NYU Schack Institute of Real Estate To Introduce Graduate Concentration in Community Real Estate Development

New Concentration to Prepare Students to Meet the Challenges of a Growing Segment of the Real Estate Development Industry

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.

About the NYU School of Professional Studies

Established in 1934, the NYU School of Professional Studies (sps.nyu.edu) is one of NYU's several degree-granting schools and colleges, each with a unique academic profile. The reputation of the School of Professional Studies arises from its place as the NYU home for study and applied research related to key knowledge-based industries where the New York region leads globally. This is manifest in the School's diverse graduate, undergraduate, and Professional Pathways programs in fields such as Accounting, Finance, and Law; Applied Health; Arts, Design, and Film; Creative Cities and Economic Development; English-Language Learning; Entrepreneurship; Fundraising and Grantmaking; Global Affairs; Hospitality and Tourism Management; Human Resource Management and Development; Languages and Humanities; Management and Systems; Marketing; Project Management; Public Relations and Corporate Communication; Publishing; Real Estate, Real Estate Development, and Construction Management; Sports Management, Media, and Business; Translation; and Writing.

More than 100 distinguished full-time faculty members collaborate with an exceptional cadre of practitioner/adjunct faculty members and lecturers to create a vibrant professional and academic environment that educates over 5,000 degree-seeking students from around the globe each year. In addition, the School fulfills the recurrent professional education needs of local, national, and international economies, as evidenced by nearly 28,000 Professional Pathways enrollments in Career Advancement Courses and Diploma Programs. The School's community is enriched by more than 31,000 degree-holding alumni worldwide, many of whom serve as mentors, guest speakers, and advisory board members. For more information about the NYU School of Professional Studies, visit sps.nyu.edu.