REAL ESTATE FALL 2011

REAL ESTATE FALL 2011 The following information is taken from the fall 2011 NYU-SCPS bulletin. Please note that changes are made to course schedules ...
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REAL ESTATE FALL 2011

The following information is taken from the fall 2011 NYU-SCPS bulletin. Please note that changes are made to course schedules and locations, and new offerings are added on a continuing basis. Visit our website for the most up-to-date program information: scps.nyu.edu

HOW TO REGISTER Register now for the best course selection and availability. You may register during the semester according to the schedules and procedures in the Registration section of this Bulletin. Courses begin throughout the term.

FALL TERM CALENDAR

WEB: scps.nyu.edu

TELEPHONE: (212) 998-7150

Fall Classes Begin

24 HOURS A DAY

Now through Sept. 2: Monday–Thursday, 9 a.m.–6 p.m., Friday 9 a.m.–5 p.m.* Extended hours, Sept. 6–30: Monday­–Thursday, 9 a.m.–7 p.m.; Friday, 9 a.m.–5 p.m.

PAYMENT: Visa, MasterCard, Discover,

American Express

IN PERSON 7 East 12th Street, 1st Floor Now through Sept. 2: Monday–Thursday, 9 a.m.–6 p.m.; Friday, 9 a.m.–5 p.m.* Extended hours, Sept. 6–30: Monday­–Thursday, 9. a.m.–7 p.m.; Friday, 9. a.m.–5 p.m. PAYMENT: Visa, MasterCard, Discover,

American Express, check, or money order payable to New York University.

PAYMENT: Visa, MasterCard, Discover,

American Express

MAIL Mail registrations are accepted throughout the semester and must be postmarked at least two weeks before the course start date. Use the postagepaid registration form at the back of this Bulletin. PAYMENT: Visa, MasterCard, Discover,

American Express

FOR MORE INFORMATION

Wednesday, September 21

Rosh Hashanah Wednesday–Thursday, September 28–29 All classes cancelled at Norman Thomas Center and Manhattan Village Academy only.

Columbus Day Monday, October 10 All classes cancelled.

Thanksgiving Recess Thursday–Sunday, November 24–27 All classes cancelled.

NEED TO CHECK CLASS LOCATIONS OR TIMES? You can view course details, including class locations, room numbers, dates, and times through ALBERT, the NYU student information services website, or by calling the number below. Instructions for accessing ALBERT are sent to students upon registration.

HAVE A QUESTION? WE CAN HELP.

Call: (212) 998-7200

If you need more information about noncredit courses or certificates, we are available to answer your questions in person, by phone, or by e-mail.

NEED TO DROP A COURSE?

TELEPHONE: (212) 998-7200 Monday–Thursday, 9 a.m.–7 p.m.; Friday until 5 p.m.*

E-MAIL: [email protected]

INFORMATION SESSIONS Our information sessions offer an opportunity to meet program staff, discuss your interests, and ask questions. See page viii for a schedule.

*Telephone and in-person registration may be suspended or altered due to holiday observance.

Smart Phone users can scan this QR code to link to the NYU-SCPS website.

ON THE COVER: MILTON GLASER Milton Glaser is among the most celebrated graphic designers in the United States. As a Fulbright scholar, he studied with the painter Giorgio Morandi in Bologna, Italy. He has had the distinction of presenting solo exhibitions at the Museum of Modern Art and the Georges Pompidou Center in Paris and was selected in 2004 to receive the Cooper Hewitt National Design Museum’s lifetime achievement award. In 2010, Glaser became the first graphic designer to receive the National Medal of Arts. He opened Milton Glaser, Inc. in 1974 and continues to produce a prolific amount of work in many fields of design. 

WEB SCPS.NYU.EDU | E-MAIL [email protected]

You may drop a course by mail or in person (7 East 12th Street, 1st Floor, New York, NY 10003); online anytime at scps.nyu.edu/drop; and up until one day before the course start date via ALBERT, the NYU student information services website; or by fax (212-995-3060). If you wish to withdraw from a course after the first class has met, please consult our refund policy in the Registration section of this Bulletin. Jane Wiater LaPorte, director of publications Sharon Fass, associate director of publications Cindy Nowicki, production editor Alfonse Antonaglia, production manager Clement Wu, graphic designer Jim O’Brien, writer Cover Art: Milton Glaser Cover Design: FP Design NY, Inc.

New York University Bulletin (USPS 383-620), Vol. CXI, No. 3, March 15, 2011 Published four times per year (January, March, July, November) by New York University, 244 Greene Street, 2nd Floor, New York, NY 10003-6651. Periodicals postage paid at NY, NY and at additional entry offices. POSTMASTER: Send address changes to New York University Bulletin, 244 Greene Street, 2nd Floor, NY, NY 10003-6651.

SCPS.NYU.EDU/REALESTATE

INFORMATION SESSION

REAL ESTATE Our courses in real estate, offered through the NYU Schack Institute of Real Estate, help industry professionals stay on the leading edge in today’s challenging and exciting market. Courses cover finance, development, leasing, facility and property management, title issues, and other topics of importance to the industry. Also offered are courses that fulfill the New York State continuing education require-

Real Estate: Sales, Appraisal, Finance, Investment, Development, and Management Wednesday, 6–8 p.m., August 31 NYU Midtown Center 11 West 42nd Street, 4th Floor

Information sessions include discussions about

industry news and career opportunities, presentations on curricula, and a chance to ask questions of faculty

and staff. No RSVP is required, but please be punctual. For more information, call (212) 998-7200.

ments for licensed real estate professionals and programs that help those new to the field prepare for the salesperson’s licensing or appraisal examinations. Our offerings in Real Estate include: •M  ore than 500 noncredit courses and seminars offered annually through the NYU Schack Institute of Real Estate.

FINANCE AND INVESTMENT Whether you’re just starting out or an established finance and investment industry professional, we have courses to meet your needs and interests—from the fundamentals of real estate finance and cash flow analysis to real estate capital markets and investment real estate syndication—and more.

FALL INTENSIVES

•C  ertificate programs: Real Estate Finance and Investment (page 3), Global Real Estate (page 3), Real Estate Development (page 4), Commercial Property Management (page 5), NEW Residential Prop­ erty Management (page 6), and Facility Management (page 7).

M Sec. 1: Mon.–Fri. 9 a.m.–4.30 p.m., Oct. 3–7 (5 sessions).

• National conferences in capital markets and REIT mergers and acquisitions featuring distinguished speakers who offer their professional expertise and predictions in real estate market trends (this page). •M  aster of Science in Real Estate, which provides a thorough grounding in the analysis, development, financing, and operation of investment property worldwide. A Graduate Certificate in Real Estate is also offered through the program. • NEW Master of Science in Real Estate Development, which embraces the role of developers, preparing students to produce real estate projects strategically and effectively from beginning to end. For information, visit scps.nyu.edu/realestate or call (212) 998-7200.

CONTENTS Finance and Investment

The Business of Real Estate: Finance and Investment REFI1-CE9630/$1,995G

1

Development3

This intensive one-week program provides a solid foundation for understanding the high-stakes business of commercial real estate. Through exposure to actual cases, students learn the real issues involved in the creation of real estate assets and real estate value. Topics covered include real estate valuation concepts and techniques; the real estate investment framework; capitalization and the income statement; real estate financial analysis; the pro forma; financing and underwriting principles and practices; capital markets, REITs, and debt securitization; and investment analysis/analyzing the deal. First day check-in and materials distribution at 8.45 a.m. NYCEM-22.5 hours.

Real Estate Investment Banking and Capital Markets: Understanding Value During the Enterprise Life Cycle REFI1-CE9685/$1,995 M Sec. 1: Mon.–Fri. 9 a.m.–4.30 p.m., Nov. 14–18 (5 sessions). Scott L. Robinson, visiting clinical assistant professor, NYU Schack Institute of Real Estate; and Manish Srivastava, director, Brahma Management LTD. Strengthen your knowledge of corporate finance and capital markets through an examination of how the public capital markets value commercial real estate investments and firms and assess risk. Acquire a comprehensive understanding of value creation during the life cycle of a real estate firm with a focus on the role investment banking plays in reallocating risk and enhancing value. Gain hands-on knowledge of this process through a mixture of conceptual frameworks, practical applications, and case studies. Topics include Initial Public Offerings (IPOs); transitioning from private to public markets; secondary equity offerings; corporate unsecured debt; the nuances of leverage; mergers and acquisitions (M&A); and Leveraged Buy-Outs (LBO). Students in this course attend the 43rd Annual Conference on Capital Markets in Real Estate on Thursday, November 17.

Property Management

4

Facility Management

5

Appraisal Licensing, Certification, and Continuing Education

6

Salesperson’s and Broker’s Licensing and Continuing Education

7

Professional Development Seminars

11

Continuing Legal Education Master Class Series

12

The NYU Schack Institute of Real Estate hosts a selection of national conferences in premier midtown hotels. Each conference presents a distinguished panel of speakers who offer their expertise in real estate market trends and predictions.

Personal Investment Workshops

12

Conferences include:

NYU SCHACK INSTITUTE NATIONAL CONFERENCES

•C  apital Markets and Pension Fund Investment in Real Estate Waldorf=Astoria Hotel, Fall 2011 • REIT Mergers and Acquisitions, Spring 2012 For more information, visit scps.nyu.edu/realestate.

TO REGISTER: (212) 998-7150 OR SCPS.NYU.EDU

FOR MORE INFORMATION: (212) 998-7200

1

SCPS.NYU.EDU/REALESTATE Introduction to Real Estate Finance REFI1-CE9100/$670

Real Estate Capital Markets REFI1-CE9412/$640

U Sec. 1: Thurs. 6.20–8.20 p.m., Sept. 22– Dec. 1 (10 sessions). Barry Stein, president, Rohman & Stein Associates, Inc.; NYU-SCPS Award for Teaching Excellence.

N Sec. 1: Thurs. 6–8 p.m., Sept. 22–Nov. 17 (8 sessions). No class Sept. 29. Jerome Sanzo, director, SBZ Select Investments. U Sec. 2: Mon. 6.20–8.20 p.m., Sept. 26– Nov. 21 (8 sessions). Michael Ting, director– structure securitization, Arbor Realty Trust.

U Sec. 2: Tues. 6.20–8.20 p.m., Sept. 27– Dec. 6 (10 sessions). Derek F. Gardella, associate, JPMorgan Asset Management. M Sec. 3: Tues. 3.30–5.30 p.m., Sept. 27– Dec. 6 (10 sessions). Angela Mirizzi-Olsen, Tamat Advisors LLC. M Sec. 4: Sat. 9.30 a.m.–1.30 p.m., Oct. 1–29 (5 sessions). Larry R. Wiltshire, financial institution specialist, Federal Deposit Insurance Corporation (FDIC).

V Sec. 5: Mon. 7.30–9.30 p.m., Oct. 17– Dec. 19 (10 sessions). Ciro R. Trotta, principal, American Financial & Banking Consultants. Identify sources of capital and analyze the types of financing available in today’s residential and commercial real estate markets. Topics include mortgage instruments and notes; mortgage underwriting; the secondary mortgage market and securitization; financing income-producing properties, including shopping centers, office buildings, industrial buildings, and apartment houses; the lease as a form of financing; and the construction loan, second mortgage, and other interim loans. Online course section not approved for New York State salesperson’s and broker’s continuing education. NYCEM-15 hours.

Real Estate Financial Analysis I REFI1-CE9351/$670 M Sec. 1: Wed. 9–11 a.m., Sept. 21–Nov. 30 (10 sessions). No class Nov. 23. Ciro R. Trotta, principal, American Financial & Banking Consultants. M Sec. 2: Wed. 3.30–5.30 p.m., Sept. 21– Nov. 30 (10 sessions). No class Nov. 23. Ciro R. Trotta N Sec. 3: Thurs. 6–8 p.m., Sept. 22–Dec. 1 (10 sessions). No class Sept. 29. Joseph P. Gojka U Sec. 4: Tues. 6.20–8.20 p.m., Sept. 27–Dec. 6 (10 sessions). No class Oct. 11. Vineet Bedi, principal, Carlson Capital, L.P.

V Sec. 5: Tues. 7.30–9.30 p.m., Oct. 18–

Dec. 20 (10 sessions). Joseph P. Gojka

M Sec. 6: Sat. 9 a.m.–1 p.m., Nov. 5–Dec. 10 (5 sessions). Robert J. Meulmeester, partner, Cadence Capital Group LLC. Acquire a solid understanding of real estate cash flow analysis concepts with this HP 12c financial calculator-based course. Examine the calculations and measurements employed in quantitative real estate investment and income property analysis, including financial calculator techniques, spreadsheet analysis, and lease-by-lease analysis. Concepts and measurements covered include net operating income (NOI), cash-on-cash return, internal rates of return (IRR), net present value (NPV), discounted cash flow, residual value, capitalization rate, debt service, the implications of leverage on investment returns, depreciation, and capital gains. Online course section not approved for New York State salesperson’s and broker’s continuing education. NYCEM-15 hours. 2

WEB: SCPS.NYU.EDU

Real Estate Financial Analysis II REFI1-CE9353/$670 N Sec. 1: Wed. 6–8 p.m., Sept. 21–Dec. 7 (10 sessions). No class Sept. 28 and Nov. 23. Ciro R. Trotta, principal, American Financial & Banking Consultants. Apply the real estate financial analysis concepts and mathematical techniques taught in Real Estate Financial Analysis I to four property types: office, residential, industrial, and retail to gain a higher level of proficiency. Advanced cash flow concepts introduced include exploring different debt/equity financing scenarios and examining their effect on the equity investor’s pre-tax cash flow, structuring/calculating on the HP 12c preferred equity and initial equity distributions (waterfall concept), and the effect of tax and depreciation on cash flow and investment decision-making. Students must have an HP 12c financial calculator. Prerequisite: Real Estate Financial Analysis I/REFI1-CE9351 or equivalent. NYCEM-15 hours.

Real Estate Investment Analysis: Analyzing the Deal REFI1-CE9361/$640 M Sec. 1: Wed. 6–8 p.m., Sept. 21–Nov. 16 (8 sessions). No class Sept. 28. Gregory Hughes, chief operating and financial officer, SL Green Realty Corp. Learn how experienced investors analyze a commercial real estate deal and determine its potential for profitability. Topics include analyzing income and expenses, debt underwriting, equity return analysis, types of debt instruments and equity vehicles available in both public and private markets, and analytical performance techniques. An investment property case study brings together various elements covered in the course. Students must have familiarity with an HP 12c financial calculator (or equivalent) and PC-based spreadsheets. Prerequisites: Real Estate Financial Analysis I/REFI1-CE9351 or equivalent cash flow experience. NYCEM15 hours.

Real Estate Financial Modeling Essentials Using Excel REFI1-CE9355/$640

Advanced Real Estate Investment Analysis Techniques REFI1-CE9363/$670

M Sec. 1: Mon. 6–8.45 p.m., Sept. 26–Nov. 7 (6 sessions).

W Sec. 1: Thurs. 6–8 p.m., Sept. 22–Dec. 8 (10 sessions). No class Sept. 29. Shaun Trimblett, manager–financial analysis, Prudential Financial.

M Sec. 2: Mon. 6–8.45 p.m., Nov. 14–Dec. 19 (6 sessions). Learn to build financial models for the acquisition and refinancing of commercial real estate in this hands-on Excel course. Discover how to best organize and present data to analyze real estate investments more efficiently. Topics include annual property operating statements; pro forma forecasting and preparation; discounted cash flow analysis; before and after-tax NPV and IRR calculations; integrating risk analysis into financial models; scenario and sensitivity analysis; using Excel data tables, goal seek, solver functions, and statistical tools; cost of capital; and portfolio management. Spreadsheet design and formula composition is emphasized. Students must have prior knowledge of real estate financial analysis and basic Excel. Prerequisites: Real Estate Financial Analysis I/REFI1-CE9351 and II/REFI1-CE9353 or equivalent.

E-MAIL: [email protected]

Explore advanced financial economic principles and analytical techniques. Topics include commercial real estate investment and decision analysis, developing financial models at the property and portfolio level, financing and partnership arrangements, preparing financial statements according to GAAP, real estate economics and market cycles, capital structure and return analysis on levered and unlevered cash flows, the effect of leverage on weighted average cost of capital (WACC), investment return, quantifying debt service and modeling amortization schedules, refinancing and prepayment decisions, waterfall arrangements in cash flow distribution, time weighted returns, management fees, hedging techniques, mitigation of foreign exchange, interest rate risk, and simulation techniques to measure risk at the property and portfolio level. Prerequisites: Introduction to Real Estate Finance/REFI1-CE9100, Real Estate Financial Analysis I/REFI1-CE9351, and Real Estate Financial Modeling Essentials Using Excel/REFI1-CE9355.

Learn how the world of real estate meets the world of finance and how debt and equity is raised to finance real estate transactions. Topics include the structure and participants of the public and private real estate capital markets; sources of debt and equity financing; deal structuring; tranches; risk and return; note structures; mezzanine debt; REs; real estate related bonds; private and public real estate investment trusts (REITs); commercial real estate debt markets including the mortgage finance system; securitization; and commercial mortgage-backed securities (CMBS). Prerequisite: Introduction to Real Estate Finance/REFI1-CE9100 or equivalent.

HP 12c Financial Calculator for Real Estate Investment Analysis RESB2-CS0250/$195 M Sec. 301: Sat. 8.30 a.m.–5 p.m., Sept. 24 Fred A. DePascale, appraiser and consultant. Develop a clear and confident approach to solving relatively complex financial and real property investment problems with the HP 12c calculator. Topics include the effects of mortgage financing; loan to value, annual debt, debt coverage ratios, and cash returns to equity; mortgage amortization; determining future values through compounding and present values by discounting expected cash flows; and internal rate of return. Begin with a detailed description of the keys and their functions, then move to basic investment examples. Each example receives a practical explanation to connect the keystrokes and the solutions to the practical world of investments. HP 12c financial calculator required. NYCEM7.5 hours. ACEM-8 hours.

Wondering what to take? [email protected] (212) 998-7200

M Meets at NYU Midtown Center, 11 W. 42nd St. N Meets at Norman Thomas Center, 111 E. 33rd St. U Meets at SUNY College of Optometry, 33 W. 42nd St. W Meets at the Woolworth Building, 15 Barclay St. V Online course. G No discounts apply to this course.

SCPS.NYU.EDU/REALESTATE CERTIFICATE IN REAL ESTATE FINANCE AND INVESTMENT Acquire a complete understanding of how commercial real estate investment deals are financed, structured, and accomplished. Upon completion of the program, students have covered:

• How to identify sources of capital and various forms of financing structures. • Mortgage instruments.

• Real estate investment and analysis. • Valuation methods.

• Underwriting methods.

• Real estate financial calculations. • Comparison of investment deal structures.

This certificate is awarded to students who successfully complete the required material by taking Option 1 (four required courses and two elective courses from the Real Estate Finance and Investment area) or the accelerated Option 2 (three intensive courses). REQUIRED—OPTION 1 Introduction to Real Estate Finance/ REFI1-CE9100 (page 2) Real Estate Financial Analysis I/ REFI1-CE9351 (page 2)

CERTIFICATE IN GLOBAL REAL ESTATE The Certificate in Global Real Estate is designed to provide real estate professionals with an advanced level of understanding of international real estate to enable them to make informed real estate investment decisions. The courses in this certificate offer special focus on finance and investment tools, valuation, capital markets, development, macroeconomics, market analysis, and portfolio and risk management.

Upon completion of the program, students have an in-depth understanding of: • International real estate markets. • Global macroeconomic trends.

• Sources of capital for global real estate investments. • Risk and portfolio concepts to global real estate investments. • Global real estate investment frameworks.

• Effects of currency exchange rates on investments.

• Effects of leverage on international investments.

• Global property rights.

• Global tax regimes and their effects on investments.

Intensive in Real Estate Financial Modeling and Analysis/ REFI1-CE9640 (2012) Intensive in Real Estate Investment Decision Analysis/ REFI1-CE9680 (2012)

M Sec. 1: Mon.–Fri. 9 a.m.–4.30 p.m., Oct. 24–28 (5 sessions). Delve into all aspects of the real estate development process and gain a solid understanding of the procedures, issues, and complexities that come into play in the development of real estate—from inception to occupancy. Study the phases of real estate development and acquire essential knowledge and skills. Case studies are used throughout the program. Topics include an overview of the real estate development process; legal concepts; market analysis and project site selection; the feasibility study; project hard and soft cost budget; structuring and raising equity; construction loan finance and the draw package; construction considerations for the owner; green building development; and branding and marketing strategy. First day check-in and materials distribution at 8.45 a.m. Prerequisite: The Business of Real Estate: Finance and Investment/ REFI1-CE9630 or equivalent real estate investment analysis experience.

The Real Estate Development Process REDV1-CE9402/$640 W Sec. 1: Wed. 6.20–8.20 p.m., Sept. 21– Nov. 30 (10 sessions). N Sec. 2: Mon. 6–8 p.m., Sept. 26–Dec. 5 (10 sessions). Matthew M. Baron, principal, Simon Development Group.

Learn the fundamental phases of the real estate development process. Property and project types covered include commercial office, multifamily, mixed-use, re-development, and urban infill. Study land assemblage, land use review, environmental procedures, design considerations, delivery methods, market feasibility, the project pro forma, capital and financing structures, dealing with professional and government agencies, contracts with partners and external parties, project life cycle, marketing, leasing, and property management. Online course section not approved for New York State salesperson’s and broker’s continuing education. NYCEM-15 hours.

This certificate is awarded to students who successfully complete three required intensive courses.

Intensive in The Business of Real Estate: Finance and Investment/ REFI1-CE9630 (page 1)

Real Estate Development REDV1-CE9660/$1,995G

• Local approaches to doing business in international locales.

ELECTIVES—OPTION 1

REQUIRED—OPTION 2

FALL INTENSIVE

V Sec. 3: Tues. 7.30–9.30 p.m., Oct. 11–Dec. 13 (10 sessions). Nicholas Michael Zampetti, principal, Hudson Investment Group.

• Legal frameworks.

Choose two elective courses from the Real Estate Finance and Investment area.

The world of real estate development is highly creative and requires not only robust leadership and project management skills, but also a fundamental understanding of market analysis, finance and investment analysis, planning and design, construction, marketing, and property management. The courses in this section address these topics and more.

• Cultural differences and considerations.

Real Estate Investment Analysis: Analyzing the Deal/ REFI1-CE9361 (page 2) Real Estate Capital Markets/ REFI1-CE9412 (page 2)

DEVELOPMENT

REQUIRED COURSES Intensive in Real Estate Investment Decision Analysis/ REFI1-CE9680 (2012) Intensive in Global Real Estate Markets, Part I/ REFI1-CE9695 (2012)

Intensive in Global Real Estate Markets, Part II (2012) See page 13 for certificate requirements and benefits.

See page 13 for certificate requirements and benefits.

JACK BRAUSE LIBRARY AND INFORMATION CENTER The Jack Brause Library and Inform­ation Center, part of the NYU library system, is devoted exclusively to the building industry and is the most comprehensive facility of its kind. It is a reliable source of information covering all aspects of the real estate and construction industries, including magazines, journals, market reports, statistical and economic data, books, maps, and specialized databases. The collection emphasizes the New York metropolitan tristate area and includes extensive information on U.S. national markets and some international markets.

Real Estate Market and Feasibility Analysis REDV1-CE9635/$640 N Sec. 1: Wed. 6–8 p.m., Sept. 21–Nov. 16 (8 sessions). No class Sept. 28. Daniel Aarons, president, Aarons & Associates, Inc. Learn fundamental real estate market analysis principles and techniques to make more informed development and investment decisions. Topics covered include site assessment; demographic analysis; rental rates; sales values; supply and demand for different property types; and local as well as national economic, governmental, legal, and social considerations. Relevant, handson research and analysis exercises are conducted inside and outside of the classroom. Prerequisite: Real Estate Development Process/REDV1-CE9402 or equivalent.

TO REGISTER: (212) 998-7150 OR SCPS.NYU.EDU

Financing Real Estate Development Projects REDV1-CE9127/$640 N Sec. 1: Thurs. 6–8 p.m., Sept. 22– Nov. 17 (8 sessions). No class Sept. 29. Mark A. DePrima, senior director, Guardian Life Insurance. Examine the real estate development finance process for new building projects and renovations. Whether you are an owner, borrower, investor, developer, lender, broker, contractor, or manager in the real estate industry, this course reveals the mechanics, motivations, and requirements of the parties involved in the construction loan (debt) process. Topics include loan types; the development team; the lender’s credit criteria; the loan proposal; hard and soft cost budgets; the appraisal report; project feasibility; due diligence; construction contracts; legal documentation; guarantees; insurance and bonding; title insurance; liens; environmental reports; the Building Loan Agreement (BLA); requisitions, the funding process, and loan administration; retainage; the lender’s engineer; and the takeout. Prerequisite: The Real Estate Development Process/REDV1-CE9402.

Web For the most up-to-date course information and to register online, visit:

scps.nyu.edu

FOR MORE INFORMATION: (212) 998-7200

3

SCPS.NYU.EDU/REALESTATE

Upon completion of the certificate program, students have the ability to:

• Understand the phases of real estate development.

• Apply market analysis and project site selection techniques to a project.

• Analyze the legal and regulatory environment of a project.

• Identify available entitlements and public-private partnership opportunities.

Strategic

Global

Delve into all aspects of the real estate development process and gain a comprehensive understanding of the phases, issues, and complexities that come into play in the development of real estate— from inception to disposition.

Development

CERTIFICATE IN REAL ESTATE DEVELOPMENT

Innovative

Entrepreneurial

Real Estate

• Implement project development feasibility, budget, and finance studies, and identify options.

• Apply planning, design, and construction management techniques to projects. • Use asset management techniques for budget and operations.

This certificate is awarded to students who successfully complete the required material by taking Option 1 (four required courses and two electives from the Real Estate Develop­ment area) or the accelerated Option 2 (three real estate intensive courses).

Master of Science in Real Estate Development New 15-month full-time option A faculty drawn from the industry’s most accomplished professionals leads a comprehensive curriculum covering the growth areas of real estate development today: sustainable design and land use, public/private partnerships, global development, and environmental regulations. The program offers full- and part-time options, and can be completed in as little as 15 months.

REQUIRED—OPTION 1 The Real Estate Development Process/REDV1-CE9402 (page 3)

scps.nyu.edu/msred

Real Estate Market and Feasibility Analysis/REDV1-CE9635 (page 3)

Financing Real Estate Development Projects/REDV1-CE9127 (page 3) Legal Principles and Practices in Real Estate Transactions/ REDV1-CE9147 (this page)

Legal Principles and Practices in Real Estate Transactions REDV1-CE9147/$640

ELECTIVES—OPTION 1 Choose two elective courses from the Real Estate Development area.

N Sec. 1: Wed. 6–8 p.m., Sept. 21–Nov. 16 (8 sessions). No class Sept. 28.

REQUIRED—OPTION 2 Intensive in the Business of Real Estate: Finance and Investment/ REFI1-CE9630 (page 1)

Intensive in Real Estate Development/ REDV1-CE9660 (page 3) Intensive in Real Estate Asset Manage­ ment/REDV1-CE9670 (2012) See page 13 for certificate requirements and benefits.

4

WEB: SCPS.NYU.EDU

New York University is an affirmative action/equal opportunity institution. ©2010 New York University School of Continuing and Professional Studies.

Through a step-by-step examination of commercial real estate transactions, gain an understanding of the goals of the parties, transactions, legal structuring, negotiation, and documentation essential to each phase of the process. Topics include acquisition, disposition, and development; pre-contract period; letter of intent and due diligence; title search; contract of sale; contingencies during due diligence, including environmental, engineering, architectural, zoning, leases, and operating costs; financing, including conventional, IDA, SBA, sellerfinanced, assumption of existing financing, and subordinate financing; zoning, current compliance, and anticipated improvements; due diligence during conveyance, including deeds and title; government controls, including land use and zoning regulations; construction contracts; and the real estate closing. NYCEM-15 hours.

E-MAIL: [email protected]

Multi-Family Residential Development REDV1-CE9643/$640

Affordable Housing Development REDV1-CE9642/$640

N Sec. 1: Mon. 6–8 p.m., Sept. 26–Nov. 21 (8 sessions). Susan Newman, real estate development/asset advisory services.

N Sec. 1: Tues. 6–8 p.m., Sept. 27–Nov. 15 (8 sessions). Ellen Kackmann, Wachovia Capital Markets LLC.

Study residential real estate development from financial, land use, design, and public policy perspectives. Explore both redevelopment and new construction opportunities for rental and for-sale product. Topics include acquisition and assemblage, environmental and engineering review, design development, construction, joint ventures and public-private partnerships, capital and financing structure, and sales and marketing concerns. Case studies are included as part of the curriculum.

Examine the world of affordable housing and the many programs in this category. While reviewing the evolution of affordable housing in the United States, participants learn about specific programs and their objectives, with an emphasis on the New York market. Topics include specific financing mechanisms used to support the development of affordable housing, incentives for developers such as inclusionary zoning and real estate tax reductions, an overview of compliance issues with regard to affordable housing programs, and the future of this type of development.

SCPS.NYU.EDU/REALESTATE

Investment and Development Projects and Deals REDV1-CE9350/$495 M Sec. 1: Tues. 6.15–8 p.m., Oct. 4–Nov. 15 (6 sessions).

Navigating and Negotiating Commercial Leases REDV1-CE9031/$640

NEW

Leading high-profile investors and developers present current case studies from ongoing developments. Lecturers examine the anatomy of each deal, focusing on the analyses behind investment and development strategies employed. For each property, location, and site analysis, consideration is given to construction or renovation costs, market conditions, current operating ratios, financial potential, and private and institutional investor reaction. Not applicable to the certificate program.

Raising Project Equity With New Markets Tax Credits REDV1-CE9255/$640

N Sec. 1: Thurs. 6–8 p.m., Sept. 22–Nov. 17 (8 sessions). No class Sept. 29. John Wood, Esq., Akerman Senterfitt LLP.

M Sec. 1: Mon. 6–8 p.m., Sept. 26–Nov. 21 (8 sessions). Mark A. Limardo, Katten Muchin Rosenman LLP.

Further your understanding of office and retail leases with an in-depth examination of the sections of a lease and negotiations that have the greatest impact on finances, risk, liability, operations, and services. Topics include lease covenants, warranties, and representations; statutory provisions and overlay; space measurement; use; rights; restrictions and certificate of occupancy/ zoning; site selection for new and existing buildings; monetary, operational and liability “deal breakers”; and nonmonetary “deal breakers,” including subletting, conditions of limitation, and liability. NYCEM-15 hours.

Discover how to raise equity for a project by offering New Markets Tax Credits (NMTCs) to potential investors. If your nonresidential or mixed-use project is located in a “qualified census” tract (or meets other criteria designed to attract development to distressed areas), learn how to “sell” NMTCs from your project to taxmotivated buyers in return for “free” equity. The NMTC program is not just for private developers—nonprofit organizations can also monetize NMTCs from capital improvement campaigns, and state and local economic and industrial development agencies can add NMTCs to their business incentive toolboxes. Understand the technical requirements of the NMTC program, how to qualify your project for NMTCs, the process of selling NMTCs, and typical leveraged and non-leveraged NMTC transaction structures. Intensive case studies drawn from real world transactions keep the focus of the class on the practical uses and pitfalls of the NMTC program.

Commercial Real Estate Asset Management: Strategies and Techniques for Finding Solutions and Creating Value for the Investor REDV1-CE9639/$640 N Sec. 1: Mon. 6–8 p.m. Sept. 26–Nov. 21 (8 sessions). Richard L. Gorsky, managing director, Ramius, LLC/RCG Longview. Take a comprehensive look at commercial real estate investment from the distinctive perspective of the asset manager. Using interactive discussions and case studies, students learn the components of investment/ asset management that directly affect the underlying value of a single asset or portfolio of assets, as well as the overall strategic planning and decision analysis that goes into deals. Topics covered include the roles of the property, asset, and portfolio manager; capital raising/joint venture/ ownership entity structures; the role of the promoter and equity investor; fee structuring; carried interests; equity splits; the role of participating debt versus preferred equity; deal sourcing; financing; investment objectives and valuation; risk analysis; buysell-hold decision analysis; business plan execution, repositioning, and asset management; and disposition.

PROPERTY MANAGEMENT Skillful professional property management is essential to a property’s bottom-line success. Competition for management positions has increased, making training, competence, and credentials a necessity. This program offers industry-recognized professional training and certificates in commercial and residential property management.

COMMERCIAL PROPERTY MANAGEMENT

Commercial Property Management REPM1-CE9027/$595 N Sec. 1: Tues. 6–8 p.m., Sept. 27–Nov. 29 (10 sessions). Valerie Coleman, RPA, property manager, CB Richard Ellis.

Effective management of building operations is critical to bottom-line success in real estate investment and ownership. This program covers commercial property management and includes topics ranging from marketing, leasing, accounting, and investment analysis to buildings systems and maintenance.

Upon completion of the program, students have attained an understanding of: • Forms of real estate ownership and management agreements.

• Marketing and leasing.

• Analyzing financial reports.

• Developing and managing operating and capital budgets.

• Managing tenant relations.

• Identifying building systems and measuring performance.

• Applying building maintenance and repair measures. • O verseeing tenant improvement renovation projects.

How to Register

This certificate is awarded to students who successfully complete six required courses.

Web:

Commercial Property Management/ REPM1-CE9027 (this page)

scps.nyu.edu

By mail: Use the form and envelope at the back of the Bulletin.

By telephone: (212) 998-7150

By fax: (212) 995-3060

In person:

Learn the techniques and strategies for successful management of commercial buildings. Analyze both the financial and physical management functions. Topics include various forms of real estate ownership, management agreements, budgeting and financial reports, standard operating procedures, marketing and leasing service contracts, insurance, plant and energy management, security and emergency procedures, and tenant labor and employee relations. NYCEM-15 hours.

CERTIFICATE IN COMMERCIAL PROPERTY MANAGEMENT

REQUIRED COURSES

Fundamentals of Commercial Leases/ REPM1-CE9597 (this page) Commercial Property Management Budgets and Reports/ REPM1-CE9073 (this page) Managing Commercial Building Systems and Maintenance I/ REPM1-CE9028 (page 6) Managing Commercial Building Systems and Maintenance II/ REPM1-CE9037 (page 6)

Construction Project Management/ COPM1-CE9301

NEW

Silverstein Workshop

Fundamentals of Commercial Leases REPM1-CE9597/$595 N Sec. 1: Tues. 6–8 p.m., Sept. 27–Nov. 29 (10 sessions). Danielle Piccirillo, Esq., principal, Danielle Piccirillo Law, P.C. Examine standard office and retail lease forms, understand the motivations of the parties to a lease, and develop a framework for negotiation from term sheet to closing. Topics include full-service, triple-net, and modified-gross leases; legal terminology in leases; expenses and additional rent clauses, including operating expenses, common area maintenance (CAM), and real estate taxes; exit strategies, including assignment and sublease; the tenant’s rights of first offer, first refusal, renewal, and termination; the role of lenders in commercial leases; guarantees and types of security deposits; insurance and environmental issues; and use and operating covenants specific to retail leases. NYCEM-15 hours.

Commercial Property Management Budgets and Reports REPM1-CE9073/$595 N Sec. 1: Tues. 6–8 p.m., Sept. 27–Nov. 29 (10 sessions). Nicholas Paolillo, director– accounting services, CB Richard Ellis. Learn how to create an operating budget on a cash basis and a capital budget. Topics include profit and loss statement analysis, balance sheets, arrears reports, vacancy reports, and collections reports; a review of miscellaneous income and tenant charges for services not included in the lease; calculating a lease commission; and understanding components of net operating income (NOI) and cash flow. NYCEM-15 hours.

See page 13 for certificate requirements and benefits.

7 East 12th Street, 1st Floor For detailed information, see the Registration section at the end of this Bulletin.

M Meets at NYU Midtown Center, 11 W. 42nd St. N Meets at Norman Thomas Center, 111 E. 33rd St.

TO REGISTER: (212) 998-7150 OR SCPS.NYU.EDU

FOR MORE INFORMATION: (212) 998-7200

5

SCPS.NYU.EDU/REALESTATE Managing Commercial Building Systems and Maintenance I REPM1-CE9028/$595

Landlord/Tenant Law REPM1-CE9107/$575 N Sec. 1: Thurs. 6–8 p.m., Sept. 22– Nov. 17 (8 sessions). No class Sept. 29. Christina A. Smyth, Esq., partner, Tolman Smyth LLP.

W Sec. 1: Thurs. 6–8.30 p.m., Sept. 22– Dec. 8 (10 sessions). No class Sept. 29. James Whelan, general manager, Cushman & Wakefield.

Examine the array of legal issues that face landlords, agents, property managers, and real estate attorneys in New York. Topics include leases; statutory rights and obligations affecting the landlord-tenant relationship; rent control and rent stabilization (coverage, registration, rent increases, required services, luxury decontrol, and proceedings before the DSR); fair housing (federal, state, and New York City antidiscrimination laws, the rights of the disabled to modifications and reasonable accommodations, and laws prohibiting harassment and retaliation); summary holdover proceedings; summary nonpayment proceedings; and evictions. NYCEM-15 hours.

Managing commercial properties and facilities requires a working knowledge of all aspects of building systems, maintenance, and repair. Explore building infrastructure and staffing; budgets; contract services; heating, ventilation, and air conditioning; boilers; plumbing; building envelope; security; computerized maintenance management systems; and environmental health and safety. Managing Building Systems and Maintenance II/REPM1-CE9037 is strongly recommended to gain a full understanding of building systems. Parts I and II may be taken concurrently.

Managing Commercial Building Systems and Maintenance II REPM1-CE9037/$595

NEW

M Sec. 2: Mon. 3.30–5.30 p.m., Sept. 26– Dec. 19 (12 sessions). Anthony Vetrano, portfolio manager, Cushman & Wakefield.

N Sec. 1: Thurs. 6–8 p.m., Sept. 22–Dec. 8 (10 sessions). Jonathan S. Giman, director– corporate services controller, Metropolitan Life Insurance Company.

N Sec. 1: Mon. 6–8 p.m., Sept. 26–Dec. 5 (10 sessions). Anthony Vetrano, portfolio manager, Cushman & Wakefield.

Gain a comprehensive understanding of the economics of operating a multifamily residential investment property—and the principles of budgeting and accounting to effectively plan and manage a property’s finances. Topics include net operating income, cash flow, and cash-on-cash return; valuation methods; rent collection; security deposits; vacancy; budgeting and planning; developing the operating and capital budgets; replacement reserves; financial reporting; variance analysis; accounting and recordkeeping; accrual versus cash accounting; cash management; financial audits; debt financing; loan-to-value; debt coverage; payroll; repairs; supplies; advertising and leasing costs; legal expenses; property taxes; cost recovery deductions; purchase orders; bill payment; Form 1099; and insurance.

Managing commercial properties and facilities requires a working knowledge of all aspects of building systems, maintenance and repair. Gain an in-depth understanding of electrical distribution, lighting, fire protection, energy management, emergency management, and vertical transportation. Managing Building Systems and Maintenance I/REPM1-CE9028 is strongly recommended to gain a full understanding of building systems. Parts I and II may be taken concurrently.

Residential Property Management REPM1-CE9026/$595 N Sec. 1: Wed. 6–8 p.m., Sept. 21–Dec. 7 (10 sessions). No class Sept. 28 and Nov. 23. Gail Duke, second vice president, New York Life. Gain an introduction to the practical aspects of managing multifamily properties, including implementing operational policies to supervising day-to-day operations. Topics include hiring and training staff; delegating ongoing general maintenance; overseeing building upkeep; maintenance contracts; leasing; resident relations; marketing strategies; rent and investment economics; insurance needs of the building, owner, and property manager; budgets; accounting and records; and physical management, including compliance with local building codes and laws. NYCEM-15 hours.

WEB: SCPS.NYU.EDU

NEW

RESIDENTIAL PROPERTY MANAGEMENT

6

Residential Property Financial Management REPM1-CE9598/$595

Residential Building Systems and Maintenance REPM1-CE9599/$595 N Sec. 1: Mon. 6–8 p.m., Sept. 26–Dec. 5 (10 sessions). Frank R. Spadafora, vice president, RFR Realty LLC. Managing a multifamily residential property requires a working knowledge of all aspects of building systems, maintenance, and repair. Gain a comprehensive knowledge of mechanical, electrical, and plumbing systems; elevators; roofs; façades; energy and water conservation; lighting; telecommunications; security; maintenance and equipment rooms; custodial services; preventive, corrective, and deferred maintenance; warranties; purchasing and job specifications; mold and mildew control; pest control; rubbish and recycling; lobbies; furnishings; egress and signage; fire safety; inspection checklists; outside contractors; service contracts; and supplies and equipment.

E-MAIL: [email protected]

NEW

CERTIFICATE IN RESIDENTIAL PROPERTY MANAGEMENT This program covers residential property management and includes topics ranging from marketing, leasing, accounting, and investment analysis to buildings systems and maintenance. Upon completion of the program, students have attained an understanding of: • Forms of real estate ownership and management agreements.

• The special needs of cooperative and condominium management.

• Analyzing financial reports.

• Developing and managing operating and capital budgets. • Building code and local law compliance requirements. • Implementing marketing strategies and managing tenant relations.

• Identifying building systems and overseeing building maintenance and repairs.

• Coordinating renovation projects.

This certificate is awarded to students who successfully complete six courses— five required and one elective. REQUIRED COURSES Residential Property Management/ REPM1-CE9026 (this page) Landlord/Tenant Law/ REPM1-CE9107 (this page) Residential Property Financial Management/ REPM1-CE9598 (this page) Residential Building Systems and Maintenance/ REPM1-CE9599 (this page)

Construction Project Management/ COPM1-CE9301 ELECTIVES (Choose one) New York Real Estate Salesperson’s Course/RESB1-CE9503 (page 9) New York Real Estate Salesperson’s Course: Online Learning/ RESB1-CE9504 (page 9)

Introduction to Real Estate Finance/ REFI1-CE9100 (page 2) The Real Estate Development Process/REDV1-CE9402 (page 3)

See page 13 for certificate requirements and benefits.

FACILITY MANAGEMENT Facility management professionals provide and maintain a physical working environment that best supports a business organization’s objectives and goals. To accomplish this task, professionals overseeing corporate real estate must have a working knowledge of facility planning and design, sustainability, building technology, construction project management, and building operations and maintenance management. As one moves higher up the corporate ladder, an understanding of commercial leases and real estate financial analysis is particularly useful. Principles of Facility Management REFM1-CE9032/$595 M Sec. 1: Wed. 6–8 p.m., Sept. 21–Dec. 7 (10 sessions). No class Sept. 28 and Nov. 23. Joseph Gabriel, principal, Gabriel & Katsarelis Architects LLC. Get an introduction to the principles, practices, and roles of facility management professionals within a business. Topics include the facility management mission; common organizational models; an overview of workplace strategies, interior programming and space planning, plus concepts of facility project management; maintenance and operations; general administrative services, manpower, and technology; building a security force; and financial forecasting and management.

Facilities Planning and Project Management REFM1-CE9047/$575 N Sec. 1: Thurs. 6–8.30 p.m., Sept. 22– Dec. 1 (8 sessions). No class Sept. 29. Terrence Brennan, vice president, Goldman Sachs & Co. Learn the skills needed to manage a facility-based project while dealing with the corporate organization and its financial constraints. Topics include planning for renovations, relocation, and new construction; financial forecasts and budgeting; feasibility studies and programming; space planning; space and furniture standards; space allocation; legal and regulatory issues; evaluating and hiring consultants; design development; contract documents; engineering; bidding; scheduling; furniture and construction management; and movein procedures. Prerequisite: Principles of Facility Management/REFM1-CE9032 or equivalent.

M Meets at NYU Midtown Center, 11 W. 42nd St. N Meets at Norman Thomas Center, 111 E. 33rd St. W Meets at the Woolworth Building, 15 Barclay St.

SCPS.NYU.EDU/REALESTATE CERTIFICATE IN FACILITY MANAGEMENT Designed by experienced professionals in the facility management industry, this certificate offers a professional credential for those looking to begin or further their career in managing facilities for corporate or institutional owners. Upon completion of the program, students have attained knowledge of:

• Facility planning and development of corporate space. • Maintenance and repair programs.

• Financial management, planning, and controls. • Project management and budgeting. • Workplace requirements to support businesses. • Environmental issues.

• Office support systems and technology. • Purchasing, bidding, and negotiating.

This certificate is awarded to students who successfully complete six required courses. Students with prior professional experience may request course substitutions. Requests must be approved by the NYU Schack program office. REQUIRED COURSES Principles of Facility Management/ REFM1-CE9032 (page 6)

Fundamentals of Commercial Leases/ REPM1-CE9597 (page 5) Facilities Planning and Project Management/ REFM1-CE9047 (page 6)

Managing Commercial Building Systems and Maintenance I/ REPM1-CE9028 (page 6) Managing Commercial Building Systems and Maintenance II/ REPM1-CE9037 (page 6)

Principles of Environmentally Sustain­ able Design/AESD1-CE9390

NEW

See page 13 for certificate requirements and benefits.

Mission Critical Systems Design, Operation, and Maintenance REFM1-CE9595/$595 N Sec. 1: Mon. 6–8 p.m., Sept. 26–Dec. 5 (10 sessions). Joseph Olgiati, RPA, LEED AP, critical operations director. Examine the mission critical systems and equipment designed to protect and maintain electrical, mechanical, and digital operations in a 24/7 business operations facility. Special focus is given to facilities with data centers, trading floors, and other significant information technology. Topics include energy conservation, automatic transfer switches, static transfer switches, standby generators and fuel systems, uninterruptible power supply and batteries, raised floor applications, cooling strategies, and maintenance and testing. Critical system industry concerns, trends, and strategies are also discussed.

APPRAISAL LICENSING, CERTIFICATION, AND CONTINUING EDUCATION

Residential Market Analysis and Highest and Best Use (R7) REAP1-CE7131/$295

The courses offered in this section satisfy the educational requirements for New York State Licensed and Certified General Appraisers. For the nonlicensee, these courses provide the basis of understanding real estate valuation.

M Sec. 1: Thurs. Fri. 9 a.m.–5.30 p.m., Nov. 10– 11 (2 sessions). John K. McChesney, managing principal, Swift Real Estate Solutions.

NEW YORK STATE LICENSING AND CERTIFICATION New York State certification of real estate appraisers includes both an experience and an education requirement. This approved program fulfills the education requirements. The educational requirements for the state categories offered here are: Appraiser Assistants/Licensed Residential: 150 hours

REAP1-CE7111 REAP1-CE7121 REAP1-CE7410 REAP1-CE7131 REAP1-CE7141 REAP1-CE7151 REAP1-CE7161

Basic Real Estate Appraisal Principles (R5) Basic Real Estate Appraisal Procedures (R6) 15-Hour National USPAP Residential Market Analysis and Highest and Best Use (R7) Residential Appraiser Site Valuation and Cost Approach (R8) Residential Sales Comparison and Income Approach (R9) Residential Report Writing and Case Studies (R10)

Certified Residential: 200 hours plus associate’s degree or 21 semester hours

REAP1-CE7111 Basic Real Estate Appraisal Principles (R5) REAP1-CE7121 Basic Real Estate Appraisal Procedures (R6) REAP1-CE7410 15-Hour National USPAP REAP1-CE7131 Residential Market Analysis and Highest and Best Use (R7) REAP1-CE7141 Residential Appraiser Site Valuation and Cost Approach (R8) REAP1-CE7151 Residential Sales Comparison and Income Approach (R9) REAP1-CE7161 Residential Report Writing and Case Studies (R10) REAP1-CE7321 Statistics, Modeling, and Finance Advanced Residential Applications and Case Studies (R11)

Certified General: 300 hours plus bachelor’s degree or 30 semester hours

REAP1-CE7111 REAP1-CE7121 REAP1-CE7410 REAP1-CE7321 REAP1-CE7311 REAP1-CE7331 REAP1-CE7341 REAP1-CE7351 REAP1-CE7361

Basic Appraisal Principles (R5) Basic Appraisal Procedures (R6) 15-Hour National USPAP Statistics, Modeling, and Finance General Appraiser Market Analysis and Highest and Best Use (G4) General Appraiser Sales Comparison Approach (G5) General Appraiser Site Valuation and Cost Approach (G6) General Appraiser Income Approach (G7) General Appraiser Report Writing and Case Studies (G8)

Courses must be taken in sequence and attendance requirements must be met. For further licensing and exam information, contact the New York Department of State at (518) 474-4429 or visit dos.state.ny.us/lcns/realestate/index.html.

Basic Real Estate Appraisal Principles (R5) REAP1-CE7111/$495

Basic Real Estate Appraisal Procedures (R6) REAP1-CE7121/$495

M Sec. 1: Thurs. Fri. 9 a.m.–5.30 p.m., Sept. 29–Oct. 7 (4 sessions). William Migliore, chief regional appraiser, U.S. General Services Administration.

M Sec. 1: Thurs. Fri. 9 a.m.–5.30 p.m., Oct. 20–28 (4 sessions). William Migliore, chief regional appraiser, U.S. General Services Administration.

Gain an overview of real estate property concepts and characteristics, legal considerations, value influences, real estate finance, types of value, economic principles, real estate markets and analysis, and ethics in appraisal practice. Bring the textbook to the first session. E-mail [email protected] for information.

Get an overview of the fundamental real estate appraisal approaches to value; valuation procedures including defining the problem; collecting and selecting data; analyzing, reconciling, and communicating the appraisal; geographic, geologic, location, and neighborhood characteristics; land/site considerations for highest and best use; improvements including architectural styles and types of construction; and residential applications. Bring the textbook to the first session. E-mail [email protected] for information. Prerequisite: Basic Real Estate Appraisal Principles (R5)/REAP1-CE7111.

TO REGISTER: (212) 998-7150 OR SCPS.NYU.EDU

Gain an in-depth understanding of residential market analysis. Topics include market analysis procedures, such as supply and demand analysis; market fundamentals; highest and best use test constraints; applications of highest and best use; and special considerations. Bring the textbook to the first session. E-mail [email protected] for information.

Residential Appraiser Site Valuation and Cost Approach (R8) REAP1-CE7141/$295 M Sec. 1: Thurs. Fri. 9 a.m.–5.30 p.m., Nov. 17–18 (2 sessions). John K. McChesney, managing principal, Swift Real Estate Solutions. Learn site valuation principles and procedures along with cost approach concepts and definitions. Replacement and reproduction cost and accrued depreciation are covered, along with other topics related to residential appraising. Bring the textbook to the first session. E-mail [email protected] for information.

Residential Sales Comparison and Income Approach (R9) REAP1-CE7151/$495 M Sec. 1: Thurs. Fri. 9 a.m.–5.30 p.m., Dec. 1–9 (4 sessions). John Indiviglio, director–acquisition and land valuation unit, New York City Department of Housing Preservation and Development. Gain a basic understanding of the residential sales comparison and income approaches to real estate appraisal. The course includes the valuation principles and procedures applicable to both approaches. Topics include market analysis techniques, cash and finance equivalency, the application of market adjustments, Fannie Mae and Freddie Mac guidelines and relevant USPAP requirements, and an introduction to appraising income properties. Bring the textbook to the first session. E-mail [email protected] for information.

Residential Report Writing and Case Studies (R10) REAP1-CE7161/$295 M Sec. 1: Thurs. Fri. 9 a.m.–5.30 p.m., Dec. 15–16 (2 sessions). John Indiviglio, director–acquisition and land valuation unit, New York City Department of Housing Preservation and Development. Receive an introduction to residential real estate appraisal theories, techniques, and procedures to gain an understanding of the appraisal process and the forms and reports for residential appraisal. Topics include understanding data usage and appraisal procedures, selecting and performing sales comparisons, and working with USPAP rules and other guidelines. Bring the textbook to the first session. E-mail [email protected] for information.

FOR MORE INFORMATION: (212) 998-7200

7

SCPS.NYU.EDU/REALESTATE

INFORMATION SESSION

Real Estate: Sales, Appraisal, Finance, Investment, Development, and Management Wednesday, 6–8 p.m., August 31 NYU Midtown Center 11 West 42nd Street, 4th Floor

Information sessions include discussions about

industry news and career opportunities, presentations on curricula, and a chance to ask questions of faculty

and staff. No RSVP is required, but please be punctual. For more information, call (212) 998-7200.

General Appraiser Market Analysis and Highest and Best Use (G4) REAP1-CE7311/$495

7-Hour National USPAP REAP1-CE7411/$195

W Sec. 1: Mon. Wed. 6–9 p.m., Sept. 21– Oct. 26 (10 sessions). Dominick Pompeo, president, Diversified Valuation Group; and Fred A. DePascale, appraiser and consultant. Explore real estate market analysis, including market fundamentals; characteristics and definitions; supply and demand analysis; and highest and best use concepts, including use test constraints, applications, and special considerations.

General Appraiser Sales Comparison Approach (G5) REAP1-CE7331/$495 W Sec. 1: Mon. Wed. 6–9 p.m., Nov. 2– Dec. 7 (10 sessions). No class Nov. 23. Dominick Pompeo, president, Diversified Valuation Group; and Fred A. DePascale, appraiser and consultant. Explore the sales comparison approach, including value principles and procedures, and the identification and measurement of adjustments and reconciliation.

15-Hour National USPAP REAP1-CE7410/$295 M Sec. 1: Thurs. 9 a.m.–5.30 p.m., Dec. 1–8 (2 sessions). Robert B. Smith, vice president, Apple Bank. Appraiser license/certification applicants must complete this 15-hour National Uniform Standards of Professional Appraisal Practice (USPAP) course as part of the educational qualifications required for an appraiser license/certification. The historical development and adoption of USPAP are covered at length, including preamble, definitions, rules, standards, and statements as promulgated by the Appraisal Standards Board of the Appraisal Found­ ation. Obtain the current version of the USPAP and the 15-Hour National USPAP Course Student Manual prior to the first class. For more information, call the Appraisal Foundation at (800) 348-2831.

M Sec. 1: Fri. 9 a.m.–5 p.m., Dec. 9. Robert B. Smith, vice president, Apple Bank. This one-day update course, copyrighted by The Appraisal Foundation, focuses on recent changes to USPAP requirements for ethical behavior and competent performance by appraisers. The course, which clarifies several commonly misunderstood aspects of USPAP, aids appraisers in all areas of appraisal practice seeking updated competency in USPAP, including those subject to state licensing or certification and continuing education requirements imposed by professional organizations, client groups, or employers. An appraiser must successfully complete the 7-hour USPAP Update Course every two years to meet the USPAP continuing education requirement. Completion of this course may also be counted toward the 28-hour continuing education requirement for appraisers. Students are required to obtain the current version of the USPAP and the SevenHour National USPAP Course Student Manual prior to the first class. For more information, call the Appraisal Foundation at (800) 348-2831. ACEM-7 hours.

Faculty Learn from instructors who are leaders in their fields. For NYU-SCPS faculty bios, visit scps.nyu.edu/faculty.

M Meets at NYU Midtown Center, 11 W. 42nd St. W Meets at the Woolworth Building, 15 Barclay St. V Online course.

8

WEB: SCPS.NYU.EDU

SALESPERSON’S AND BROKER’S LICENSING AND CONTINUING EDUCATION

E-MAIL: [email protected]

Licensing Requirements

Certificates of Completion

Salesperson’s License Requirements: Potential salespersons must complete the 75-hour New York Real Estate Salesperson’s Course/RESB1-CE9503 or 9504 before applying for the New York State license. They must also be sponsored by a licensed broker and pass the state examination. Those who have successfully completed a 45-hour New York State Real Estate Sales­person’s Course and do not have the NYS Salesperson’s license must complete the New York Real Estate Sales­ person’s Remedial Course/RESB1-CE9505 to meet the 75-hour requirement.

For replacement certificates of completion, contact scps.realesta[email protected]

Broker’s License Requirements: Students seeking a broker’s license must complete the 75-hour salesperson’s course (RESB1CE9503 or 9504) or have a waiver from the state, and the 45-hour New York Real Estate Broker’s Course/RESB1-CE9601. Additional requirements include experience in the field and passing a state licensing examination. For general information about these courses, call (212) 998-7272. Attendance Requirements for License Qualifying Courses: New York State has stringent attendance requirements for the successful completion of the salesperson’s and broker’s licensing courses. To earn a statement of satisfactory completion, students must meet attendance requirements in the lecture portion of each course. For more information, call the New York State Division of Licensing Services at (518) 474-4429, or visitdos.state.ny.us/lcns/realestate/index.html. Textbook: The required text for the salesperson’s course is Modern Real Estate Practice in New York for Salespersons, 10th edition by Sam Irlander, Dearborn Publishers. The required text for the broker’s course is Modern Real Estate Practices in New York for Brokers, 11th Edition by Edith Lank, Dear­born Publishers. Students should purchase the textbook before the first class. Textbooks are available at the NYU Bookstore, 726 Broadway, or at bookstores.nyu.edu.

Examination Procedures Every Tuesday (by reservation), the New York Department of State administers the real estate salesperson’s licensing examination. Applicants for the salesperson’s license must be 18 years of age or older and have successfully completed an approved 75-hour real estate salesperson’s course, or must complete it within two years after taking the examination. Visit dos.state.ny.us/lcns/realestate/index.html to schedule your New York State exam appointment. You must register for the exam online. Seats fill up quickly, so we recommend that you schedule your appointment promptly after registering for the NYU course.

Licensing Courses New York State requires two specific license qualifying courses: a 75-hour New York Real Estate Salesperson’s Course/ RESB1-CE9503 or 9504 and a 45-hour New York Real Estate Broker’s Course/ RESB1-CE9601.

Continuing Education New York State real estate licensees must complete 22.5 hours of approved real estate continuing education every two years prior to the date of license renewal. The 22.5 hours must include at least three hours of instruction pertaining to fair housing and/or discrimination in the sale or rental of real property or an interest in real property. The initials NYCEM in a course description indicate that it is an approved module for the number of hours indicated, and an italicized note in the course description indicates which courses include the three-hour fair housing requirement. For further information, call the New York State Division of Licensing Services at (518) 474-4429, or visit the Division’s website at dos.state.ny.us/lcns/realestate/ index.html.

SCPS.NYU.EDU/REALESTATE APPROVED COURSES FOR SALESPERSON’S AND BROKER’S CONTINUING EDUCATION MONTH

DATES

DAY/EVE

C.E. HOURS

COURSE

September

9/21–11/30 9/21–11/30 9/21–11/16 9/21–11/30 9/21–12/7 9/21–11/16 9/21–12/7 9/22–11/17 9/22–11/17 9/22–12/1 9/22–12/1 9/24 9/26–12/5 9/27–11/29 9/27–11/29 9/27–11/29 9/27–11/26 9/27–12/6 9/27–12/6

Day Eve Eve Day Eve Eve Eve Eve Eve Eve Eve Day Eve Eve Eve Eve Eve Eve Day

15 15 15 15 15 15 15 15 15 15 15 7.5 15 15 15 15 15 15 15

REFI1-CE9351-01 REDV1-CE9402-01 REFI1-CE9361-01 REFI1-CE9351-02 REFI1-CE9353-01 REDV1-CE9147-01 REPM1-CE9026-01 REPM1-CE9107-01 REDV1-CE9031-01 REFI1-CE9351-03 REFI1-CE9100-01 RESB2-CS0250-01 REDV1-CE9402-02 REPM1-CE9597-01 REPM1-CE9027-01 REPM1-CE9073-01 REFI1-CE9100-02 REFI1-CE9351-04 REFI1-CE9100-03

Real Estate Financial Analysis I The Real Estate Development Process Real Estate Investment Analysis: Analyzing the Deal Real Estate Financial Analysis I Real Estate Financial Analysis II Legal Principles and Practices in Real Estate Transactions Residential Property Management Landlord/Tenant Law Navigating and Negotiating Commercial Leases Real Estate Financial Analysis I Introduction to Real Estate Finance HP 12c Financial Calculator for Real Estate Investment Analysis The Real Estate Development Process Fundamentals of Commercial Leases Commercial Property Management Commercial Property Management Budgets and Reports Introduction to Real Estate Finance Real Estate Financial Analysis I Introduction to Real Estate Finance

2 3 2 2 2 4 6 6 5 2 2 2 3 5 5 5 2 2 2

October

10/1–10/29 10/3–10/7 10/13 10/18–10/20 10/28

Day Day Day Day Day

15 22.5 7.5 22.5 FH* 7.5

REFI1-CE9100-04 REFI1-CE9630-01 RESB2-CS2255-01 RESB1-CE9105-01 RESB2-CS0715-01

Introduction to Real Estate Finance Intensive in the Business of Real Estate: Finance and Investment Hotels as Real Estate Investments New York Landlord/Tenant Law Commercial Property Due Diligence

2 1 11 10 11

November 11/1 Day 11/3 Day 11/5–12/10 Day 11/11 Day 11/18 Day

7.5 7.5 15 7.5 7.5

RESB2-CS0400-01 RESB2-CE0153-01 REFI1-CE9351-06 RESB2-CS2000-01 RESB2-CS2220-01

How to Inspect and Evaluate the Physical Condition of a Property Demystifying Real Estate Finance Real Estate Financial Analysis I Construction Essentials for Real Estate Owners, Managers, and Developers Real Estate Investment Syndication

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December

7.5 22.5 FH* 7.5

RESB2-CS0057-01 RESB1-CE9106-01 RESB2-CS0980-01

Real Estate Investment and Development: Multifamily Projects and Deals Commercial Real Estate Finance: Trends and Outlook Real Estate Capital Markets

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LICENSE QUALIFYING COURSES Salesperson’s License Qualifying Courses New York Real Estate Salesperson’s Course RESB1-CE9503/$495 M Sec. 1: Mon. Fri. Sat. Sun. 9 a.m.–5.30 p.m., Sept. 30–Oct. 17 (10 sessions). M Sec. 2: Tues. Thurs. 10 a.m.–3.40 p.m., Oct. 18–Dec. 13 (16 sessions). John A. Viteritti, real estate consultant. M Sec. 3: Mon.–Fri. 9 a.m.–5.30 p.m., Dec. 5–16 (10 sessions). Prepare for the New York State real estate salesperson’s examination with this mandatory license qualifying course. Topics include license law and regulations, law of agency, real estate instruments, estates and interests, real estate financing, land use regulations, an introduction to construction, valuation, human rights issues, fair housing law, real estate mathematics, and environmental issues.

New York Real Estate Salesperson’s Course: Online Learning RESB1-CE9504/$495 V Sec. 1: Dates and hours to be arranged,

Sept. 21–Dec. 15 (26 sessions). Wendy A. Tilton, principal, Key Properties Consulting.

V Sec. 2: Dates and hours to be arranged,

Sept. 21–Dec. 15 (26 sessions). Wendy A. Tilton This New York real estate salesperson’s license-qualifying course allows students to complete the mandatory 75 hours through online instruction. Students meet online for the entire course except for the final exam which is held in-class at our 42nd Street location. Topics include law of agency, license law and regulations, real estate instruments, estates and interests, real estate financing, land use regulations, valuation, an introduction to construction, human rights issues, fair housing law, real estate mathematics, and environmental issues. Students must sign in at each online session to receive credit. Students may register and begin the course at any time, but coursework must be completed by the end date of the course. Final exam administered on campus.

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* FH denotes 3 hours of Fair Housing/Civil Rights.

New York Real Estate Salesperson’s Course: Weekend Hybrid Learning RESB1-CE9506/$495

Broker’s License Qualifying Courses

M Sec. 1: Sat. Sun. 9 a.m.–5.30 p.m., Oct. 22– Nov. 6 (6 sessions). Wendy A. Tilton, principal, Key Properties Consulting.

New York Real Estate Broker’s Course RESB1-CE9601/$495

Through classroom and online instruction, this course offers a convenient way to complete the 75-hour salesperson’s licensequalifying course without having to take time off from your busy work week. Students meet three weekends on campus and complete the remaining 30 hours of course material online. The online course component must be completed by the end date of the course. Topics include license law and regulations; law of agency; real estate instruments; estates and interests; and real estate finance, land use regulations, construction, human rights; and fair housing law. For more information, e-mail [email protected] Final review and exam administered on last day of class.

Completion of this 45-hour course, together with the 75-hour New York Real Estate Salesperson’s Course, is required to apply for a New York State real estate broker’s license. Topics include management and supervision of a real estate office, real estate agency disclosure, real estate financing and investment, property management, general business law, conveyance of real property, construction and development, taxes and assessments, title closings and costs, and local concerns. Prerequisite: New York Real Estate Salesperson’s Course/ RESB1-CE9503 or RESB1-CE9504.

TO REGISTER: (212) 998-7150 OR SCPS.NYU.EDU

M Sec. 1: Fri. Sat. Sun. 9 a.m.–5.30 p.m., Nov. 11–20 (6 sessions).

FOR MORE INFORMATION: (212) 998-7200

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SCPS.NYU.EDU/REALESTATE

Sept. 21–Dec. 22. Wendy A. Tilton, principal, Key Properties Consulting. Successful completion of this online course fulfills the 22.5-hour continuing education requirement for New York-licensed real estate salespersons and brokers. Topics in this online course include property management; risk management; real estate finance; foreclosures and short sales; environmental issues, including mold; and fair housing and civil rights. The course fulfills the three-hour fair housing and civil rights continuing education requirement. Students are required to sign in at each online session to receive credit. Students may register and begin the course at any time, but coursework must be completed by the end date of the course. This course is awaiting approval for 12 hours of continuing education for Salespersons/Brokers from the New Jersey Real Estate Commission. Please e-mail the program office at [email protected] to confirm approval before registering. NYCEM22.5 hours. FH-3 hours.

WEB: SCPS.NYU.EDU

Real Estate

Leadership

The M.S. in Real Estate at NYU Schack is the most comprehensive degree program at the industry’s most respected institution of higher learning. The curriculum integrates theory with real-world application in all phases of the real estate deal—everything required to place you at the forefront of this dynamic field.

M Sec. 1: Tues. Wed. Thurs. 9 a.m.–5.30 p.m., Oct. 18–20 (3 sessions). Lucas A. Ferrara, partner, Newman Ferrara LLP.

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Community

Master of Science in Real Estate

New York Landlord/Tenant Law RESB1-CE9105/$195

This 22.5-hour real estate salespersons and brokers continuing education module covers city and state laws concerning both residential and nonresidential tenancies in New York. Learn the legal rights, obligations, and liabilities of owners and tenants. Find out how to analyze lease provisions of rent-regulated apartments and commercial properties. Discuss the terms of terminating the landlord-tenant relationship, including legal proceedings, as well as applicable statutes, laws, and duties imposed by emerging case law. No exam. Not applicable to the certificate program. NYCEM22.5 hours. FH-3 hours.

Global

Technology

Investment

New York Real Estate Salesperson’s and Broker’s 22.5-hour Continuing Education Course: Online Learning RESB1-CE9112/$195 V Sec. 1: Dates and hours to be arranged,

scps.nyu.edu/msre New York University is an affirmative action/equal opportunity institution. ©2010 New York University School of Continuing and Professional Studies.

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22.5-Hour Continuing Education Courses

Commercial Real Estate Finance: Trends and Outlook RESB1-CE9106/$195 M Sec. 1: Fri. 9 a.m.–5.30 p.m., Dec. 2–16 (3 sessions). This 22.5-hour real estate salesperson’s and broker’s continuing education module covers the financing of income-producing properties and portfolios, reviewing mortgages, underwriting techniques, and structures. Topics include conventional, participating, and wraparound loans; construction financing; commercial mortgage-backed securities (CMBS); Wall Street investment funds; REITs; government agency financing; sale-leasebacks; equity investments; and joint ventures. The course includes three hours on fair housing for licensees. No exam. Not applicable to the certificate program. NYCEM-22.5 hours. ACEM-28 hours. FH-3 hours.

E-MAIL: [email protected]

McGHEE AN EXCEPTIONAL UNDERGRADUATE EXPERIENCE FOR ADULTS

B.S. in Real Estate The New York metro­politan area offers exciting career possibilities in real estate. This program equips stu­dents with the most advanced knowledge in the field. It provides competency in finance, law, construction management, and marketing. Students study real estate markets, sales, leasing, and asset and portfolio manage­ment. The degree opens opportun­ities for practicing real estate professionals to fulfill licensing require­ments and move from residential to com­mercial sales, in­cluding franchising, asset appraisal, and mortgage banking. This program is offered by the Paul McGhee Division at NYU-SCPS. For more information, visit scps.nyu.edu/mcghee.

SCPS.NYU.EDU/REALESTATE

Real Estate Financial Modeling Using Excel RESB2-CS2210/$395 M Sec. 301: Sat. 8.30 a.m.–5 p.m., Oct. 1. Joseph Cicero M Sec. 302: Fri. 8.30 a.m.–5 p.m., Nov. 4. Joseph Cicero Use Excel to learn how to build financial models for the purpose of acquiring and refinancing commercial real estate in this one-day, intensive hands-on workshop. Discover how to best organize and present data to analyze real estate investments more efficiently. Topics include annual property operating statements; pro forma; discounted cash flow analysis; and partnership structure models, including preferred returns, IRR lookbacks, IRR for different partners, and sensitivity analysis. Students must have familiarity with the basics of time value of money, cash flow concepts, and Excel.

Analyzing Real Estate Investment Trusts (REITS) RESB2-CS1376/$395 M Sec. 301: Fri. 8.30 a.m.–4.30 p.m., Oct. 7. Jordan Sherman, portfolio manager, Perennial Real Estate. Learn how to analyze the financial performance of a publicly traded real estate investment trust (REIT), calculate various valuation metrics, and make investment decisions based on your results. This class focuses on both qualitative and quantitative analysis and teaches students how to determine strategy, interpret portfolio statistics, understand the income statement and the REIT-specific metric funds from operation (FFO), determine balance sheet strength, and assess dividend paying ability. The class also examines management teams and demonstrates how to access and approach publicly available documents. Students must have familiarity with the basics of GAAP accounting and financial statement analysis.

M Sec. 301: Thurs. 8.30 a.m.–5 p.m., Oct. 13. Sean Hennessey, CEO, Lodging Investment Advisors. Unlike other real estate assets where revenue streams are tied to short- and longterm leases, hotels can re-lease on a daily basis. But national, regional, and local economic factors heavily impact a hotel’s ability to re-lease and at what rates. Designed for commercial appraisers, lenders, brokers, portfolio analysts, hotel industry professionals, and investors, this seminar examines the economic factors that generate hotel revenues. Topics include operating expenses, operating ratios, capitalization rates, and values for the four primary hotel categories—budget, mid-priced, upscale, and luxury (and related) franchises. Various research and reference sources are discussed and utilized. NYCEM-7.5 hours. ACEM-9 hours.

How to Inspect and Evaluate the Physical Condition of a Property RESB2-CS0400/$395 M Sec. 301: Tues. 8.30 a.m.–5 p.m., Nov. 1. Fred P. Werfel, director–construction and property management, Spiegel Associates. Acquire an overview of commercial building structures and systems. Topics include creating checklists for different properties; determining structural, mechanical, and electrical deficiencies; evaluating management records and reviewing operating budgets, both capital and expense, as they relate to sources of potential concern with physical problems in buildings; and maintenance as a key factor in identifying potential problems in advance. NYCEM7.5 hours. ACEM-8 hours.

Commercial Property Due Diligence RESB2-CS0715/$395 M Sec. 301: Fri. 8.30 a.m.–5 p.m., Oct. 28. Nicholas Michael Zampetti Participate in a comprehensive review of the risk analysis and assessment that takes place prior to the acquisition of a commercial property. Topics include evaluating pro formas; reviewing leases, statements, and other documentation; management evaluation; property inspection; environmental, energy, and life safety evaluations; forecasting major capital improvements; and hiring technical specialists. NYCEM-7.5 hours.

Demystifying Real Estate Finance RESB2-CS0153/$395 M Sec. 301: Thurs. 8.30 a.m.–5 p.m., Nov. 3. Stephen Manaker, partner, SSW Capital Partners. Gain a deeper understanding and appreciation of the complexities of real estate finance and learn to decode its complex terminology. Topics include income analysis, operating statements, pro forma, capitalization rates, discount rates, return on investment, net operating income, debt and equity markets, REITs, FFO, CMBSs, TIC, 1031 tax-deferred exchanges, and conduits. NYCEM-7.5 hours.

Construction Essentials for Real Estate Owners, Managers and Developers RESB2-CS2000/$395

NEW

These one-day intensive seminars offer a convenient way to sharpen skills and stay abreast of new developments in the business of commercial real estate and construction. Seminars are listed in start date order. No grades are issued, therefore, the seminars are not applicable to the certificate programs.

Hotels as Real Estate Investments RESB2-CS2255/$395

M Sec. 301: Fri. 8.30 a.m.–5 p.m., Nov. 11. Dominick Fonti, senior vice president, Kreisler Borg Florman. Learn the fundamental elements of construction project management and how owners and developers of high-rise residential and commercial properties determine the success of a project. Topics covered include the project team and its roles and responsibilities; delivery methods; an overview of the project development process; the RFQ and RFP process; hard and soft development costs; contracts, including general conditions; budgeting and cost management; types of estimates; schedules; bidding and award procedures; change orders; claims management; insurance; surety bonds; and safety issues. NYCEM 7.5 hours.

Real Estate Investment Syndication: Acquiring and Managing Real Estate Using Other People’s Money RESB2-CS2220/$395 M Sec. 301: Fri. 8.30 a.m.–5 p.m., Nov. 18. Charles Bennett, senior vice president, Intercom Consulting and Federal Systems, Inc. Learn the role of the person pooling funds for the purpose of acquiring real estate assets, as well as the legal and business requirements to successfully run a real estate syndication business. Topics include consideration of the regulatory framework, such as taxes, entity formation issues (corporation), and federal and state securities laws and regulations. Gain insight into structuring and managing the syndication, including marketing and identifying investors; specified pools versus blind pools; property types and property selection; and maximizing opportunities to generate revenue. Participants learn the basics of reading and evaluating a prospectus and private placement memorandum, the issues specific to public and private Real Estate Investment Trusts (REITs), and liquidity considerations. Students must have familiarity with real estate investment analysis. NYCEM-7.5 hours.

TO REGISTER: (212) 998-7150 OR SCPS.NYU.EDU

Real Estate Investment and Development: Multifamily Projects and Deals RESB2-CS0057/$395 M Sec. 301: Thurs. 8.30 a.m.–5 p.m., Dec. 1. Albert Dweck, managing principal, Duke Properties. Learn the practical aspects of evaluating, purchasing, and managing apartment buildings. This seminar examines multifamily properties in detail through realworld case studies. Explore the entire process in-depth, from an initial evaluation of a setup to making an offer, going to contract, due diligence, financing, closing, and management. NYCEM-7.5 hours.

NEW

PROFESSIONAL DEVELOPMENT SEMINARS

Real Estate Capital Markets RESB2-CS0980/$395 M Sec. 301: Fri. 8.30 a.m.–5 p.m., Dec. 9. Jerome Sanzo, director, SBZ Select Investments. Explore where the world of real estate meets the world of finance and learn how debt and equity is raised to finance today’s real estate transactions. Topics include the structure and participants of the public and private real estate capital markets; sources of debt and equity financing; deal structuring; tranches; risk and return; note structures; mezzanine debt; real estate operating companies (REs); real estate related bonds; private and public real estate investment trusts (REITs); and commercial real estate debt markets, including the mortgage finance system, securitization, and commercial mortgage backed securities (CMBS). NYCEM-7.5 hours.

M Meets at NYU Midtown Center, 11 W. 42nd St. V Online course.

FOR MORE INFORMATION: (212) 998-7200

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SCPS.NYU.EDU/REALESTATE NYU SCHACK INSTITUTE OF REAL ESTATE

Continuing Legal Education (CLE) Master Class Series Gain an in-depth knowledge of key areas of professional real estate practice from real estate law master practitioners who have decades of experience in a wide variety of real estate matters, including finance, contracts of sale, joint ventures, taxation, leasing, and construction. For a list of guest speakers, e-mail [email protected]

Real Estate Finance RECL2-CS0071/$295 M Sec. 1: Wed. 8.30–10.15 a.m., Sept. 21–Oct. 5 (3 sessions). Gain a comprehensive understanding of real estate finance from three distinct vantage points—conventional mortgage lending, securitized lending, and remedies on default. Topics include loan documentation, due diligence, construction lending, commercial mortgage-backed securities (CMBS) structures, participations, intercreditor relationships and disputes, mezzanine and preferred equity financing, workouts, bankruptcy, foreclosures, receivership, and lender liability. Six transitional and non-transitional credit hours in professional practice are provided. CLE-6 hours.

Commercial Leasing RECL2-CS0072/$295

M Sec. 1: Wed. 8.30–10.15 a.m., Oct. 12–26 (3 sessions). Engage in a detailed analysis of office, industrial, and retail leasing. Topics include term sheet negotiations, brokerage issues, landlord work letters, escalation clauses, delivery of possession, tenant options, default provisions, lease cancellation, assignment and subletting, security deposits, guaranties, landlord services, repairs and alterations, insurance and liability, lease restructuring, and takeover leases. One session is devoted to “green” leasing and related sustainability issues. Six transitional and non-transitional credit hours in professional practice are provided. CLE-6 hours.

Construction Contracts and Litigation RECL2-CS0073/$295

NEW

M Sec. 1: Fri. 8.30–10.15 a.m., Oct. 28–Nov. 11 (3 sessions). Examine contractual, liability, and dispute resolution issues as they pertain to real estate design and construction. Topics include an overview of the participants in the design and construction process; bidding and contract formation; negotiation of contracts (including a review of AIA forms of agreement); subcontracts; privity of contract; defaults and termination; changed conditions; changes and extra work; lien law; surety bonds; fraud; duress and mistake; delays; liability of the owner, architect, engineer, and contractor; and litigation and alternative dispute resolution. Six transitional and nontransitional credit hours in professional practice are provided. CLE-6 hours. NEW

Address in-depth the current topics in commercial and residential contracts, from due diligence to closing. Topics include term sheet negotiations, environmental considerations, representations and warranties, deposits, due diligence, closing deliverables, condominium offering plans, purchase agreements, cooperative corporation applications and review, role of the title company, title defects, liens, objections, and closing practices. Six transitional and non-transitional credit hours in professional practice are provided. CLE-6 hours.

Joint Ventures, Taxes, and Conflicts of Interest RECL2-CS0075/$295

NEW

M Sec. 1: Wed. 8.30–10.15 a.m., Nov. 30–Dec. 14 (3 sessions). Combining three distinct presentations on real estate ventures, tax considerations, and ethics, this program provides tools for structuring development projects, maximizing tax benefits, and avoiding ethical conflicts. Topics include joint ventures, development, and operating agreements; tax laws pertaining to real estate ownership; tax planning techniques available for structuring, restructuring, and unwinding real estate transactions; legislation on carried interests; determining whom the attorney represents; disqualification for conflicts of interest; rules of professional conduct; the lawyer as intermediary; multiple representation; and litigation between parties. Four transitional and non-transitional credit hours in professional practice and two transitional and nontransitional credit hours in ethics are provided. CLE-6 hours.

WEB: SCPS.NYU.EDU

For more information, e-mail [email protected] or the New York State Continuing Legal Education Board at [email protected]

PERSONAL INVESTMENT WORKSHOPS

What Everyone Should Know About Real Estate REFI2-CS9701/$175 M Sec. 301: Sat. 9.30 a.m.–4 p.m., Oct. 22. Milton H. Pachter, general attorney and senior litigation counsel, Port Authority of New York and New Jersey. Learn the fundamentals of real estate in today’s market. Get an introduction to buying, selling, leasing, and investing in real estate for profit. Topics include the nature and scope of real estate; real estate as an investment; financing and mortgages; ownership and interests; contracts and deeds; real estate taxes; condominiums and co-ops; leases, rent regulations, and appraisals; and dealing with brokers.

Buying Foreclosed Real Estate REFI2-CS9706/$175 M Sec. 301: Sat. 9.30 a.m.–4 p.m., Dec. 10. Jessica L. Davis, president and publisher, Profiles Publications, Inc. Buying a foreclosed residential property may mean finding the buy of a lifetime or purchasing someone else’s mistake. How do new investors find these properties, judge their potential, and choose a winner? Topics in this introductory course include sources of properties, understanding the process, forecasting financing costs, analyzing necessary property improvements, and closing the deal.

Purchasing Small Investment Properties REFI2-CS9703/$175 M Sec. 301: Sat. 9.30 a.m.–4 p.m., Nov. 5. Nicholas Michael Zampetti, principal, Hudson Investment Group.

M Sec. 1: Wed. 8.30–10.15 a.m., Nov. 2–16 (3 sessions).

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NYU-SCPS has been certified by the New York State Continuing Legal Education Board as an Accredited Provider of continuing legal education in the State of New York. Courses qualifying for CLE for newly admitted attorneys, for experienced attorneys, or for both, are identified in conjunction with each course’s description. NYU-SCPS provides a New York CLE Certificate of Attendance to attorneys in accordance with applicable regulations and guidelines, including those regarding verification of attendance. In compliance with the New York State Continuing Legal Education Board regulations and guidelines, NYU-SCPS offers financial aid to licensed New York attorneys facing financial hardship. For additional information or an application, send a request by e-mail to [email protected] Refer to course descriptions for confirmation of CLE credit availability for particular courses.

These workshops are not applicable to the certificate programs in real estate.

NEW

Real Estate Contracts and Title RECL2-CS0074/$295

CONTINUING LEGAL EDUCATION FOR NEW YORK ATTORNEYS (CLE)

E-MAIL: [email protected]

Learn the principles of real estate investment and discover practical opportunities to invest in real estate with modest sums. In this seminar, essential topics include finding good buys in today’s market; considering the physical condition of a property; structuring and analyzing deals; and calculating the return on investment. Various property types are discussed including small mixed-used (commercial with residential units), multifamily residential, and specialty properties.

What Today’s Tenants Need to Know About Commercial Real Estate REFI2-CS9709/$175 M Sec. 301: Sat. 9.30 a.m.–4 p.m., Oct. 8. Andrew Stein, principal, Vicus Partners LLC; and Bertram Rosenblatt, principal, Vicus Partners LLC. In this one-day seminar, small business owners learn the fundamentals of the New York City commercial real estate leasing market and how to navigate the lease negotiation process. Topics include hiring a tenant representative broker; scouting, negotiating, and signing the lease; site selection; work letters; free rent; tenant improvements and space construction; understanding square footage calculations and negotiating price per square foot; union versus non-union buildings; office furniture; commissions; leasing medical space; how to lease space as a nonprofit; and green buildings.

M Meets at NYU Midtown Center, 11 W. 42nd St.

GENERAL INFORMATION Certificate Programs: Requirements and Benefits NYU-SCPS certificate programs provide knowledge and essential skills in specific fields and are taught by highly qualified faculty with in-depth experience in their subject areas. Certificates are comprised of courses that do not carry credit and are not state-reviewed. To receive an official certificate, students must declare their candidacy before the start of the fourth certificate course for which they enroll. Certificate candidacy entitles students to important benefits detailed on this page. To apply for certificate candidacy, use the Application for Certificate Candidacy on page 187. There is a non-refundable one-time $100 application fee. Students are welcome to take as many individual courses from a certificate program as they wish but will not receive an official certificate or be eligible for the benefits detailed below unless they apply for candidacy. Undeclared students may request a transcript showing course completion and grades, but that transcript will not indicate certificate completion. Certificate Requirements • NYU student photo ID, which confers the following privileges while students are enrolled in course(s) applicable to the certificate: ° Access to NYU Libraries. ° NYU Computer Store educational discount pricing. ° Access to the Kimmel Center for University Life. • Invitations to NYU-SCPS events. • Invitations to career workshops and related resources. • Upon completion of certificate program, $100 discount voucher toward an NYU-SCPS course (valid for one year).

Certificate Requirements

• Certificate declaration is required before the start of the fourth applicable course. A one-time, nonrefundable, $100 application fee is required. • Students have up to four years to complete a certificate from initial date of registration. • An official certificate is available upon completion of all courses if an overall B average or above is maintained and candidacy has been declared. Students must request their certificate online at scps.nyu.edu/certificate. • Certificate candidacy may be revoked if academic performance is not maintained. • The NYU-SCPS transcript of declared candidates will identify certificate completion. • Certificate candidacy may be revoked if student conduct policies are not adhered to. • There is a one-time $5 fee for the NYU student photo ID card. The card is active for the entire semester in which a registered student is enrolled in an approved certificate course and is deactivated when the student is not enrolled in an applicable course. • Students must satisfy the certificate program requirements listed in the Bulletin published for the term in which they register for the first course toward the certificate. • Program administrators may authorize in

writing substitutions of specified courses in individual situations (maximum of one substitution for a four-course certificate; two substitutions for a certificate requiring five or more courses). • Regular class attendance is required in order for a course to be applied toward a certificate program. • Students may complete more than one certificate in a given term but, for administrative purposes, each certificate will be issued and dated in separate terms. • Courses taken at NYU-SCPS may be applied to fulfilling the requirements of only one certificate program. No transfer work or waiver of the total number of courses required is permitted. • The name printed on the certificate will match the name on the student’s NYU transcript. • Certificates offered through the International Institute for Learning (IIL) and the Dalton Education certificate program in financial planning do not require declaration. • Approval for exception to any of the above requirements must be obtained in advance in writing from the program office. Certificates are highlighted throughout this Bulletin in their respective subject areas, where the specific requirements and course sequences are outlined. A comprehensive alphabetical listing of all certificate programs can be found in the Bulletin index.

Note: Departments may es­tablish more stringent requirements for their programs. Check individual listings for details.

ID Cards NYU-SCPS students enrolled in degree or diploma programs and declared professional certificate candidates are issued NYU photo ID cards. Students enrolled in courses, seminars, and conferences, or with undeclared status in a certificate program, are issued a Building Access Pass that provides access to classroom buildings. Replacements for lost NYU photo ID cards can be obtained at the NYU Card Center, 383 Lafayette St. One piece of photo ID is required to get a replacement card. The fees for replacements are $15 for the first replacement; $50 for the second; and $75 for the third.

Information Services The NYU-SCPS information line, (212) 998-7200, is open Mon.–Thurs., 9 a.m.–7 p.m.; Fri., 9 a.m.–5 p.m. We are available to answer inquiries about the School and its programs. If you would like to be added to our mailing list for future Bulletins, call (212) 998-7200. You may also obtain schoolwide general information or request a Bulletin on our website at scps.nyu.edu, or by e-mailing your name and address to [email protected]

Noncredit Changes, Withdrawals, and Refunds Additions (added courses) to your nondegree program may be made by telephone, fax, mail, online, or in person. Program changes (drop/adds) may be made via the Web, in person, or by fax. Withdrawals. Students who wish to withdraw from, or for any reason find it impossible to complete, a noncredit course should officially withdraw. Requests to withdraw (drops only) from noncredit courses can be made online anytime at scps.nyu.edu/drop; up until one day before the course start date via ALBERT, the NYU student information services website; by mail, Office of Noncredit Student Services, NYU School of Continuing and Profess­ional Studies, P.O. Box 1206, Stuyvesant Station, New York, NY 100099988; by fax, (212) 995-3060; or in person, 7 East 12th Street, 1st Floor.. Ceasing to attend a class does not constitute official withdrawal, nor does notification to the instructor. Cancellation of payment does not constitute withdrawal, nor does it reduce indebtedness to the University; in this case, a penalty of $25 for late payment and $10 for stop-payment (subject to change without notice) must be charged. Students of any other NYU school must withdraw from NYU-SCPS courses through NYU-SCPS. Refund Policy. Refunds are computed based on the date and time the written or electronic notice of withdrawal is received by the Office of Noncredit Student Services. In addition, refunds for noncredit courses and seminars are based on the number of class sessions for the course that have met between the time of registration and withdrawal. Course withdrawal does not necessarily entitle a student to a refund—nor to a cancellation of tuition still due. The refund schedule is as follows:

For noncredit courses (containing the designation “CE”) and seminars (containing the designation “CS”):

1. Student withdraws prior to the first session—100 percent refund.

2. For courses with six or more sessions—75 percent refund if the student withdraws before the third scheduled session. No refund thereafter.

3. For courses with four or five sessions—60 percent refund if the student withdraws before the third scheduled session. No refund thereafter.

4. For courses with one to three sessions— no refund is given after the first scheduled session. For conferences (prefix “SCPS”): Procedures and policies for refunds vary by department.

For online courses: Refunds for online courses are calculated differently from on-site courses. Students are eligible for a 100 percent tuition refund if they withdraw from the course before the official start date. Students are eligible for a 60 percent tuition refund if they withdraw

from the course before having logged into the course four times or within the first two weeks of the course. After the fourth login, or the second week, students are not eligible to receive any tuition refund for courses taken through NYU-SCPS.

Noncredit Registration Fees For noncredit courses that contain the designation “CE” or “CS,” the registration fee is either $10 or $20, depending on the total cost of the course or courses for which you apply. If the total of your tuition is $99 or less, your registration fee is $10. If the total of your tuition is $100 or more, the fee is $20. The maximum $20 registration fee is pay­able only once each semester, no matter how many times you add courses. Regis­tration fees are nonrefundable. Note: This fee schedule does not apply to programs requiring Credit Registration.

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Note: Please provide an e-mail address and/or telephone number so that NYU-SCPS can notify you regarding room location or class changes.

HIGH SCHOOL       COUNTRY OF CITIZENSHIP

ATTENDED COLLEGE       U.S.      

FOUR-YEAR COLLEGE GRADUATE      

GRADUATE STUDIES

OTHER (PLEASE SPECIFY)������������������������������������������������������������������������

DO YOU PLAN TO PURSUE A PROFESSIONAL CERTIFICATE?

YES  

NO

FOR NEW CERTIFICATE REQUIREMENTS AND BENEFITS, VISIT SCPS.NYU.EDU/CERTIFICATE.

WHAT CERTIFICATE ARE YOU PLANNING TO PURSUE?��������������������������������������������������������������������������������������

Check this box if you do not want your e-mail address or telephone number to be used for marketing purposes. COURSE/SEMINAR NUMBER

SECTION NUMBER

TITLE OF COURSE/SEMINAR (ABBREVIATE)

TUITION AND FEES

DAYS

HOURS

I ENCLOSE CHECK OR MONEY ORDER FOR TOTAL SHOWN

I HEREBY AUTHORIZE USE OF MY CREDIT CARD

SIGNATURE��������������������������������������������������������������������������������������������������������������������� NO.��������������������������������������������������������������������������������������������������������������������������� NONREFUNDABLE REGISTRATION FEE (see below to calculate)*



    

Discover® CARD  

MASTERCARD®  

VISA®  

AMERICAN EXPRESS® EXPIRES �������������������������������������������������������

MONTH YEAR

TUITION + REGISTRATION FEE=TOTAL

*Registration fees: $10 on $99 total tuition, $20 on totals of $100 and above (regardless of number of courses for which you are registering).

Please answer these optional questions about your place of business if you wish to be kept informed of corporate and free events. YOUR NAME������������������������������������������������������������������������������������������������������������

DAYTIME TELEPHONE NUMBER   (

YOUR TITLE�������������������������������������������������������������������������������������������������������������

E-MAIL����������������������������������������������������������������������������������������������������������������

YOUR DIVISION OR DEPARTMENT���������������������������������������������������������������������������������������������

TYPE OF BUSINESS________________________________________________________ NUMBER OF EMPLOYEES���������������������������

COMPANY NAME���������������������������������������������������������������������������������������������������������

DOES YOUR COMPANY OFFER TUITION REIMBURSEMENT?���������������������������������������������������������������������������

COMPANY ADDRESS������������������������������������������������������������������������������������������������������

FULL     

CITY___________________________________________________________ STATE_ ______________ ZIP��������������������������������

MUST BE JOB-RELATED     

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PARTIAL     CHECK ANY RESTRICTIONS THAT APPLY: CREDIT ONLY     

OTHER�������������������������������������������������������������������

USE THIS FORM TO REGISTER. REGISTER EARLY FOR THE BEST SELECTION OF COURSES:

HERE ARE ANSWERS TO SOME COMMONLY ASKED QUESTIONS:

WEB

WHAT INFORMATION DO I NEED TO REGISTER BY PHONE?

You can register for courses online at scps.nyu.edu. Online registration requires payment by credit card. Consult the inside front cover of this Bulletin for complete information.

• Course title, course number, and course section. • Your mailing address, e-mail address, and telephone number. • Your credit card (Visa®, MasterCard®, American Express®, or Discover® card).

MAIL OR FAX 1 Use the Registration Form to register for noncredit courses with course numbers that contain the designation “CE” and for seminars that contain the designation “CS.” Do not use this form to register for credit courses (courses that contain the designation “DC” or “GC”), conferences (prefix “SCPS”), or courses in the American Language Institute (ESL courses). 2 Find the course(s) you want to register for and note: • Course title • Course number and section • Days and hours of the course • Course fee Transfer this information to the registration form. 3 Type or write clearly and make sure you copy your credit card information accurately. Mistakes can delay your registration. 4 Be sure to include your phone number and e-mail address so that we may contact you if there are any questions. 5 Place the registration form in the postage-paid envelope provided or fax the form to (212) 995-3060.

TELEPHONE 1 For your convenience and to have a written record for yourself, fill out the course information section of the registration form before you call. 2 Have your credit card handy. 3 Note the code in the upper right corner of the registration form; the registration operator will ask you for it. 4 Call (212) 998-7150 if you know the course you would like to take. If you have questions about course curriculum, a certificate, or your registration, please call (212) 998-7200.

WHAT ABOUT LATE FEES? There are no late fees for noncredit courses. But remember to register early for best course selection and availability.

HOW DO I DROP OR ADD COURSES? You may drop a course by mail or in person (7 East 12th Street, 1st Floor, New York, NY 10003); online anytime at scps.nyu.edu/drop; and up until one day before the course start date via ALBERT, the NYU student information services website (instructions for accessing ALBERT are sent upon registration); or by fax (212-995-3060). Please consult our refund policy in the Registration section of this Bulletin for drops made after the start of class. You may add a course online or in person.

MAY I USE A COMPANY VOUCHER TO PAY FOR MY CLASS? Yes, as long as your company does not qualify payment based upon completion of coursework with a passing grade. We accept purchase orders, vouchers, and letters of authorization as payment for tuition in credit and noncredit courses. Please send the voucher with your registration.

WHERE CAN I LEARN ABOUT NEW PROFESSIONAL CERTIFICATE DECLARATION REQUIREMENTS? Our professional certificate programs include new requirements and benefits. Students intending to pursue a certificate must declare their candidacy. For details, visit scps.nyu.edu/certificate.

CAN I CONTACT NYU WITH QUESTIONS BEFORE I REGISTER? Yes. If you need more information or have questions about a course or certificate, we are available via e-mail at [email protected], or by phone (see the General Information section of the Bulletin for contact information).