligence, and Machine Learning
FINC-GB.2329 Real Estate Primary Markets
FINC-GB.2339 Real Estate Capital Markets
FINC-GB.2341 Real Estate Investment Strategy
FINC-GB.2344 Global Real Estate Immersion*
FINC-GB 2347 Economic and Financial Approach to Climate Change
FINC-GB.3186 Project Finance and Infrastructure Investment
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

Part II of the Specialization:

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

SPS Schack Institute of Real Estate

Course Number     Course Title
DEVE1-GC.1010/REAL1-GC.2410 Land Use and Environmental Regulation 
DEVE1-GC.1020/REAL1-GC.2400 Planning and Design Issues in Development
DEVE1-GC.1025  Construction Methods and Technology
DEVE1-GC.1050/REAL1-GC.1050 Legal Principles and Practices
DEV-1 GC 1055 RE Valuation & Feasibility
DEVE1-GC.2005 Public-Private Development
DEVE1-GC.2100 Construction Cost Estimating
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 1005 Real Estate Accounting and Taxation
REAL1-GC 1045 Real Estate Economics & Market Analysis
REAL1-GC.1060 The Development Process
REAL1-GC 1065     Hotel Development and Investment
REAL1-GC.2300 Finance and Investment Analysis
REAL1-GC.2315  Risk and Portfolio Management
REAL1-GC.2610 Real Estate Asset Management
REAL1-GC.2635  Commercial Lease Analysis
REAL1-GC 2720 PropTech and the Digital Evolution of Real Estate
REAL1-GC 3025 Real Estate Private Equity
REAL1-GC 3120 Developing Multifamily Real Estate
REAL1-GC.3145    Acquisition Procedures and Analysis using Argus Software
REAL1-GC 3165 Analytical Techniques in RE Investment Analysis 
REAL1-GC.3175 Real Estate Investing in a Distressed Environment
REAL1-GC.3180  Global Real Estate Markets and Investments
REAL1-GC.3405  Advanced Real Estate Development and Investment Practices
REAL1-GC 3410 Entrepreneurship & Innovation in Real Estate & Development

SPS Preston Robert Tisch Center for Hospitality, Tourism, and Sports Management

Course Number     Course Title
TCHS1-GC.1320 Legal Issues in Hospitality
TCHS1-GC.3400  Hotel Investment Analysis

School of Law

Course Number     Course Title
LAW-LW.10579  Land Use Regulation
LAW-LW.10651  Land Use, Housing and Community Development in New York City Seminar
LAW-LW.11871  Taxation of Property Transactions
LAW-LW.12382 Law & Business of Municipal Governance


Course Number     Course Title
URPL-GP.1620  Spatial Analysis and Visualization
URPL-GP.2415  Public Policy and Planning in New York
URPL-GP.2608  Urban Economics
URPL-GP.2613  Sustainable Cities in a Comparative Perspective
URPL-GP.2670  Land Use, Housing and Community Development

*Note: Students may point a maximum of 6 credits of Global Real Estate Immersion coursework toward the Real Estate Specialization.

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