Overview. The Master of Science in Real Estate Development & Investment curriculum brings investment and development together, reflecting how they intersect in real-world decision-making. Students learn by analyzing markets, underwriting opportunities, structuring capital, evaluating project feasibility and responding to complex industry challenges. Applied projects and a choice of specialization allow each student to build practical expertise aligned with their professional goals.

TERMS. Term 1. Core Foundations (Summer). Real Estate Finance and Valuation. Build the financial and valuation skills needed to assess real estate investments. Students develop property pro formas, project cash flows and investor returns, and apply income, comparable and replacement cost valuation methods. Through Excel-based exercises across multiple asset classes, they learn to evaluate opportunities and present well-supported investment conclusions.. Real Estate Market Analysis. Learn to evaluate the market conditions that influence real estate performance. Students analyze supply and demand, absorption, vacancy, rental growth, demographics and economic trends using leading industry data sources. The course culminates in a market analysis of a New York City submarket.. Real Estate Asset Classes. Explore the characteristics, performance drivers and investment considerations of major real estate asset classes, including multifamily, office, industrial, hospitality and retail. Assess specialized asset classes such as data centers, life sciences and self-storage.. Term 2. (Fall). Modeling, Analytics & AI for Real Estate (RFFM). Develop advanced real estate models using Excel and Argus Enterprise while exploring how AI and alternative data are transforming underwriting. Students build joint venture waterfalls, evaluate multi-asset investments and conduct sensitivity, scenario and Monte Carlo analyses. The course culminates in a fully audited joint venture model and supporting AI workflow.. Real Estate Private Equity & Funds. Examine how real estate private equity firms evaluate investments, structure funds and raise capital. Students explore core, value-add, opportunistic and debt strategies, together with fund lifecycles and LP–GP economics. They apply their learning by developing investment materials and presenting a deal in an investment committee simulation.. Real Estate Capital Markets. Understand the public and private capital markets that finance real estate. Students examine REITs, CMBS, debt markets, valuation methods and market cycles while learning to analyze public real estate companies and interpret financing terms. The course culminates in an equity research report on a publicly traded REIT.. Real Estate Development, Feasibility & ESG. Explore the real estate development process from site selection and feasibility through financing, construction and delivery. Students learn to assess zoning, entitlements, project economics and ESG considerations, incorporating energy, carbon, LEED and WELL criteria into development decisions. The course culminates in a development proposal for a New York City site.. Real Estate Deals & Transactions. Learn how real estate transactions are structured, negotiated and executed. Students examine purchase and sale agreements, due diligence, legal and tax considerations, distressed acquisitions and international transactions. Practical exercises include negotiating an agreement and preparing a comprehensive deal memo.. Term 3. Asset & Portfolio Management. Learn how real estate assets are managed after acquisition to improve performance and create long-term value. Students explore net operating income optimization, leasing, tenant strategy, capital improvements, business planning and investor reporting. The course culminates in a three-year asset management plan for an operating property.. Negotiation, Law & Tax. Build a practical understanding of the legal, tax and negotiation considerations that shape real estate deals. Students examine transaction structures, depreciation, 1031 exchanges, tax credits, negotiation strategies and professional ethics. The course culminates in a negotiated term sheet supported by a clear legal and tax rationale.. Construction Management for Developers. Gain a practical understanding of construction management from the owner and developer perspective. Students examine the key stages of project delivery, from pre-construction through completion and turnover, with particular attention to budgets, schedules, risks, contracts and stakeholder relationships that affect project feasibility and execution.. AI & Proptech. Explore how technology, entrepreneurship and new capital models are reshaping real estate. Students examine PropTech investment trends, venture formation, AI applications and innovations such as crowdfunding, tokenization and fractional ownership. The course culminates in a real estate venture pitch and an AI-supported business plan.. Global Real Estate & Cross-Border Capital. Develop an international perspective on real estate markets and investment. Students compare major global hubs, examine cross-border capital flows and assess the regulatory, tax, geopolitical and currency risks affecting international transactions. The course culminates in a global diversification strategy for an institutional investor.. Specializations. Students choose 1 out of 2 Specializations. SPECIALIZATION TRACK 1 · INVESTMENT. Advanced REPE & Underwriting. Develop the advanced underwriting skills required to evaluate institutional real estate investments. Students stress-test assumptions, structure complex joint venture waterfalls, underwrite value-add transactions and build fund-level portfolio models. The course culminates in a complete acquisition proposal presented through an investment committee simulation.. Advanced Capital Markets & Distressed Real Estate. Examine distressed real estate strategies and complex debt structures across different market cycles. Students learn to identify distressed opportunities, evaluate restructurings and workouts, and structure mezzanine debt, preferred equity and other financing instruments. The course culminates in a distressed investment strategy and workout plan.. SPECIALIZATION TRACK 2 · DEVELOPMENT. Advanced Real Estate Development. Learn to structure and execute complex real estate development projects. Students examine joint ventures, public-private partnerships, tax-credit structures, construction financing and risk allocation among owners, lenders and contractors. The course culminates in a comprehensive development proposal for a real opportunity.. Real Estate Ventures & Firm Building. Explore how to establish and grow a real estate investment or development firm. Students learn to structure founder partnerships, raise capital, build a track record and manage the operational and financial challenges facing new sponsors. The course culminates in a firm pitch, initial deal pipeline and co-founder agreement.. Capstone Project. Capstone Project. Integrate the knowledge and skills developed throughout the program into an applied real estate project aligned with individual career goals. Students may complete a deal memo, development proposal, investment report, fund pitch, corporate real estate strategy or venture concept, supported by faculty guidance and presented to a panel of industry practitioners.. STUDY TRIP. Global RE Trek Study Trip. Explore an international real estate market through company visits, landmark projects and meetings with industry professionals. The experience connects classroom learning with real world market insights and cross border perspectives.