SPS Stories
Alumni Spotlight
A Blueprint for Success in NYC Real Estate
Fast Facts
- A first-generation college student who worked as a residential broker before joining NYU SPS
- Attained an MS in Real Estate in 2017–graduating with top grades in the Development Track
- Currently an Asset Management Analyst at L&L Holdings
<p><span class="p-body">Moving to NYC seemed like the obvious choice for Shawn Dacey, an <a href="/content/sps-nyu/explore/degrees-and-programs/ms-in-real-estate.html" title="MS in Real Estate">MS in Real Estate</a> graduate. He's had an affinity for large cities since he can remember. "I liked the idea of working with something large. I love cities, I studied urban geography, and I like how things are built," he says.</span></p>
<p><span class="p-body">In his current role as an asset management analyst at L&L Holdings, Dacey gets to apply his passion for planning to the commercial real estate industry on a daily basis. We sat down with him to learn more about his experience as a first-generation college student, how he's using his knowledge in the field, and what advice he has for prospective <a href="/content/sps-nyu/about/academic-divisions-and-departments/schack-institute-of-real-estate.html" title="Schack Institute of Real Estate">Schack Institute of Real Estate</a> students.</span></p>
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Forging His Own Path to A Career in Real Estate Finance
<p>Growing up in upstate New York, Dacey pursued his undergraduate studies as a first-generation college student at SUNY Oneonta and worked as a residential broker out of school. He was driven to excel during his years in higher education, and his early real estate experience propelled his interest in studying for a graduate degree in the field. "I found my way to the program through a recommendation from an alumnus," he explains.</p>
<p>Having avoided taking on significant debt while an undergraduate at a state school, Dacey paid particular attention to the financial options for his graduate education. He was encouraged by the possibilities for scholarships at Schack, including those available for first-generation college students. He decided to enroll in the development track and later realized that he loved working with the numbers behind real estate, so he shifted to finance. </p>
<p>He ultimately became a Flag Bearer—a designation for the student with the top grades in their specialty. "I liked dealing with hard assets. [Real estate] is something tangible, something you could actually see the results of—buildings are actually going up into the sky."</p>
<p>"Being a first-generation college student in my family, [I] work hard and try my best," Dacey says of his work ethic. "When I'm interested in something, I take to it." That commitment included getting involved with REISA and interning for several companies during his tenure. Companies included a small developer, a retail owner-operator, and a large firm where he focused on capital markets.</p>
<p>He was drawn to Schack's model: Its professors who work in the field provide real-world connections; its location enables students to see New York; its conferences and groups like REISA provide opportunities to get involved.</p>
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Relationships, Relationships, Relationships
<p>Sure, real estate might be all about "location, location, location," but Dacey attributes much of his success in the industry to the relationships he has built along the way, beginning with those forged at NYU SPS.</p>
<p>Through those connections, Dacey got a foothold in the New York City real estate industry and began his work in asset management. "I really do enjoy [asset management]," he says, underscoring the importance of real-world work experience in that field. "It's such a day-to-day job. It's kind of the spoke in the wheel."</p>
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It is a relationships industry, but I was able to make those relationships in the classroom," Dacey emphasizes, saying that the network he built inside and outside the classroom was among the most important aspects of his Schack experience. "[I could] break into an industry by meeting people and gaining friendships and, at the same time, knowledge. I was able to extract a lot of value."
Creating A Sky-high Career
<p><span class="p-body">Since joining L&L in 2018, Dacey has had the opportunity to work on the financing for significant New York City real estate assets, including 200 Fifth Avenue in the Flatiron neighborhood, which houses the Italian food and restaurant marketplace, Eataly. </span></p>
<p><span class="p-body">In the summer of 2018, he worked on L&L's $600 million refinancing of that building with JP Morgan & Co.. Other L&L assets that Shawn has been involved with include 222 Broadway, which houses WeWork and Bank of America, and 195 Broadway in Lower Manhattan. With asset management, "you get to be with the building from cradle to grave—and be creative in thinking about how to extract more value out of the building," he says.</span></p>
<p><span class="p-body">For students who are inspired by Dacey's success, he has a few words of advice. It's crucial to get the hard skills including Excel and, ideally, Argus. "The conceptual stuff will come. Just generally be a person who can work with others. In structuring a deal, there's a lot of different people [involved]," he explains. That teamwork requires being both an outgoing and easygoing person in the context of building the transaction—something he was exposed to both in the classroom at Schack and in his work in the field. "It's what you make of it. You have to build your network, and this is the place to do it."</span></p>
<p><span class="p-body">Dacey's big-city ambition brought him to NYU SPS. What will bring you to the <a href="/content/sps-nyu/about/academic-divisions-and-departments/schack-institute-of-real-estate.html" title="Schack Insittue of Real Estate">Schack Institute of Real Estate</a>? See what an <a href="/content/sps-nyu/explore/degrees-and-programs/ms-in-real-estate.html" title="MS in Real Estate">MS in Real Estate</a> has in store for you today.</span></p>
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