Real Estate (REAL1-UC)

This course introduces the student to the terminology, concepts, and basic practices of real estate. It surveys real estate law, appraisal, marketing, sustainable real estate development, brokerage, management, finance, investment analysis, and taxation.

This course reviews the legal issues that arise in real estate. Topics include the basic principles and instruments of real property law, the problems of site acquisition, the organization of the development entity, land-use regulation, financial instruments, leases, property disposition, business organizations, partnership corporations, REITs, legal risks from current and projected impacts of climate change, and limited liability companies.

This course investigates the institutions, instruments, and structures by which investment in real estate is financed. It reviews capital markets, the sources and uses of real estate funds, and the role of government in real estate finance. Topics also include how climate change risks and the benefits of sustainable real estate development are increasingly influencing real estate financing.

This course introduces real estate valuation concepts and terms and their applications. Topics include valuation foundations, property inspections, the assessment of valuation from a sustainability perspective, site analysis as well as approaches to cost, income, and sales comparison.

The course will provide an overview of the methods and procedures utilized in development from inception to completion. Students will study key aspects of the real estate development process: initial planning and visioning, project feasibility and decision making, entering into partnerships and structuring project financing, design, entitlement and approvals, site acquisition, construction management project completion, and leasing and asset management. The course will also examine contemporary and future trends, including sustainability, mixed use, public‐private partnerships, trends in design, planning and the public realm, and transit‐oriented development. Students will learn through lectures, presentations and field studies.

This course reviews accounting concepts, rules, regulations, and reporting requirements applied to income-producing properties and the accounting. It also offers the tax tools needed to understand the financial statements and positions of real estate investments. Prerequisites: Real Estate Principles

Examine the measurement of demand for real estate products or for a particular project in a specific neighborhood or market. Study the effect on specific markets of national, regional, and local factors. Relevant factors are economic change, social attitudes, sustainable urban planning, changing laws and legal interpretations, and changes in individual attitudes. The course presents modeling techniques for forecasting demand and supply in specific markets.

This course will examine how sustainability is transforming the real estate industry with regard to urban planning, the construction of new buildings, the retrofitting of existing buildings, and various institutional practices and operations within buildings, such as: recycling, the use of green materials and products, procurement policies and the supply chain, and energy conservation and innovation. Topics include: economic growth and equality, environmental justice, smart growth and planning, and renewable energy sources and techniques.

This course analyzes the various lease clauses and the cash flow implications of these clauses. It examines the long-term implications of taxes, operating escalations, electricity clauses, loss factors, leasehold improvement costs, and mortgages. Sample leases are used to train students to review and design their own leases. Prerequisites: Real Estate Principles

This course explores affordable and sustainable housing from a historical and global perspective. Topics include: the various causes of affordable housing crises, innovative affordable housing initiatives, environmental racism and discriminatory housing policies, non-profit and government funding sources for affordable housing in NYC, transit-oriented development (TOD), affordable housing and green spaces, and collaboration between architects, engineers, real estate developers, environmental activists, and policymakers to facilitate the design and construction of affordable and sustainable housing projects.

This course offers a thorough introduction to organizing and managing the major components of a construction business with an emphasis on cost and project management systems. Topics include the different forms of organization; marketing and sales; types of contracts; general contractor and construction manager contracts; the requisition process from a lender's, owner's, and subcontractor's perspective; estimating, bidding, and award practices; bonds and insurance; subcontracts and material purchasing; cash-flow life-cycle analysis; field supervision; scheduling and expediting changes, claims, and extras; community, public agency, and labor relations; company finances, cash management, accounting/cost control procedures; and sources and uses for credit.

This course provides an understanding of the concept of portfolio management and the importance of diversification in controlling portfolio risk. It discusses portfolio theory and asset-pricing models to value and select from alternative investments.

This course will compare and contrast urban and rural real estate markets in key international markets in Asia, Europe, and Latin America. We will explore the various factors that affect the overall real estate economies in these regions through the study of the following models: urban hierarchy using the institutional approach, the study of finance in city systems, review of emerging markets and urban planning.

What will be the future of NYC as a metropolis? This course explores green building design and real estate development within the context of new urban planning trends in NYC and the reinvention of the city in the twenty-first century. Topics include: the advantages of urban density, mass transportation, green building design, affordable and sustainable housing, green spaces, renewable energy, climate change resiliency, sustainable land use, and OneNYC2050.

Students conduct an independent investigation of selected topics outside the boundaries of the classroom. Independent study allows students to pursue specialized interests, within the framework of the curriculum, that are not available in existing courses. Although self-directed, students work closely with a faculty mentor who guides and evaluates their work.

Real Estate students may undertake an internship early in their academic career which can be 2 to 4 credits. To qualify for an REAL internship, students should be in good standing within their program and have the approval of their advisor. Students wishing to consider an REAL internship should submit a proposal outlining their internship which must then be approved by the Internship Coordinator. After the proposal is approved, students undertake an internship which typically entails outplacement in an organization related to the student's interests or academic concentration. A minimum of 100 hours is required over the course of the semester. In addition to the hours at their internship, students meet regularly with the internship coordinator and other interns, maintain a weekly journal and, (required for a 4 credit internship) complete a final paper or work portfolio.

This course offers intensive study of specific topics in Real Estate focusing on different themes each semester. The topic is listed in the course schedule for the semester.

The seminar allows students to develop a project under the guidance of a faculty mentor. The seminar requires regular class attendance to discuss projects and to document them as well as individual meetings with the mentor. The projects themselves may be in one of the degree's various concentration areas. Projects must be the student's individual, original work and include the product, the technical documentation, and a learning experience essay summarizing the process and skills used.

The internship provides an opportunity for students to use knowledge gained in their major combined with the knowledge provided by professionals in a variety of industry settings. Students are required to complete a minimum of 100 hours during the semester to earn four credits. (Students' full-time jobs cannot serve as internships.) In addition to hours at their placement, they meet regularly with the internship coordinator, maintain weekly logs or journals, and complete a final learning-experience essay summarizing the outcome, including samples of work completed.