New York, July 23, 2012 – The NYU Schack Institute of Real Estate (scps.nyu.edu/schack) of the NYU School of Continuing and Professional Studies (NYU-SCPS) has launched a new Community Real Estate Development concentration within its 42-credit Master of Science in Real Estate Development. The concentration will graduate its first candidates in the 2012-2013 academic year.
The new 12-credit concentration provides graduate students in the real estate development program with the opportunity to gain an in-depth understanding of the tools, techniques, and policies that can be used to develop real estate projects in underdeveloped, underserved urban communities and distressed towns by engaging with and responding to community needs.
The Community Real Estate Development concentration will prepare students for positions in community and economic development finance, affordable housing, neighborhood revitalization, workforce development, center city redevelopment, and real estate social entrepreneurship.
“Every real estate development project–particularly those in New York City–requires an understanding of the social and economic dynamics that are at play when working in underdeveloped urban neighborhoods,” said Rosemary Scanlon, divisional dean of the NYU Schack Institute of Real Estate. “The Community Real Estate Development concentration is designed to teach students how to address obstacles that may arise during a project and to educate them so that they can work alongside the community.”
The Community Real Estate Development Concentration is comprised of the following specialized classes:
- Urban Economic Development
An examination of the economic development concepts, programs, and projects in cities, this course emphasizes the New York City metropolitan area and provides students with a basic understanding of the process of economic development.
- Affordable Housing Development
An introduction to the development and financing of affordable housing, this course provides an overview of the concept of housing affordability and primarily focuses on the financing tools used for affordable housing.
- Community and Civic Engagement in Real Estate Development
As students must understand the social and economic factors that shape metropolitan economies and urban neighborhoods, this course provides students with a look into the various issues that low-income communities face and developers must address when working in these neighborhoods.
- Applied Project in Community Development
This capstone course requires the student to take a real estate development project from concept to completion and through operation. Students will be expected to identify and to develop a real estate project proposal, analyze its impact on a community, design and construction, financial and market feasibility, and final users.
According to the U.S. Bureau of Labor Statistics, employment of urban and regional planners is expected to grow 16 percent from 2010 to 2020. “Professionals with community development experience will be able to take advantage of new and expanding real estate opportunities in these areas,” said Divisional Dean Scanlon.
For additional information about the M.S. in Real Estate Development program, please visit scps.nyu.edu/msred. For information about the application, please visit scps.nyu.edu/admissions or call 212-998-7100.
About the NYU Schack Institute of Real Estate
The NYU Schack Institute of Real Estate (scps.nyu.edu/schack) was founded in 1967, at the initiative of prominent real estate leaders who encouraged NYU to establish an academic center that provided an educational foundation for professionals within their industry. Today, NYU Schack is home to graduate degree and related graduate certificate programs—notably the M.S. in Real Estate, the M.S. in Construction Management, and the M.S. in Real Estate Development—which enroll almost 800 full- and part-time students from more than 30 countries and have nearly 2,500 alumni degree-holders around the globe. In addition, each year approximately 4,200 working professionals enroll in the Institute's professional certificate programs, noncredit courses, and licensure-related offerings in such areas as real estate finance, sales and brokerage, sustainable design, facilities management, and architecture and civil engineering. The Institute also houses the NYU REIT Center and the Center for the Sustainable Built Environment and hosts key industry events, including annual conferences on Real Estate Capital Markets and REITs. NYU Schack is one of several comprehensive academic divisions within the School of Continuing and Professional Studies (NYU-SCPS), the NYU home for study and applied research related to key knowledge-based industries where the New York region leads globally.