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INTENSIVE PROFESSIONAL

CERTIFICATE PROGRAMS

FALL 2013
SPRING/SUMMER 2014
REAL ESTATE FINANCE AND INVESTMENT

REAL ESTATE DEVELOPMENT

GLOBAL REAL ESTATE

PROPERTY MANAGEMENT

CONSTRUCTION PROJECT MANAGEMENT


NYU Schack intensive real estate courses focus on the
very latest trends in the industry. They are taught by

INTENSIVE PROFESSIONAL professionals who are leaders in the most complex and
sophisticated real estate market in the world.

CERTIFICATE PROGRAMS Jeff Stoddard, student, NYU Schack Institute of Real Estate

Intensive courses in real estate and construction deliver in-depth, concentrated learning
experiences for professionals who seek to sharpen their expertise in a particular aspect
of these expanding, globalized industries. Class enrollment is limited to ensure that
students receive personalized attention during their time at NYUSCPS. Courses are
generally scheduled Monday through Friday, 9 a.m.4.30 p.m. Final grades earned CONTENTS
in intensive courses can often be applied toward the completion of one of our
professionalcertificates.

FALL/SPRING/SUMMER INTENSIVES SCHEDULE 4


FACULTY
CERTIFICATE IN REAL ESTATE FINANCE AND INVESTMENT 5
Intensive courses are taught by accomplished professionals from across the
real estate, design, and construction industries. All are members of the The Business of Real Estate: Finance and Investment 5
NYU Schack Institute of Real Estate graduate and noncredit program faculty. Real Estate Investment Decision Analysis 6
Applied Real Estate Finance and Investment 6
LOCATION E. 49th
ROCKEFELLER
CERTIFICATE IN REAL ESTATE DEVELOPMENT 7

PARK AVE.
CENTER
E. 48th
Classes meet at the NYU Midtown Center, The Business of Real Estate: Finance and Investment 8

LEXINGTON AVE.
E. 47th

11 West 42nd Street, situated in the heart of

MADISON AVE.
FIFTH AVE.
AVE. OF THE AMERICAS

Real Estate Development 8

THIRD AVE.
E. 46th

midtown Manhattan across from Bryant Park NYU E. 45th

and the New York Public Library. The NYU


MIDTOWN
CENTER GRAND E. 44th Real Estate Asset Management 9
CENTRAL
TIMES
Midtown Center is within walking distance of
E. 43rd
SQUARE STATION

some of the worlds most exciting retail and W. 42nd CHRYSLER CERTIFICATE IN COMMERCIAL PROPERTY MANAGEMENT 9
BUILDING
SEVENTH AVE.

BRYANT
BROA

entertainment areas, including Times Square


W. 41st. PARK
Commercial Property Management 10
DWA

W. 40th NEW YORK


and Fifth Avenue. For further information, PUBLIC
Commercial Building Systems, Operations and Maintenance 10
Y

W. 39th LIBRARY

please contact (212) 992-3336. Commercial Real Estate Lease Analysis 11

REGISTRATION SPECIALIZED ELECTIVE INTENSIVES 11


Real Estate Financial Modeling 12
For registration information, see page 17, call (212) 998-7150,
or e-mail scpsinfo@nyu.edu. Real Estate Capital Markets 12
Global Real Estate Transactions 13
on-site program delivery Hotel Real Estate Development 13
Retail Real Estate 14
Are you exploring the idea of customized learning at your workplace? nyu schack
Residential Property Management 14
courses and certificates can be delivered on-site and customized to meet the needs of
your organization. For more information, please e-mail scps.realestate@nyu.edu.
CERTIFICATE IN CONSTRUCTION PROJECT MANAGEMENT 15
Learn more about our programs: Project Management Principles for Construction Professionals 15
Website: scps.nyu.edu/schackintensives Construction Project Management 16
E-mail: scps.realestate@nyu.edu Construction Risk Management 16
Telephone: (212) 992-3336
CERTIFICATE IN REAL ESTATE THE BUSINESS OF REAL ESTATE:
FINANCE AND INVESTMENT FINANCE AND INVESTMENT
2013-14 INTENSIVES SCHEDULE Acquire a complete understanding of how commercial REFI1-CE9630 | $2,195
real estate investment deals are financed, structured,
Fall 2013
andexecuted.
MondayFriday, 9 a.m.4.30 p.m., Oct. 1418.
Fall 2013 Intensives Summer 2014 Intensives Gain understanding of:
Spring 2014
October 14-18, 2013 June 2-6, 2014 >> Sources of capital and various forms of financing structure MondayFriday, 9 a.m.4.30 p.m., Mar. 1721.
The Business of Real Estate: Finance and Investment The Business of Real Estate: Finance and Investment >> Mortgage instruments
(REFI1-CE9630) (REFI1-CE9630) Summer 2014
>> Real estate investment and analysis
Sec. 1: MondayFriday, 9 a.m.4.30 p.m., June 26.
>> Valuation methods
October 16-18, 2013 June 4-6, 2014 Sec. 2: MondayFriday, 9 a.m.4.30 p.m., July 711.
>> Underwriting methods
Project Management Principles for Construction Project Management Principles for Construction
This intensive, one-week course provides a solid foundation
Professionals (PROJ1-CE8661) Professionals (COPM1-CE9640) >> Real estate financial calculations
for understanding the high-stakes business of commercial
Commercial Property Management (REPM1-CE9655) >> Comparison of investment deal structures real estate. Through exposure to real world applications,
October 21-25, 2013 participants develop an understanding of the essential
This certificate is awarded to students who successfully
Real Estate Investment Decision Analysis (REFI1-CE9680) June 9-13, 2014 concepts and underpinnings of commercial real estate
complete the following intensive courses: The Business of
Real Estate Development (REFI1-CE9660) Real Estate Investment Decision Analysis (REFI1-CE9680) Real Estate: Finance and Investment; Real Estate Investment finance, investment, and asset valuation.

Construction Project Management (COPM1-CE9650) Construction Project Management (COPM1-CE9650) Decision Analysis; and Applied Real Estate Finance and
AREAS COVERED
Investment. Students who wish to strengthen their real
estate financial modeling skills using Excel, may want to >> The nature of real estate and real estate markets
October 28-30, 2013 June 16-19, 2014
consider taking the additional three-day Real Estate Financial >> Real estate valuation concepts and techniques
Real Estate Financial Modeling (REFI1-CE9682) Applied Real Estate Finance and Investment (REFI-CE9686)
Modeling course. >> Time value of money and mortgage calculations
October 28-November 1, 2013 June 16-20, 2014 All certificate program course requirements must be completed >> Property-level income statement and pro forma analysis
Real Estate Asset Management (REDV1-CE9670) Construction Risk Management (COPM1-CE9651) with an overall average of B or higher. Certificates will not >> Capitalization rates and direct capitalization
be issued unless an Application for Certificate Candidacy
Construction Risk Management (COPM1-CE9651) >> Discounted cash flow analysis and yield capitalization
June 23-25, 2014 is submitted. For details, see page 17. Requests for course
substitutions should be made to scps.realestate@nyu.edu. >> Debt financing; mortgage underwriting principles and
November 4-7, 2013 Real Estate Financial Modeling (REFI1-CE9682) practices
Applied Real Estate Finance and Investment (REFI-CE9686) Real Estate Capital Markets (REFI1-CE9681) >> Investment analysis and analyzing the deal
Global Real Estate Transactions (REFI-CE9699)
FACULTY
Spring 2014 Intensives Retail Real Estate (REFI1-CE9610) >> Michael Grey, Owner, Piermont Properties, Inc.
January 22-24, 2014 Building Systems, Operations and Maintenance >> Edward Lombardo, Commercial Credit Officer, Abacus
Global Real Estate Transactions (REFI-CE9699) (REPM1-CE9660) Federal Savings Bank
>> Barry Stein, President, Rohman & Stein Associates, Inc.
March 17-21, 2014 July 7-11, 2014
The Business of Real Estate: Finance and Investment The Business of Real Estate: Finance and Investment PROGRAM NOTES
(REFI1-CE9630) (REFI1-CE9630)
This program counts as one course toward the Certificate
in Real Estate Finance and Investment. For information on
March 24-28, 2014 July 14-18, 2014
certificate requirements, please see Certificate Candidacy on
Real Estate Investment Decision Analysis (REFI1-CE9680) Real Estate Development (REDV1-CE9660) page 17. For those seeking a letter grade for this course, an
Real Estate Development (REDV1-CE9660) Real Estate Investment Decision Analysis (REFI1-CE9680) exam is administered on the final day of the class. The course
tuition includes lunches, refreshments, and all educational
March 31-April 3, 2014 July 21-24, 2014 materials. Students are encouraged to bring a laptop as some
Applied Real Estate Finance and Investment (REFI-CE9686) concepts will be taught using basic Excel software.
Applied Real Estate Finance and Investment (REFI-CE9686)

March 31-April 4, 2014 July 21-25, 2014


Real Estate Asset Management (REDV1-CE9670) Real Estate Asset Management (REDV1-CE9670)

April 7-9, 2014 July 28-30, 2014


Real Estate Financial Modeling (REFI1-CE9682) Real Estate Financial Modeling (REFI1-CE9682)
Hotel Real Estate Development (REDV1-CE9681)
Residential Property Management (REPM1-CE9025)
Commercial Real Estate Lease Analysis (REDV1-CE9675)

Note: You can only register for courses running in the current semester (212) 992-3336 | scps.realestate@nyu.edu | 5
REAL ESTATE INVESTMENT APPLIED REAL ESTATE FINANCE PROGRAM NOTES CERTIFICATE IN REAL ESTATE
DECISION ANALYSIS ANDINVESTMENT It is recommended that students register at least one week DEVELOPMENT
REFI1-CE9680 | $2,195 REFI1-CE9686 | $2,195 prior to the start of the course in order to leave adequate time
Delve into all aspects of the real estate development
to obtain and review the case studies. Students are expected
process, and gain a comprehensive understanding of the
Fall 2013 Fall 2013 to review these cases before the first session. Students are
phases, issues, and complexities that come into play in the
MondayFriday, 9 a.m.4.30 p.m.,Oct. 21 25. MondayThursday, 9 a.m.4.30 p.m., Nov. 4-7. encouraged to bring a laptop as some concepts and course
development of real estatefrom inception to disposition.
work will involve Excel. Computer lab time will be made
Spring 2014 Spring 2014 available to those who do not have a laptop. Learn how to:
MondayFriday, 9 a.m.4.30 p.m., Mar. 24-28. MondayThursday, 9 a.m.4.30 p.m., Mar. 31 Apr. 3.
This program counts as one elective course toward the >> Identify the phases of real estate development
Summer 2014 Summer 2014 Certificate in Real Estate Finance and Investment. For >> Apply market analysis and site selection techniques
Sec. 1: MondayFriday, 9 a.m.4.30 p.m., June 913. Sec. 1: MondayThursday, 9 a.m.4.30 p.m., June 16-19. information on certificate requirements, please see Certificate to a project
Candidacy on page 17. For those seeking a letter grade for
Sec. 2: MondayFriday, 9 a.m.4.30 p.m., July 14-18. Sec. 2: MondayThursday, 9 a.m.4.30 p.m., July 21-24. >> Analyze the legal and regulatory environment of a project
this course, the final grade is based on work completed
throughout the course. The course tuition includes lunches, >> C
 apitalize on available entitlements and public-private
Further your understanding of commercial real estate This four-day intensive course applies the concepts learned
refreshments, and all educational materials. It is expected partnership opportunities
investment decision analysis by applying a framework of in the previous real estate finance and investment intensive
advanced analytical techniques and financial structuring courses to specific real estate transactional situations. Through that students have completed The Business of Real Estate: >> Develop project development feasibility, budget, and
to property acquisitions and dispositions. Learn to find the hands-on exercises and a sequence of increasingly complex Finance and Investment and Real Estate Investment Decision finance studies, and identify options
appropriate discount rate based upon the weighted average case studies students are provided an opportunity to practice Analysis, or have equivalent experience. >> Employ planning, design, and construction management
cost of capital (WACC). Explore the effects of leverage their newly acquired skills and to think critically about the real techniques to projects
and prepare a before-and-after tax investment analysis estate investment deals that are presented. Learn to analyze
>> Apply asset management strategies to budget and
based upon net present value (NPV) and internal rate of a single-asset real estate transaction, followed by matching operations
return(IRR). multi-asset deals with investor objectives. Also, explore the
dynamics of private equity-funded real estate transactions This certificate is awarded to students who successfully
AREAS COVERED and related investor considerations. complete the following intensive courses: The Business
>> Top-down approach to investing of Real Estate: Finance and Investment, Real Estate
AREAS COVERED Development, and Real Estate Asset Management.
>> Essential investment ratios and the effects of leverage
>> Real estate investment concepts Experienced real estate finance professionals may elect
>> Forms of ownership for pooled equity investments
>> Financial analysis of real property investments to substitute the more advanced Applied Real Estate
>> Partnership taxation Development intensive course for The Business of Real
>> Single asset investing
>> Capital markets; funds flow to commercial real estate Estate: Finance and Investment intensive course.
>> Multi-asset investment analysis
>> Alternative real estate financing and investment vehicles All certificate program course requirements must be
>> Matching investor profile to real estate investment
>> CMBS and securitization completed with an overall average of B or higher.
>> Financing real estate deals Certificates will not be issued unless an Application for
>> Private equity investment vehicles and waterfalls
>> Structuring real estate dealsan investors perspective Certificate Candidacy is submitted. For details, see page 17.
FACULTY >> Real estate private equity investing Requests for course substitutions should be made to
>> Scott Robinson, Visiting Clinical Professor, NYU Schack scps.realestate@nyu.edu.
>> Private equity investor returns
Institute of Real Estate
>> Institutional investors and real estate
>> Dan Pryor, Partner, Odessa Realty Investments
>> Michael Hurwitz, Adjunct Instructor, NYU Schack Institute FACULTY
of Real Estate. >> Stanley A. Gniazdowski, CRE, CCIM, FRICS, President,
Realty Concepts, Inc.
PROGRAM NOTES
>> Manish Srivastava, Clinical Associate Professor and
This program counts as one course toward the Certificate Graduate Academic Director, NYU Schack Institute of
in Real Estate Finance and Investment. For information on RealEstate
certificate requirements, please see Certificate Candidacy on
page 17. For those seeking a letter grade for this course, an
exam is administered on the final day of the class. The course
tuition includes lunches, refreshments, and all educational
materials. It is expected that students have completed The
Business of Real Estate: Finance and Investment, or have
equivalent experience. Students are encouraged to bring a
laptop as some concepts will be taught using Excel.

6 | scps.nyu.edu/schackintensives (212) 992-3336 | scps.realestate@nyu.edu | 7


Only in New York City could you find so many fabulous instructors who know so much and who REAL ESTATE ASSET MANAGEMENT CERTIFICATE IN COMMERCIAL
want to share their knowledge and experiences. The intensive course was terrific. The curriculum REDV1-CE9670 | $2,195 PROPERTY MANAGEMENT
was on target and delivered the information we all were interested in acquiring. The instructors Effective management of building operations is critical to
FALL 2013
were great! Their lesson plans were a diverse mix of academic theories and real-life case studies. Monday-Friday, 9 a.m.-4.30 p.m., Oct. 28-Nov. 1. bottom-line success in real estate investment and ownership.
My time and money were well spent. This certificate program delves into commercial property
SPRING 2014 management, covering topics ranging from managing,
Jim Black, student, NYU Schack Institute of Real Estate Monday-Friday, 9 a.m.-4.30 p.m., Mar. 31-Apr. 4. budgeting, accounting, marketing, and leasing to building
systems, operations and maintenance.
SUMMER 2014
Deepen your understanding of:
Monday-Friday, 9 a.m.-4.30 p.m., July 21-25.
THE BUSINESS OF REAL ESTATE: REAL ESTATE DEVELOPMENT >> Building assessment
FINANCE AND INVESTMENT REDV1-CE9660 | $2,195 Examine the techniques for increasing the value of real estate
>> The management agreement
assets under management on behalf of ownership. Learn the
REFI1-CE9630 | $2,195 Fall 2013 >> Management fiscal responsibilities
components of asset management that directly affect the
Fall 2013 Monday-Friday, 9 a.m.-4.30 p.m., Oct. 28-Nov. 1. cash flow and underlying value of a single asset or a portfolio >> Management planning and operations
MondayFriday, 9 a.m.4.30 p.m., Oct. 1418. of assets. This one-week intensive examines the decision-
>> Staffing and team management
SPRING 2014 making process from the property, asset, and portfolio
Monday-Friday, 9 a.m.-4.30 p.m., Mar. 31-Apr. 4. >> Market analysis, marketing and leasing
Spring 2014 management perspectives.
MondayFriday, 9 a.m.4.30 p.m., Mar. 1721. >> Space planning and project management
SUMMER 2014 AREAS COVERED
>> Lease administration and tenant retention
Summer 2014 Monday-Friday, 9 a.m.-4.30 p.m., July 21-25. >> The roles of the property, asset, and portfolio manager
>> Building systems and maintenance
Sec. 1: MondayFriday, 9 a.m.4.30 p.m., June 26. Delve into all aspects of the real estate development process, >> Understanding investor objectives and relations
>> Security and emergency plans
Sec. 2: MondayFriday, 9 a.m.4.30 p.m., July 711. and gain a solid understanding of the procedures, issues, >> Property operations and management
and complexities that come into play in the development of This certificate is awarded to students who successfully
This intensive, one-week course provides a solid foundation >> Operating and capital budgets and financial reporting
real estatefrom inception to occupancy. Study the phases complete the following intensive courses: Commercial
for understanding the high-stakes business of commercial >> Commercial leases
of real estate development, and acquire essential knowledge Property Management, Building Systems, Operations and
real estate. Through exposure to real world applications,
and skills. Case studies are used throughout the program. >> Commercial real estate transactions Maintenance, and Commercial Real Estate Lease Analysis.
participants develop an understanding of the essential
concepts and underpinnings of commercial real estate >> Acquisition and disposition within the framework of All certificate program course requirements must be
AREAS COVERED
finance, investment, and asset valuation. due diligence
completed with an overall average of B or higher.
>> Overview of the real estate development process
>> Portfolio management and risk and diversification Certificates will not be issued unless an Application of
AREAS COVERED >> Legal concepts and the entitlement process strategy Certificate Candidacy is submitted. For details, see page 17.
>> The nature of real estate and real estate markets >> Market analysis and project site selection >> Buy/hold/sell decision analysis Requests for course substitutions should be made to
>> Real estate valuation concepts and techniques >> Feasibility study scps.realestate@nyu.edu.
>> Strategies and techniques for creating value
>> Time value of money and mortgage calculations >> Project hard and soft cost budget >> Distressed commercial real estate
>> Property-level income statement and pro forma analysis >> Structuring and raising equity, and the capital stack >> Negotiation concepts and strategies
>> Capitalization rates and direct capitalization >> Construction loan finance and the draw package
FACULTY
>> Discounted cash flow analysis and yield capitalization >> Construction considerations for the owner
>> Edward LaGrassa, president, Chilton Realty, Inc.
>> Debt financing; mortgage underwriting principles and >> Vision, branding, and marketing strategy
practices >> Ryan Severino, Senior Economist, Reis, Inc.
FACULTY >> Philip Neuer, Executive Vice President and General
>> Investment analysis and analyzing the deal
>> Matthew Kasindorf, Partner and Chairman of the Real Counsel, Safer Textiles Group
FACULTY Estate Group, Meister Seelig & Fein LLP >> Matthew Kasindorf, Partner and Chairman of the Real
>> Michael Grey, Owner, Piermont Properties, Inc. >> Navid Maqami, AIA, LEED AP, Principal, Perkins Eastman Estate Group, Meister Seelig & Fein LLP
>> Edward Lombardo, Commercial Credit Officerc Abacus >> Michael Zampetti, Adjunct Assistant Professor, NYU >> Donald Sheets, Principal, Square Mile Capital
Federal Savings Bank Schack Institute of Real Estate ManagementLC
>> Barry Stein, President, Rohman & Stein Associates, Inc.
PROGRAM NOTES PROGRAM NOTES
PROGRAM NOTES This program counts as one course toward the Certificate
This program counts as one course toward the Certificate
This program counts as one course toward the Certificate in Real Estate Development. For information on certificate in Real Estate Development. For information on certificate
in Real Estate Finance and Investment. For information on requirements, please see Certificate Candidacy on page 17. requirements, please see Certificate Candidacy on page 17.
certificate requirements, please see Certificate Candidacy on For those seeking a letter grade for this course, an exam is For those seeking a letter grade for this course, an exam is
page 17. For those seeking a letter grade for this course, an administered on the final day of the class. The course tuition administered on the final day of the class. The course tuition
exam is administered on the final day of the class. The course includes lunches, refreshments, and all educational materials. includes lunches, refreshments, and all educational materials.
tuition includes lunches, refreshments, and all educational It is expected that students have already completed The It is expected that students have completed The Business
materials. Students are encouraged to bring a laptop as some Business of Real Estate: Finance and Investment, or have of Real Estate: Finance and Investment and Real Estate
concepts will be taught using basic Excel software. equivalent experience. Students are encouraged to bring a Development, or have equivalent experience.
laptop as some concepts may be taught using Excel.

8 | scps.nyu.edu/schackintensives (212) 992-3336 | scps.realestate@nyu.edu | 9


COMMERCIAL PROPERTY MANAGEMENT BUILDING SYSTEMS, OPERATIONS, COMMERCIAL REAL ESTATE SPECIALIZED ELECTIVE INTENSIVES
REPM1-CE9655 | $1,295 ANDMAINTENANCE LEASEANALYSIS The following elective courses provide further specialized,
Summer 2014 REPM1-CE9660 | $1,295 REDV1-CE9675 | $1,295 in-depth professional training on topics in real estate. With
prior approval from the program office, these courses may be
MondayWednesday, 9 a.m.4.30 p.m., June 4-6. Summer 2014 Summer 2013 applied toward an NYU Schack professional certificate.
This comprehensive three-day course examines the role MondayWednesday, 9 a.m.4.30 p.m., June 23-25. MondayWednesday, 9 a.m.4.30 p.m., July 28-30.
>> Real Estate Financial Modeling
and responsibilities of the commercial property manager. This three-day intensive course examines commercial This three-day intensive course provides a comprehensive >> Commercial Real Estate Lease Analysis
From planning and standard operating policies to financial building systems, maintenance and repair including planning look at commercial real estate leasing strategies forlandlords
operations and budgeting strategies, this course focuses >> Real Estate Capital Markets
and managing tenant improvement projects. The topics covered and tenants, and the impact of these leasing decisionsor
on the financial and administrative aspects of managing an are particularly useful for building owners and managers who characteristics on lease value. Topics covered includelease >> Global Real Estate Transactions
office building on behalf of the investment property owner. are seeking to maximize building performance and the value types, purpose, components, and financial analysis. >> Hotel Real Estate Development
of the asset. Case studies are used throughout the course. This asset- >> Retail Real Estate
AREAS COVERED
based course is particularly useful for building owners
>> Building types, uses and classifications AREAS COVERED >> Residential Property Management
and developers; corporate real estate professionals; and
>> Fee management and agency relationships >> Building systems design, maintenance, and repair asset, property, and facility managers seeking to maximize
>> The management plan >> Contract services assetvalue.

>> Management fiscal responsibilities >> Heating, ventilation, and air conditioning AREAS COVERED
>> Staffing and team management >> Electrical distribution and lighting >> Risk and its impact on leases
>> Annual property operating statement >> Plumbing and sprinklers >> Opportunity cost versus cost of capital
>> Cash flow and valuation >> Fire protection systems >> Leasehold and leased fee interests
>> Budgeting, accounting, and reporting >> Vertical transportation >> Lease components
>> Market analysis and rents >> Environmental health and safety >> Lease types
>> Marketing and leasing plan >> Security and emergency management >> Establishing lease rates and market analysis
>> Lease administration and tenant retention >> Energy benchmarking, auditing, and management >> Economic base analysis, location theory, linkages, and
>> Risk management, security, and emergency management >> Energy and water conservation, and efficiency demand factors
>> Building retrofits and commissioning >> Measuring office space
FACULTY
>> Impact of construction on leasing
>> Anthony Vetrano, Adjunct Assistant Professor, NYU FACULTY
Schack Institute of Real Estate >> Core factors
>> Anthony Vetrano, Adjunct Assistant Professor,
>> Robert Kilman, Director of Finance and Accounting, NYUSchack Institute of Real Estate >> Lease expenses
RFRHolding LLC. >> James Whelan, General Manager, Cushman & >> Tenant improvements
Wakefield,Inc. >> Cost of leasing
PROGRAM NOTES
PROGRAM NOTES >> Lease comparison analysis
This course counts as one course toward the Certificatein
>> Ground and land leases
Commercial Property Management. For information on This course counts as one course toward the Certificate
certificate requirements, please see Certificate Candidacy >> Determining lease value
in Commercial Property Management. For information on
on page 17. For those seeking a letter grade for this course, certificate requirements, please see Certificate Candidacy FACULTY
the final grade is based upon an additional assignment. on page 17. For those seeking a letter grade for this course,
The course tuition includes lunches, refreshments, and all >> Stanley Gniazdowski, President, Realty Concepts, Inc.
the final grade is based upon an additional assignment.
educationalmaterials. The course tuition includes lunches, refreshments, and all PROGRAM NOTES
educational materials. It is expected that students have
already completed Commercial Property Management, or This program counts as one elective course toward the
have equivalent experience. Certificate in Real Estate Development and the Certificate
in Commercial Property Management. For information on
certificate requirements, please see Certificate Candidacy
on page 17. For those seeking a letter grade for this course,
additional course work will be assigned. The course tuition
includes lunches, refreshments, and all educational materials.

10 | scps.nyu.edu/schackintensives (212) 992-3336 | scps.realestate@nyu.edu | 11


REAL ESTATE FINANCIAL MODELING REAL ESTATE CAPITAL MARKETS GLOBAL REAL ESTATE TRANSACTIONS HOTEL REAL ESTATE DEVELOPMENT
REFI1-CE9682 | $1,295 REFI1-CE9681 / $1,295 REFI1-CE9699 | $1,295 REDVI-CE9681 | $1,295

Fall 2013 Summer 2014 Spring 2014 Summer 2014


MondayWednesday, 9 a.m.4.30 p.m., June 23-25. WednesdayFriday, 9 a.m.4.30 p.m., January 22-24. Wednesday, 9 a.m.-4.30 p.m., July 28-30.
MondayWednesday, 9 a.m.4.30 p.m., Oct. 28-30.
Strengthen your understanding of the interplay between Summer 2014 This three-day course provides a comprehensive
Spring 2014
the real estate finance markets, the overall capital markets, MondayWednesday, 9 a.m.4.30 p.m., June 23-25. understanding of the hotel product as a real estate
MondayWednesday, 9 a.m.4.30 p.m., Apr. 7-9. and the economy. Do so by examining of the structure investment. Explore the challenges and key strategies for
of and participants in the public and private real estate Develop your international investment skills by applying a successful development and acquisitions projects, examine
Summer 2014 capital markets; sources of debt and equity financing; transactional due diligence framework to global real estate the unique valuation and performance measures required,
deal structuring; tranches; risk and return; note structures; investment deals. Apply the tools to analyze the various and learn the role of asset management to optimize value
Sec. 1: MondayWednesday, 9 a.m.4.30 p.m., June 23-25.
mezzanine debt; real estate related bonds; private and public risks including sovereign, partner, market, legal, tax, foreign and minimize risk. Focus is on the U.S. market. A few
Sec. 2: MondayWednesday, 9 a.m.4.30 p.m., July 28-30. real estate investment trusts (REITs); commercial real estate exchange, interest rate risks, and valuation framework. Gain a international cases will be discussed.
debt markets, including securitization; and commercial deeper understanding of a range of international real estate
Learn to develop a financial model template for the markets through select global real estate investment case AREAS COVERED
mortgage-backed securities (CMBS).
acquisition and the refinancing of commercial real estate studies. This course presents both a framework for global real >> Hotel property types and market segments
using MicroSoft Excel software. Concepts and measurements AREAS COVERED estate markets and a framework for investment risk.
covered include annual property operating statements, pro >> Development team and development process
>> Drivers of funds flow to and from commercial real estate
forma forecasting and preparation, net operating income AREAS COVERED >> Development planning, operator or franchise selection,
(NOI), cash-on-cash return, internal rates of return (IRR), net >> Private equity markets and branding considerations
>> Global real estate capital flows
present value (NPV), discounted cash flow, residual value, >> Mortgage debt and commercial mortgage-backed >> Market analysis, site selection, and regulatory and
>> Leverage and capital structure
capitalization rates, debt service, the implication of leverage securities environmental considerations
on investment returns, depreciation, and capital gains. >> Global public and private debt and equity markets
>> Public equity markets, including REITs >> Site and hotel programming and design; managing
Property types covered include office, residential, industrial, >> Global income statement risks and analysis
>> Corporate unsecured debt ownership and operator/brand interests and costs
and retail. Laptops are not required. All sessions are in a >> Understanding the investors perspective
computer lab. >> Rationale of capital structure and implications for value >> Feasibility/Property Improvement Plans (PIPs)
>> International partner risk >> Renovations and repositioning from owner and operator
>> Impact of leverage on risk and returns
AREAS COVERED >> Global infrastructure trends perspectives
>> Excel financial modeling tools and techniques FACULTY
>> Investment risk management framework >> Appraisal and valuation
>> Formatting, graphs, data tables, and conditional >> Scott Robinson, Clinical Assistant Professor, NYU Schack
>> Financial analysis
statements Institute of Real Estate FACULTY
>> Raising capital, the capital stack, and owner/operator/
>> Segmented valuations and effective rents >> Patrice Derrington, Clinical Associate Professor,
PROGRAM NOTES lender relationships
NYUSchack Institute of Real Estate
>> Pro forma structuring and assumptions inputs >> Negotiating management and brand contracts
With permission from the academic department, this
>> Discounted cash flow, net operating income (NOI), PROGRAM NOTES
course may count as one course toward the Certificate in >> Setting ownership goals and property targets
andinternal rate of return (IRR) Real Estate Finance and Investment. For information on With permission from the academic department, this course >> Performance measurements: benchmarks, financial
>> Capital structures and waterfalls certificate requirements, please see Certificate Candidacy may count as one course toward the Certificate in Real Estate reporting, and forecasting
>> Depreciation and tax on page 17. For those seeking a letter grade for this course, Finance and Investment or the Certificate in Real Estate
>> Managing operations from ownership perspective
the final grade is based upon an additional assignment. Development. For information on certificate requirements,
FACULTY The course tuition includes lunches, refreshments, and all please see Certificate Candidacy on page 17. For those >> Operational optimization, managing conflicts of interest
educational materials. It is expected that students have seeking a letter grade for this course, the final grade is based and risk
>> Mark Mascia, President & CEO, Mascia Development, LLC
already completed The Business of Real Estate: Finance and upon an additional assignment. The course tuition includes >> Exit strategy and the selling process
>> Bulkeley Banks, Senior Director, Real Estate Financial
Investment and Real Estate Investment Decision Analysis, or lunches, refreshments, and all educational materials. It is
Modeling LLC FACULTY
have equivalentexperience. expected that students have already completed The Business
PROGRAM NOTES of Real Estate: Finance and Investment and Real Estate >> Naomi Mirsky, Capital Projects Finance Director,
Investment Decision Analysis, or have equivalent experience. DenihanHospitality Group
With permission from the academic department, this
course may count as one course toward the Certificate in PROGRAM NOTES
Real Estate Finance and Investment. For information on
With permission from the academic department, this course
certificate requirements, please see Certificate Candidacy
may count as one course toward the Certificate in Real Estate
on page 17. For those seeking a letter grade for this course,
Finance and Investment or the Certificate in Real Estate
the final grade is based upon work throughout the course.
Development. For information on certificate requirements,
The course tuition includes lunches, refreshments, and all
please see Certificate Candidacy on page 17. For those
educational materials. It is expected that students have
seeking a letter grade for this course, the final grade is based
already completed The Business of Real Estate: Finance and
upon an additional assignment. The course tuition includes
Investment and Real Estate Investment Decision Analysis, or
lunches, refreshments, and all educational materials. It is
have equivalent experience. Additionally, students must have
expected that students have completed The Business of Real
familiarity with Excel basics prior to taking this course.
Estate: Finance and Investment and Real Estate Investment
Decision Analysis, or have equivalent experience.

12 | scps.nyu.edu/schackintensives (212) 992-3336 | scps.realestate@nyu.edu | 13


RETAIL REAL ESTATE RESIDENTIAL PROPERTY MANAGEMENT CERTIFICATE IN CONSTRUCTION PRINCIPLES OF PROJECT MANAGEMENT
REFI1-CE9610 / $1,295 REPM1-CE9025 | $1,295 PROJECTMANAGEMENT FOR CONSTRUCTION PROFESSIONALS
SUMMER 2014 Summer 2014 Learn how to manage a construction project in a timely COPM1-CE9640 / $1,295
MondayWednesday, 9 a.m.4.30 p.m., July 2931. and cost-effective manner. This highly popular credential
MondayWednesday, 9 a.m.4.30 p.m., June 23-25 Summer 2014
is recognized by the construction industry for its
This three-day intensive course provides a comprehensive Sec. 1: WednesdayFriday, 9 a.m.4.30 p.m., June 4-6.
Increase your practical and strategic knowledge of todays comprehensiveness and relevance, as well as its role in
examination of the latest professional standards, practices professionalizing the industry. This intensive, three-day course is designed to provide
retail real estate industry. This intensive, three-day program
and strategies to successfully manage multifamily, residential construction project managers with a solid foundation
provides valuable tools and techniques that can be applied Gain an in-depth understanding of:
properties. Whether you own or manage a five-story walk- for understanding the theories, tools and techniques of
to any size or type of retail real estate operation. Explore the
up building, a 350-unit luxury high-rise rental building, or a >> Project management principles and techniques successful project management. Participants in this course
challenges and the key strategies for successful investment
portfolio of apartment buildings, apply these techniques to >> Project leadership and communication are presented with a globally-recognized framework and
and development outcomes.
any type of multifamily property to maximize the value of the an arsenal of best practices to bring projects in on time, on
>> Contracting strategies and project delivery methods
AREAS COVERED real estate investment. budget and within scope. Additionally, participants learn to
>> Preconstruction services
>> Economic trends for retailers effectively communicate with core teams, stakeholders, and
AREAS COVERED
>> Scope review sponsors in both co-located and virtual environments. The
>> Retail market analysis Retail demand >> Forms of real estate ownership
>> Site investigation and logistics planning content provided in this course is applicable to any industry,
>> The impacts of market data on retail real estate >> Understanding and meeting ownership goals any project, and any project manager.
>> Estimating, budgeting, and scheduling
>> Consumer behavior and psychographics: e-commerce vs. >> The Management Plan and the Management Agreement
in-store sales >> Value engineering AREAS COVERED
>> Regional, neighborhood, and property analysis
>> Show-rooming and brand retailer loyalties >> Bidding and award >> The project management processes
>> Market research and competitive analysis reports
>> The retail real estate ecosystem and supply-chain trends >> Change orders >> The 10 knowledge areas - PMI Standard (PMBOK V5, 2013)
>> Financial management and fiduciary responsibilities
>> Urbanization, regional centers, life style and enclosed >> Field management >> Challenges for project success; the popular triple
>> Budgeting and accounting constraint models
retail centers, big boxes, neighborhood specialty stores, >> Contracts, liability, and dispute resolution
grocery and drug store anchors >> Risk management including security, insurance, and >> Estimating techniques
>> Financial, cost control, and earned value analysis
emergency planning
>> Redevelopment projects >> Safety management >> Critical path method for schedule control
>> Physical maintenance management
>> Financing, capital markets, and tenant credit analysis >> Insurance and bonds >> Key cost concepts; sunk costs, opportunity costs
>> Environmental safety and regulatory compliance
>> Site selection, tenant mix >> Quality control >> Contingency planning
>> Human resources, staffing, and managing on-site and off-
>> Store size, design, and construction >> Risk analysis including identification and mitigation >> Earned value method for cost control
site personnel
>> Leasing strategy and lease negotiation >> Project closeout >> Key project artifacts
>> Leasing and marketing
>> Optimal tenant mix, co-tenancy, rent structures, and >> Examples from MS Project
>> Qualifying applicants, understanding credit reports, and This certificate is awarded to students who successfully
tenant retention
closing the deal. complete the following intensive courses: Principles >> PMI code of ethics and professional conduct
>> Capital expenses and tenant improvement allowances
>> Stack plans, inventory control, and pricing apartments or of Project Management for Construction Professionals, >> Leadership
>> Marketing setting rents Construction Project Management, and Construction >> Motivational techniques
>> Ancillary income techniques RiskManagement.
>> Residential lease contracts and landlord/tenant law >> Project communication/negotiation skills
>> Lease workouts, disposition strategies, and valuation. >> Lease renewals and tenant retention and relations All certificate program course requirements must be >> Financing decisions
completed with an overall average of B or higher. Certificates
FACULTY FACULTY >> Principles of valuation
will not be issued unless an Application for Certificate
>> Stan Gniazdowski, CRE, CCIM, FRICS >> Douglas Markel, NYU Schack Institute of Real Estate Candidacy is submitted. For details, see page 17 Requests >> Introduction to corporate transactions

>> Susan LoGiudice, NYU Schack Institute of Real Estate for course substitutions should be made to >> Risk management
PROGRAM NOTES
scps.realestate@nyu.edu. >> Tools of quality
With permission from the academic program, this program PROGRAM NOTES
may count as one elective course towards the Certificate FACULTY
With permission from the academic department, this course
in Real Estate Finance and Investment and the Certificate >> Jeff Furman, PMP, Project Management, Book Author
may count as one course toward the Certificate in Residential
in Real Estate Development. For information on certificate
Property Management. For information on certificate >> Charles Cirronella, Senior Project Manager, Princeton
requirements, please see Certificate Candidacy on page17.
requirements, please see Certificate Candidacy on page 17. Information/Credit Suisse
For those seeking a letter grade for this course, an exam is
For those seeking a letter grade for this course, the final
administered on the final day of the course. The course tuition PROGRAM NOTES
grade is based upon an additional assignment. The course
includes lunches, refreshments, and all educational materials.
tuition includes lunches, refreshments, and all educational This program counts as one course toward the Certificate
It is expected that students have already completed The
materials. in Construction Project Management. For information on
Business of Real Estate: Finance and Investment, or have
equivalent real estate investment experience. certificate requirements, please see Certificate Candidacy on
page 17. For those seeking a letter grade for this course, an
exam is administered on the final day of the class. The course
tuition includes lunches, refreshments, and all educational
materials.

14 | scps.nyu.edu/schackintensives (212) 992-3336 | scps.realestate@nyu.edu | 15


CONSTRUCTION PROJECT MANAGEMENT CONSTRUCTION RISK MANAGEMENT

GENERAL INFORMATION
COPM1-CE9650 / $1,995 COPM1-CE9651 / $1,995

Fall 2013 FALL 2013


Sec. 1: MondayFriday, 9 a.m.4.30 p.m., October 21-25. MondayFriday, 9 a.m.4.30 p.m., October 28-Nov 1.

Summer 2014 SUMMER 2014


Sec. 1: MondayFriday, 9 a.m.4.30 p.m., June 9-13. MondayFriday, 9 a.m.4.30 p.m., June 16-20.
REGISTRATION WITHDRAWALS AND REFUNDS
This intensive, one-week program provides a practical, in- Risk management a structured approach to identifying,
depth orientation to the mix of management and engineering analyzing, and mitigating potential exposures, costly delays, You may register directly for these professional Requests to withdraw (drops only) from noncredit courses
concepts and practices applied during the life cycle of a and disruptions is a vital part of managing a construction development programs by using any of the methods can be made anytime at scps.nyu.edu/drop; up until one
construction project. Through lectures and instructor-led, project. This intensive, one-week course identifies the key outlined below. day before the course start date via ALBERT, the NYU
hands-on class exercises course participants gain practical risks inherent in construction projects and provides practical student information services website; by mail, Office of
Registration and full payment must be sent to NYU
knowledge of the roles and responsibilities of the project tools and techniques to successfully manage these risks. Noncredit Student Services, NYU School of Continuing and
according to the following instructions. Confirmation of
stakeholders, the construction process, and the management Professional Studies, P.O.Box1206, Stuyvesant Station,
your registration will be mailed to you. Please note that
procedures and practices used in the construction industry. AREAS COVERED New York, NY 10009-9988; or in person, 7 East 12th Street,
enrollment is limited for these programs; early registration
Case studies are used throughout the course. >> Standard construction contracts, forms and clauses Room 133, New York, NY 10003. The noncredit refund
is advised to ensure your place and timely receipt of
schedule is as follows: 100 percent of the base rate for
>> Contract negotiation course information.
AREAS COVERED withdrawal before the first class day; 60 percent of the
>> Indemnification To register online: Visit scps.nyu.edu/registration. base rate for withdrawal before the start of the third day;
>> Overview of the construction industry
>> Dispute resolution; mediation, arbitration and litigation Credit card payment is required. after the start of the third day, no refund is granted. Fees
>> Project lifecycle
>> Time and delay problems and deposits are not refundable.
>> Project teams and organizational structure To register by mail: Return the Continuing
>> Liquidated damages, default, payment and Education Registration Form, which can be downloaded
>> Regulatory; building codes and permits FINANCIAL AID
mechanicsliens at scps.nyu.edu/registration, with a check or a money
>> Contracting strategies and delivery methods order made payable to New York University for the full There is no financial aid available for the NYU Schack
>> Cost control and earned value analysis
>> Bidding and contract award procedures amount of the tuition and fees for the program(s) you plan Intensive Programs. If you require financial assistance,
>> Change orders and claims
>> Site investigation and logistical plans to take. Credit card information cannot be accepted by contact your local bank for any private loans you may
>> Substantial completion and final completion mail. Mailed registrations must be postmarked at least two need. Private loan information also is available through
>> Value engineering and constructability
>> Insurance and bonding weeks before the program start date. the NYU Financial Aid Office at (212) 9984444 or at
>> Scheduling nyu.edu/financial.aid.
>> Site safety management To register by phone: Call (212) 9987150. Have all
>> Budgeting, estimating and bid-leveling of the information requested on the Registration Form
>> Risk Analysis and Management
>> Project execution and field management ready to give to the operator, as well as complete credit CERTIFICATE CANDIDACY
>> Quality assurance and control
>> Change orders card information. To receive an official certificate, students must declare
>> Project close-out, commissioning and warranties FACULTY their candidacy. To apply for certificate candidacy,
>> Patricia Lancaster, Clinical Professor, NYU Schack REGISTRATION DATES visit scps.nyu.edu/certificate. There is a nonrefundable
FACULTY Instituteof Real Estate one-time $100 application fee.
Fall 2013 registration begins July 8th, 2013.
>> Patricia Lancaster, Clinical Professor, NYU Schack Institute >> Richard Lambeck, PE, Chair of the NYU Schack Graduate Students are welcome to take as many individual courses
of Real Estate Spring 2014 registration begins November 4, 2013.
Construction Management Program from a certificate program as they wish, but will not
>> Richard Lambeck, PE, Chair of the NYU Schack Graduate >> Neal Eiseman, Esq. Goetz Fitzpatrick LLP Summer 2014 registration begins March 17 2014. receive an official certificate or be eligible for the benefits
Construction Management Program detailed at scps.nyu.edu/certificate, unless they apply for
>> David Martinson, Manager of Advisory Services,
>> Randy Apfelbaum, Senior Vice President, Jones Lang TUITION candidacy. Undeclared students may request a transcript
Ernst&Young LLP
LaSalle Americas, Inc. showing course completion and grades, but that transcript
>> Philip Taylor, Manager, The Port Authority of NY/NJ Course tuition for intensive courses is listed after
will not indicate certificate completion.
>> Michael D. Ross, Principal, MDR Consulting each course title in the course description. Course
>> Leonard Geraci, Vice President, AIG
tuition fees include lunches, refreshments, and all All courses to be applied to a given certificate must be
PROGRAM NOTES educational materials. completed with weight grades (A, B, or C). Courses taken
PROGRAM NOTES
This program counts as one course toward the Certificate at NYUSCPS may be applied to fulfilling the requirements
This program counts as one course toward the Certificate REGISTRATION FEES of only one NYUSCPS certificate program. All certificate
in Construction Project Management. For information on
in Construction Project Management. For information on program course requirements must be completed with an
certificate requirements, please see Certificate Candidacy The registration fee is $20, which is payable only once each
certificate requirements, please see Certificate Candidacy overall average of B or higher. To receive a certificate,
on page 17. For those seeking a letter grade for this course, semester, no matter how many times you add courses.
on page 17. The course tuition includes lunches, coffee students who declared candidacy must submit a request
an exam is administered on the final day of the class. The Registration fees are nonrefundable.
breaks, and all education materials. For those seeking a in writing or electronically at scps.nyu.edu/certificate
course tuition includes lunches, refreshments, and all
letter grade for this course, an exam is administered onthe to the NYUSCPS Registration Office within one year of
educational materials. It is expected that students have
final day of the class. It is expected that students have CONTINUING EDUCATION program completion.
already completed Principles of Project Management for
already completed Principles of Project Managementfor REGISTRATION QUESTIONS?
Construction Professionals.
Construction Professionals and Construction Project FOR MORE INFORMATION AND ADVISEMENT
Call: (212) 998-7150
Management, or have equivalent experience.
E-mail: scpsinfo@nyu.edu For uptodate information on all Schack
Intensive Programs, call (212) 992-3336 or
visitscps.nyu.edu/schackintensives.

16 | scps.nyu.edu/schackintensives (212) 992-3336 | scps.realestate@nyu.edu | 17