## 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. Faculty Advisor: [Professor D. Sam Chandan](https://www.stern.nyu.edu/faculty/bio/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.2300Real Estate Law & TransactionsFINC-GB.2328Real Estate Data Science, Artificial Intelligence, and Machine LearningFINC-GB.2329Real Estate Primary MarketsFINC-GB.2339Real Estate Capital MarketsFINC-GB.2341Real Estate Investment StrategyFINC-GB.2344Global Real Estate Immersion\*FINC-GB.2347Economic and Financial Approach to Climate ChangeFINC-GB.3186Project Finance and Infrastructure InvestmentOPMG-GB.2312Operations in Panama: A man, a plan, a canalOPMG-GB.2313Operations in Entertainment: Las VegasOPMG-GB.2360Real Estate Development and Entrepreneurship ### 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.1010Land Use & Environmental RegulationDEVE1-GC.1020Planning and Design Issues in DevelopmentDEVE1-GC.1025 Construction Methods and TechnologyDEVE1-GC.1050 Legal Principles and PracticesREAL1-GC.1055RE Valuation & FeasibilityDEVE1-GC.2005Public-Private DevelopmentDEVE1-GC.2100Construction Cost EstimatingDEVE1-GC.2105 Green Building and Sustainable DevelopmentDEVE1-GC.2200 Comparative International Real EstateDEVE1-GC 3015 Affordable Housing Finance and DevelopmentDEVE1-GC 1060The Development ProcessDEVE1-GC1065Hotel Development and InvestmentREAL1-GC.2300Real Estate Finance & Investment AnalysisREAL1-GC.2315 Risk and Portfolio ManagementREAL1-GC.2610Asset ManagementREAL1-GC.2635 Commercial Lease AnalysisREAL1-GC.2720PropTech and the Digital Evolution of Real EstateREAL1-GC.3025Private Equity Real EstateREAL1-GC.3120Developing Multifamily Real EstateREAL1-GC.3145 Acquisition Procedures and Analysis using Argus Software\*REAL1-GC.3175Real Estate Investing in a Distressed EnvironmentREAL1-GC.3180 Global Real Estate Markets and InvestmentsREAL1-GC.3405 Advanced Real Estate Development and Investment PracticesDEVE1-GC 2010Entrepreneurship & Innovation in Re Develop ### SPS Preston Robert Tisch Center for Hospitality, Tourism, and Sports Management **Course Number** **Course Title**TCHS1-GC.1320Legal Issues in HospitalityTCHS1-GC.3400 Hotel Investment Analysis ### School of Law **Course Number** **Course Title**LAW-LW.10579 Land Use RegulationLAW-LW.10651 Land Use, Housing and Community Development in New York City SeminarLAW-LW.11871 Taxation of Property Transactions ### Wagner **Course Number** **Course Title**URPL-GP.1620 Spatial Analysis and VisualizationURPL-GP.2415 Public Policy and Planning in New YorkURPL-GP.2608 Urban EconomicsURPL-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. If you're interested in registering for a course at another NYU graduate school, please visit the [Taking Courses at Other NYU Divisions](https://www.stern.nyu.edu/portal-partners/registrar/policies-procedures/course-registration-6) webpage. Before proceeding, review the [Non-Stern Pre-Approved Course List](#) to check if your desired course has already been approved by Academic Affairs and Advising. If the course is pre-approved, follow the instructions under the "Pre-Approved Courses" tab on this page to complete your registration. For additional recommendations on how to gain expertise in the area of Real Estate, please visit the [Center for Real Estate Finance Research](http://www.stern.nyu.edu/experience-stern/about/departments-centers-initiatives/centers-of-research/center-real-estate-finance-research/index.htm). For course descriptions, please see the [Office of Records & Registration website.](https://www.stern.nyu.edu/portal-partners/registrar/course-information/course-descriptions-prerequisites)