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

2013-14 INTENSIVES SCHEDULE
Fall 2013 Intensives Summer 2014 Intensives
October 14-18, 2013 June 2-6, 2014
The Business of Real Estate: Finance and Investment The Business of Real Estate: Finance and Investment
(REFI1-CE9630) (REFI1-CE9630)
October 16-18, 2013 June 4-6, 2014
Project Management Principles for Construction Project Management Principles for Construction
Professionals (PROJ1-CE8661) Professionals (COPM1-CE9640)
Commercial Property Management (REPM1-CE9655)
October 21-25, 2013
Real Estate Investment Decision Analysis (REFI1-CE9680) June 9-13, 2014
Real Estate Development (REFI1-CE9660) Real Estate Investment Decision Analysis (REFI1-CE9680)
Construction Project Management (COPM1-CE9650) Construction Project Management (COPM1-CE9650)
October 28-30, 2013 June 16-19, 2014
Real Estate Financial Modeling (REFI1-CE9682) Applied Real Estate Finance and Investment (REFI-CE9686)
October 28-November 1, 2013 June 16-20, 2014
Real Estate Asset Management (REDV1-CE9670) Construction Risk Management (COPM1-CE9651)
Construction Risk Management (COPM1-CE9651)
June 23-25, 2014
November 4-7, 2013 Real Estate Financial Modeling (REFI1-CE9682)
Applied Real Estate Finance and Investment (REFI-CE9686) Real Estate Capital Markets (REFI1-CE9681)
Global Real Estate Transactions (REFI-CE9699)
Spring 2014 Intensives Retail Real Estate (REFI1-CE9610)
January 22-24, 2014 Building Systems, Operations and Maintenance
Global Real Estate Transactions (REFI-CE9699) (REPM1-CE9660)
March 17-21, 2014 July 7-11, 2014
The Business of Real Estate: Finance and Investment The Business of Real Estate: Finance and Investment
(REFI1-CE9630) (REFI1-CE9630)
March 24-28, 2014 July 14-18, 2014
Real Estate Investment Decision Analysis (REFI1-CE9680) Real Estate Development (REDV1-CE9660)
Real Estate Development (REDV1-CE9660) Real Estate Investment Decision Analysis (REFI1-CE9680)
March 31-April 3, 2014 July 21-24, 2014
Applied Real Estate Finance and Investment (REFI-CE9686)
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
CERTIFICATE IN REAL ESTATE
FINANCE AND INVESTMENT
Acquire a complete understanding of how commercial
real estate investment deals are financed, structured,
andexecuted.
Gain understanding of:
>> Sources of capital and various forms of financing structure
>> 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 following intensive courses: The Business of
Real Estate: Finance and Investment; Real Estate Investment
Decision Analysis; and Applied Real Estate Finance and
Investment. Students who wish to strengthen their real
estate financial modeling skills using Excel, may want to
consider taking the additional three-day Real Estate Financial
Modeling course.
All certificate program course requirements must be completed
with an overall average of B or higher. Certificates will not
be issued unless an Application for Certificate Candidacy
is submitted. For details, see page 17. Requests for course
substitutions should be made to scps.realestate@nyu.edu.
THE BUSINESS OF REAL ESTATE:
FINANCE AND INVESTMENT
REFI1-CE9630 | $2,195
Fall 2013
MondayFriday, 9 a.m.4.30 p.m., Oct. 1418.
Spring 2014
MondayFriday, 9 a.m.4.30 p.m., Mar. 1721.
Summer 2014
Sec. 1: MondayFriday, 9 a.m.4.30 p.m., June 26.
Sec. 2: MondayFriday, 9 a.m.4.30 p.m., July 711.
This intensive, one-week course provides a solid foundation
for understanding the high-stakes business of commercial
real estate. Through exposure to real world applications,
participants develop an understanding of the essential
concepts and underpinnings of commercial real estate
finance, investment, and asset valuation.
AREAS COVERED
>> The nature of real estate and real estate markets
>> Real estate valuation concepts and techniques
>> Time value of money and mortgage calculations
>> Property-level income statement and pro forma analysis
>> Capitalization rates and direct capitalization
>> Discounted cash flow analysis and yield capitalization
>> Debt financing; mortgage underwriting principles and
practices
>> Investment analysis and analyzing the deal
FACULTY
>> Michael Grey, Owner, Piermont Properties, Inc.
>> Edward Lombardo, Commercial Credit Officer, Abacus
Federal Savings Bank
>> Barry Stein, President, Rohman & Stein Associates, Inc.
PROGRAM NOTES
This program counts as one course toward the Certificate
in Real Estate Finance and Investment. For information on
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. Students are encouraged to bring a laptop as some
concepts will be taught using basic Excel software.
(212) 992-3336 | scps.realestate@nyu.edu | 5
REAL ESTATE INVESTMENT
DECISION ANALYSIS
REFI1-CE9680 | $2,195
Fall 2013
MondayFriday, 9 a.m.4.30 p.m.,Oct. 21 25.
Spring 2014
MondayFriday, 9 a.m.4.30 p.m., Mar. 24-28.
Summer 2014
Sec. 1: MondayFriday, 9 a.m.4.30 p.m., June 913.
Sec. 2: MondayFriday, 9 a.m.4.30 p.m., July 14-18.
Further your understanding of commercial real estate
investment decision analysis by applying a framework of
advanced analytical techniques and financial structuring
to property acquisitions and dispositions. Learn to find the
appropriate discount rate based upon the weighted average
cost of capital (WACC). Explore the effects of leverage
and prepare a before-and-after tax investment analysis
based upon net present value (NPV) and internal rate of
return(IRR).
AREAS COVERED
>> Top-down approach to investing
>> Essential investment ratios and the effects of leverage
>> Forms of ownership for pooled equity investments
>> Partnership taxation
>> Capital markets; funds flow to commercial real estate
>> Alternative real estate financing and investment vehicles
>> CMBS and securitization
>> Private equity investment vehicles and waterfalls
FACULTY
>> Scott Robinson, Visiting Clinical Professor, NYU Schack
Institute of Real Estate
>> Dan Pryor, Partner, Odessa Realty Investments
>> Michael Hurwitz, Adjunct Instructor, NYU Schack Institute
of Real Estate.
PROGRAM NOTES
This program counts as one course toward the Certificate
in Real Estate Finance and Investment. For information on
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
APPLIED REAL ESTATE FINANCE
ANDINVESTMENT
REFI1-CE9686 | $2,195
Fall 2013
MondayThursday, 9 a.m.4.30 p.m., Nov. 4-7.
Spring 2014
MondayThursday, 9 a.m.4.30 p.m., Mar. 31 Apr. 3.
Summer 2014
Sec. 1: MondayThursday, 9 a.m.4.30 p.m., June 16-19.
Sec. 2: MondayThursday, 9 a.m.4.30 p.m., July 21-24.
This four-day intensive course applies the concepts learned
in the previous real estate finance and investment intensive
courses to specific real estate transactional situations. Through
hands-on exercises and a sequence of increasingly complex
case studies students are provided an opportunity to practice
their newly acquired skills and to think critically about the real
estate investment deals that are presented. Learn to analyze
a single-asset real estate transaction, followed by matching
multi-asset deals with investor objectives. Also, explore the
dynamics of private equity-funded real estate transactions
and related investor considerations.
AREAS COVERED
>> Real estate investment concepts
>> Financial analysis of real property investments
>> Single asset investing
>> Multi-asset investment analysis
>> Matching investor profile to real estate investment
>> Financing real estate deals
>> Structuring real estate dealsan investors perspective
>> Real estate private equity investing
>> Private equity investor returns
>> Institutional investors and real estate
FACULTY
>> Stanley A. Gniazdowski, CRE, CCIM, FRICS, President,
Realty Concepts, Inc.
>> Manish Srivastava, Clinical Associate Professor and
Graduate Academic Director, NYU Schack Institute of
RealEstate
PROGRAM NOTES
It is recommended that students register at least one week
prior to the start of the course in order to leave adequate time
to obtain and review the case studies. Students are expected
to review these cases before the first session. Students are
encouraged to bring a laptop as some concepts and course
work will involve Excel. Computer lab time will be made
available to those who do not have a laptop.
This program counts as one elective course toward the
Certificate in Real Estate Finance and Investment. For
information on certificate requirements, please see Certificate
Candidacy on page 17. For those seeking a letter grade for
>> 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,
refreshments, and all educational materials. It is expected
that students have completed The Business of Real Estate:
Finance and Investment and Real Estate Investment Decision
Analysis, or have equivalent experience.
CERTIFICATE IN REAL ESTATE
DEVELOPMENT
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 estatefrom inception to disposition.
Learn how to:
>> Identify the phases of real estate development
>> Apply market analysis and site selection techniques
to a project
>> C
 apitalize on available entitlements and public-private
partnership opportunities
>> Develop project development feasibility, budget, and
finance studies, and identify options
>> Employ planning, design, and construction management
techniques to projects
>> Apply asset management strategies to budget and
operations
This certificate is awarded to students who successfully
complete the following intensive courses: The Business
of Real Estate: Finance and Investment, Real Estate
Development, and Real Estate Asset Management.
Experienced real estate finance professionals may elect
to substitute the more advanced Applied Real Estate
Development intensive course for The Business of Real
Estate: Finance and Investment intensive course.
All certificate program course requirements must be
completed with an overall average of B or higher.
Certificates will not be issued unless an Application for
Certificate Candidacy is submitted. For details, see page 17.
Requests for course substitutions should be made to
scps.realestate@nyu.edu.
(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
want to share their knowledge and experiences. The intensive course was terrific. The curriculum
was on target and delivered the information we all were interested in acquiring. The instructors
were great! Their lesson plans were a diverse mix of academic theories and real-life case studies.
My time and money were well spent.
Jim Black, student, NYU Schack Institute of Real Estate
THE BUSINESS OF REAL ESTATE:
FINANCE AND INVESTMENT
REFI1-CE9630 | $2,195
Fall 2013
MondayFriday, 9 a.m.4.30 p.m., Oct. 1418.
Spring 2014
MondayFriday, 9 a.m.4.30 p.m., Mar. 1721.
Summer 2014
Sec. 1: MondayFriday, 9 a.m.4.30 p.m., June 26.
Sec. 2: MondayFriday, 9 a.m.4.30 p.m., July 711.
This intensive, one-week course provides a solid foundation
for understanding the high-stakes business of commercial
real estate. Through exposure to real world applications,
participants develop an understanding of the essential
concepts and underpinnings of commercial real estate
finance, investment, and asset valuation.
AREAS COVERED
>> The nature of real estate and real estate markets
>> Real estate valuation concepts and techniques
>> Time value of money and mortgage calculations
>> Property-level income statement and pro forma analysis
>> Capitalization rates and direct capitalization
>> Discounted cash flow analysis and yield capitalization
>> Debt financing; mortgage underwriting principles and
practices
>> Investment analysis and analyzing the deal
FACULTY
>> Michael Grey, Owner, Piermont Properties, Inc.
>> Edward Lombardo, Commercial Credit Officerc Abacus
Federal Savings Bank
>> Barry Stein, President, Rohman & Stein Associates, Inc.
PROGRAM NOTES
This program counts as one course toward the Certificate
in Real Estate Finance and Investment. For information on
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. Students are encouraged to bring a laptop as some
concepts will be taught using basic Excel software.
8 | scps.nyu.edu/schackintensives
REAL ESTATE DEVELOPMENT
REDV1-CE9660 | $2,195
Fall 2013
Monday-Friday, 9 a.m.-4.30 p.m., Oct. 28-Nov. 1.
SPRING 2014
Monday-Friday, 9 a.m.-4.30 p.m., Mar. 31-Apr. 4.
SUMMER 2014
Monday-Friday, 9 a.m.-4.30 p.m., July 21-25.
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 estatefrom inception to occupancy. Study the phases
of real estate development, and acquire essential knowledge
and skills. Case studies are used throughout the program.
AREAS COVERED
>> Overview of the real estate development process
>> Legal concepts and the entitlement process
>> Market analysis and project site selection
>> Feasibility study
>> Project hard and soft cost budget
>> Structuring and raising equity, and the capital stack
>> Construction loan finance and the draw package
>> Construction considerations for the owner
>> Vision, branding, and marketing strategy
FACULTY
>> Matthew Kasindorf, Partner and Chairman of the Real
Estate Group, Meister Seelig & Fein LLP
>> Navid Maqami, AIA, LEED AP, Principal, Perkins Eastman
>> Michael Zampetti, Adjunct Assistant Professor, NYU
Schack Institute of Real Estate
PROGRAM NOTES
This program counts as one course toward the Certificate
in Real Estate Development. For information on 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 already completed The
Business of Real Estate: Finance and Investment, or have
equivalent experience. Students are encouraged to bring a
laptop as some concepts may be taught using Excel.
REAL ESTATE ASSET MANAGEMENT CERTIFICATE IN COMMERCIAL
REDV1-CE9670 | $2,195 PROPERTY MANAGEMENT
Effective management of building operations is critical to
FALL 2013
Monday-Friday, 9 a.m.-4.30 p.m., Oct. 28-Nov. 1. bottom-line success in real estate investment and ownership.
This certificate program delves into commercial property
SPRING 2014 management, covering topics ranging from managing,
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.
>> Building assessment
Examine the techniques for increasing the value of real estate
>> The management agreement
assets under management on behalf of ownership. Learn the
>> Management fiscal responsibilities
components of asset management that directly affect the
cash flow and underlying value of a single asset or a portfolio >> Management planning and operations
of assets. This one-week intensive examines the decision-
>> Staffing and team management
making process from the property, asset, and portfolio
>> Market analysis, marketing and leasing
management perspectives.
>> Space planning and project management
AREAS COVERED
>> Lease administration and tenant retention
>> The roles of the property, asset, and portfolio manager
>> Building systems and maintenance
>> Understanding investor objectives and relations
>> Security and emergency plans
>> Property operations and management
This certificate is awarded to students who successfully
>> Operating and capital budgets and financial reporting
complete the following intensive courses: Commercial
>> Commercial leases
Property Management, Building Systems, Operations and
>> Commercial real estate transactions Maintenance, and Commercial Real Estate Lease Analysis.
>> Acquisition and disposition within the framework of All certificate program course requirements must be
due diligence
completed with an overall average of B or higher.
>> Portfolio management and risk and diversification Certificates will not be issued unless an Application of
strategy Certificate Candidacy is submitted. For details, see page 17.
>> Buy/hold/sell decision analysis Requests for course substitutions should be made to
scps.realestate@nyu.edu.
>> Strategies and techniques for creating value
>> Distressed commercial real estate
>> Negotiation concepts and strategies
FACULTY
>> Edward LaGrassa, president, Chilton Realty, Inc.
>> Ryan Severino, Senior Economist, Reis, Inc.
>> Philip Neuer, Executive Vice President and General
Counsel, Safer Textiles Group
>> Matthew Kasindorf, Partner and Chairman of the Real
Estate Group, Meister Seelig & Fein LLP
>> Donald Sheets, Principal, Square Mile Capital
ManagementLC
PROGRAM NOTES
This program counts as one course toward the Certificate
in Real Estate Development. For information on 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 and Real Estate
Development, or have equivalent experience.
(212) 992-3336 | scps.realestate@nyu.edu | 9
COMMERCIAL PROPERTY MANAGEMENT
REPM1-CE9655 | $1,295
Summer 2014
MondayWednesday, 9 a.m.4.30 p.m., June 4-6.
This comprehensive three-day course examines the role
and responsibilities of the commercial property manager.
From planning and standard operating policies to financial
operations and budgeting strategies, this course focuses
on the financial and administrative aspects of managing an
office building on behalf of the investment property owner.
AREAS COVERED
>> Building types, uses and classifications
>> Fee management and agency relationships
>> The management plan
>> Management fiscal responsibilities
>> Staffing and team management
>> Annual property operating statement
>> Cash flow and valuation
>> Budgeting, accounting, and reporting
>> Market analysis and rents
>> Marketing and leasing plan
>> Lease administration and tenant retention
>> Risk management, security, and emergency management
FACULTY
>> Anthony Vetrano, Adjunct Assistant Professor, NYU
Schack Institute of Real Estate
>> Robert Kilman, Director of Finance and Accounting,
RFRHolding LLC.
PROGRAM NOTES
This course counts as one course toward the Certificatein
Commercial Property Management. For information on
certificate requirements, please see Certificate Candidacy
on page 17. For those seeking a letter grade for this course,
the final grade is based upon an additional assignment.
The course tuition includes lunches, refreshments, and all
educationalmaterials.
10 | scps.nyu.edu/schackintensives
BUILDING SYSTEMS, OPERATIONS,
ANDMAINTENANCE
REPM1-CE9660 | $1,295
Summer 2014
MondayWednesday, 9 a.m.4.30 p.m., June 23-25.
This three-day intensive course examines commercial
building systems, maintenance and repair including planning
and managing tenant improvement projects. The topics covered
are particularly useful for building owners and managers who
are seeking to maximize building performance and the value
of the asset.
AREAS COVERED
>> Building systems design, maintenance, and repair
>> Contract services
>> Heating, ventilation, and air conditioning
>> Electrical distribution and lighting
>> Plumbing and sprinklers
>> Fire protection systems
>> Vertical transportation
>> Environmental health and safety
>> Security and emergency management
>> Energy benchmarking, auditing, and management
>> Energy and water conservation, and efficiency
>> Building retrofits and commissioning
FACULTY
>> Anthony Vetrano, Adjunct Assistant Professor,
NYUSchack Institute of Real Estate
>> James Whelan, General Manager, Cushman &
Wakefield,Inc.
PROGRAM NOTES
This course counts as one course toward 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,
the final grade is based upon an additional assignment.
The course tuition includes lunches, refreshments, and all
educational materials. It is expected that students have
already completed Commercial Property Management, or
have equivalent experience.
COMMERCIAL REAL ESTATE SPECIALIZED ELECTIVE INTENSIVES
LEASEANALYSIS The following elective courses provide further specialized,
REDV1-CE9675 | $1,295 in-depth professional training on topics in real estate. With
prior approval from the program office, these courses may be
Summer 2013 applied toward an NYU Schack professional certificate.
MondayWednesday, 9 a.m.4.30 p.m., July 28-30.
>> Real Estate Financial Modeling
This three-day intensive course provides a comprehensive >> Commercial Real Estate Lease Analysis
look at commercial real estate leasing strategies forlandlords
>> Real Estate Capital Markets
and tenants, and the impact of these leasing decisionsor
characteristics on lease value. Topics covered includelease >> Global Real Estate Transactions
types, purpose, components, and financial analysis. >> Hotel Real Estate Development
Case studies are used throughout the course. This asset- >> Retail Real Estate
based course is particularly useful for building owners
>> Residential Property Management
and developers; corporate real estate professionals; and
asset, property, and facility managers seeking to maximize
assetvalue.
AREAS COVERED
>> Risk and its impact on leases
>> Opportunity cost versus cost of capital
>> Leasehold and leased fee interests
>> Lease components
>> Lease types
>> Establishing lease rates and market analysis
>> Economic base analysis, location theory, linkages, and
demand factors
>> Measuring office space
>> Impact of construction on leasing
>> Core factors
>> Lease expenses
>> Tenant improvements
>> Cost of leasing
>> Lease comparison analysis
>> Ground and land leases
>> Determining lease value
FACULTY
>> Stanley Gniazdowski, President, Realty Concepts, Inc.
PROGRAM NOTES
This program counts as one elective course toward the
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.
(212) 992-3336 | scps.realestate@nyu.edu | 11
REAL ESTATE FINANCIAL MODELING
REFI1-CE9682 | $1,295
Fall 2013
MondayWednesday, 9 a.m.4.30 p.m., Oct. 28-30.
Spring 2014
MondayWednesday, 9 a.m.4.30 p.m., Apr. 7-9.
Summer 2014
Sec. 1: MondayWednesday, 9 a.m.4.30 p.m., June 23-25.
Sec. 2: MondayWednesday, 9 a.m.4.30 p.m., July 28-30.
Learn to develop a financial model template for the
acquisition and the refinancing of commercial real estate
using MicroSoft Excel software. Concepts and measurements
covered include annual property operating statements, pro
forma forecasting and preparation, net operating income
(NOI), cash-on-cash return, internal rates of return (IRR), net
present value (NPV), discounted cash flow, residual value,
capitalization rates, debt service, the implication of leverage
on investment returns, depreciation, and capital gains.
Property types covered include office, residential, industrial,
and retail. Laptops are not required. All sessions are in a
computer lab.
AREAS COVERED
>> Excel financial modeling tools and techniques
>> Formatting, graphs, data tables, and conditional
statements
>> Segmented valuations and effective rents
>> Pro forma structuring and assumptions inputs
>> Discounted cash flow, net operating income (NOI),
andinternal rate of return (IRR)
>> Capital structures and waterfalls
>> Depreciation and tax
FACULTY
>> Mark Mascia, President & CEO, Mascia Development, LLC
>> Bulkeley Banks, Senior Director, Real Estate Financial
Modeling LLC
PROGRAM NOTES
With permission from the academic department, this
course may count as one course toward the Certificate in
Real Estate Finance and Investment. For information on
certificate requirements, please see Certificate Candidacy
on page 17. For those seeking a letter grade for this course,
the final grade is based upon work throughout the course.
The course tuition includes lunches, refreshments, and all
educational materials. It is expected that students have
already completed The Business of Real Estate: Finance and
Investment and Real Estate Investment Decision Analysis, or
have equivalent experience. Additionally, students must have
familiarity with Excel basics prior to taking this course.
12 | scps.nyu.edu/schackintensives
REAL ESTATE CAPITAL MARKETS
REFI1-CE9681 / $1,295
Summer 2014
MondayWednesday, 9 a.m.4.30 p.m., June 23-25.
Strengthen your understanding of the interplay between
the real estate finance markets, the overall capital markets,
and the economy. Do so by examining of the structure
of and participants in 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 related bonds; private and public
real estate investment trusts (REITs); commercial real estate
debt markets, including securitization; and commercial
mortgage-backed securities (CMBS).
AREAS COVERED
>> Drivers of funds flow to and from commercial real estate
>> Private equity markets
>> Mortgage debt and commercial mortgage-backed
securities
>> Public equity markets, including REITs
>> Corporate unsecured debt
>> Rationale of capital structure and implications for value
>> Impact of leverage on risk and returns
FACULTY
>> Scott Robinson, Clinical Assistant Professor, NYU Schack
Institute of Real Estate
PROGRAM NOTES
With permission from the academic department, this
course may count as one course toward the Certificate in
Real Estate Finance and Investment. For information on
certificate requirements, please see Certificate Candidacy
on page 17. For those seeking a letter grade for this course,
the final grade is based upon an additional assignment.
The course tuition includes lunches, refreshments, and all
educational materials. It is expected that students have
already completed The Business of Real Estate: Finance and
Investment and Real Estate Investment Decision Analysis, or
have equivalentexperience.
GLOBAL REAL ESTATE TRANSACTIONS
REFI1-CE9699 | $1,295
Spring 2014
WednesdayFriday, 9 a.m.4.30 p.m., January 22-24. Wednesday, 9 a.m.-4.30 p.m., July 28-30.
Summer 2014
MondayWednesday, 9 a.m.4.30 p.m., June 23-25.
Develop your international investment skills by applying a
transactional due diligence framework to global real estate
investment deals. Apply the tools to analyze the various
risks including sovereign, partner, market, legal, tax, foreign
exchange, interest rate risks, and valuation framework. Gain a
deeper understanding of a range of international real estate
markets through select global real estate investment case
studies. This course presents both a framework for global real
estate markets and a framework for investment risk.
AREAS COVERED
>> Global real estate capital flows
>> Leverage and capital structure
>> Global public and private debt and equity markets
>> Global income statement risks and analysis
>> Understanding the investors perspective
>> International partner risk
>> Global infrastructure trends
>> Investment risk management framework
FACULTY
>> Patrice Derrington, Clinical Associate Professor,
NYUSchack Institute of Real Estate
PROGRAM NOTES
With permission from the academic department, this course
may count as one course toward the Certificate in Real Estate
Finance and Investment or the Certificate in Real Estate
Development. For information on certificate requirements,
please see Certificate Candidacy on page 17. For those
seeking a letter grade for this course, the final grade is based
upon an additional assignment. The course tuition includes
lunches, refreshments, and all educational materials. It is
expected that students have already completed The Business
of Real Estate: Finance and Investment and Real Estate
Investment Decision Analysis, or have equivalent experience.
HOTEL REAL ESTATE DEVELOPMENT
REDVI-CE9681 | $1,295
Summer 2014
This three-day course provides a comprehensive
understanding of the hotel product as a real estate
investment. Explore the challenges and key strategies for
successful development and acquisitions projects, examine
the unique valuation and performance measures required,
and learn the role of asset management to optimize value
and minimize risk. Focus is on the U.S. market. A few
international cases will be discussed.
AREAS COVERED
>> Hotel property types and market segments
>> Development team and development process
>> Development planning, operator or franchise selection,
and branding considerations
>> Market analysis, site selection, and regulatory and
environmental considerations
>> Site and hotel programming and design; managing
ownership and operator/brand interests and costs
>> Feasibility/Property Improvement Plans (PIPs)
>> Renovations and repositioning from owner and operator
perspectives
>> Appraisal and valuation
>> Financial analysis
>> Raising capital, the capital stack, and owner/operator/
lender relationships
>> Negotiating management and brand contracts
>> Setting ownership goals and property targets
>> Performance measurements: benchmarks, financial
reporting, and forecasting
>> Managing operations from ownership perspective
>> Operational optimization, managing conflicts of interest
and risk
>> Exit strategy and the selling process
FACULTY
>> Naomi Mirsky, Capital Projects Finance Director,
DenihanHospitality Group
PROGRAM NOTES
With permission from the academic department, this course
may count as one course toward the Certificate in Real Estate
Finance and Investment or the Certificate in Real Estate
Development. For information on certificate requirements,
please see Certificate Candidacy on page 17. For those
seeking a letter grade for this course, the final grade is based
upon an additional assignment. 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 and Real Estate Investment
Decision Analysis, or have equivalent experience.
(212) 992-3336 | scps.realestate@nyu.edu | 13
RETAIL REAL ESTATE
REFI1-CE9610 / $1,295
SUMMER 2014
MondayWednesday, 9 a.m.4.30 p.m., June 23-25
Increase your practical and strategic knowledge of todays
retail real estate industry. This intensive, three-day program
provides valuable tools and techniques that can be applied
to any size or type of retail real estate operation. Explore the
challenges and the key strategies for successful investment
and development outcomes.
AREAS COVERED
>> Economic trends for retailers
>> Retail market analysis Retail demand
>> The impacts of market data on retail real estate
>> Consumer behavior and psychographics: e-commerce vs.
in-store sales
>> Show-rooming and brand retailer loyalties
>> The retail real estate ecosystem and supply-chain trends
>> Urbanization, regional centers, life style and enclosed
retail centers, big boxes, neighborhood specialty stores,
grocery and drug store anchors
>> Redevelopment projects
>> Financing, capital markets, and tenant credit analysis
>> Site selection, tenant mix
>> Store size, design, and construction
>> Leasing strategy and lease negotiation
>> Optimal tenant mix, co-tenancy, rent structures, and
tenant retention
>> Capital expenses and tenant improvement allowances
>> Marketing
>> Ancillary income techniques
>> Lease workouts, disposition strategies, and valuation.
FACULTY
>> Stan Gniazdowski, CRE, CCIM, FRICS
PROGRAM NOTES
With permission from the academic program, this program
may count as one elective course towards the Certificate
in Real Estate Finance and Investment and the Certificate
in Real Estate Development. For information on certificate
requirements, please see Certificate Candidacy on page17.
For those seeking a letter grade for this course, an exam is
administered on the final day of the course. The course tuition
includes lunches, refreshments, and all educational materials.
It is expected that students have already completed The
Business of Real Estate: Finance and Investment, or have
equivalent real estate investment experience.
14 | scps.nyu.edu/schackintensives
RESIDENTIAL PROPERTY MANAGEMENT
REPM1-CE9025 | $1,295
Summer 2014
MondayWednesday, 9 a.m.4.30 p.m., July 2931.
This three-day intensive course provides a comprehensive
examination of the latest professional standards, practices
and strategies to successfully manage multifamily, residential
properties. Whether you own or manage a five-story walk-
up building, a 350-unit luxury high-rise rental building, or a
portfolio of apartment buildings, apply these techniques to
any type of multifamily property to maximize the value of the
real estate investment.
AREAS COVERED
>> Forms of real estate ownership
>> Understanding and meeting ownership goals
>> The Management Plan and the Management Agreement
>> Regional, neighborhood, and property analysis
>> Market research and competitive analysis reports
>> Financial management and fiduciary responsibilities
>> Budgeting and accounting
>> Risk management including security, insurance, and
emergency planning
>> Physical maintenance management
>> Environmental safety and regulatory compliance
>> Human resources, staffing, and managing on-site and off-
site personnel
>> Leasing and marketing
>> Qualifying applicants, understanding credit reports, and
closing the deal.
>> Stack plans, inventory control, and pricing apartments or
setting rents
>> Residential lease contracts and landlord/tenant law
>> Lease renewals and tenant retention and relations
FACULTY
>> Douglas Markel, NYU Schack Institute of Real Estate
>> Susan LoGiudice, NYU Schack Institute of Real Estate
PROGRAM NOTES
With permission from the academic department, this course
may count as one course toward the Certificate in Residential
Property Management. For information on certificate
requirements, please see Certificate Candidacy on page 17.
For those seeking a letter grade for this course, the final
grade is based upon an additional assignment. The course
tuition includes lunches, refreshments, and all educational
materials.
CERTIFICATE IN CONSTRUCTION
PROJECTMANAGEMENT
Learn how to manage a construction project in a timely
and cost-effective manner. This highly popular credential
is recognized by the construction industry for its
comprehensiveness and relevance, as well as its role in
professionalizing the industry.
Gain an in-depth understanding of:
>> Project management principles and techniques
>> Project leadership and communication
>> Contracting strategies and project delivery methods
>> Preconstruction services
>> Scope review
>> Site investigation and logistics planning
>> Estimating, budgeting, and scheduling
>> Value engineering
>> Bidding and award
>> Change orders
>> Field management
>> Contracts, liability, and dispute resolution
>> Financial, cost control, and earned value analysis
>> Safety management
>> Insurance and bonds
>> Quality control
>> Risk analysis including identification and mitigation
>> Project closeout
This certificate is awarded to students who successfully
complete the following intensive courses: Principles
of Project Management for Construction Professionals,
Construction Project Management, and Construction
RiskManagement.
All certificate program course requirements must be
completed with an overall average of B or higher. Certificates
will not be issued unless an Application for Certificate
Candidacy is submitted. For details, see page 17 Requests
for course substitutions should be made to
scps.realestate@nyu.edu.
PRINCIPLES OF PROJECT MANAGEMENT
FOR CONSTRUCTION PROFESSIONALS
COPM1-CE9640 / $1,295
Summer 2014
Sec. 1: WednesdayFriday, 9 a.m.4.30 p.m., June 4-6.
This intensive, three-day course is designed to provide
construction project managers with a solid foundation
for understanding the theories, tools and techniques of
successful project management. Participants in this course
are presented with a globally-recognized framework and
an arsenal of best practices to bring projects in on time, on
budget and within scope. Additionally, participants learn to
effectively communicate with core teams, stakeholders, and
sponsors in both co-located and virtual environments. The
content provided in this course is applicable to any industry,
any project, and any project manager.
AREAS COVERED
>> The project management processes
>> The 10 knowledge areas - PMI Standard (PMBOK V5, 2013)
>> Challenges for project success; the popular triple
constraint models
>> Estimating techniques
>> Critical path method for schedule control
>> Key cost concepts; sunk costs, opportunity costs
>> Contingency planning
>> Earned value method for cost control
>> Key project artifacts
>> Examples from MS Project
>> PMI code of ethics and professional conduct
>> Leadership
>> Motivational techniques
>> Project communication/negotiation skills
>> Financing decisions
>> Principles of valuation
>> Introduction to corporate transactions
>> Risk management
>> Tools of quality
FACULTY
>> Jeff Furman, PMP, Project Management, Book Author
>> Charles Cirronella, Senior Project Manager, Princeton
Information/Credit Suisse
PROGRAM NOTES
This program counts as one course toward the Certificate
in Construction Project Management. For information on
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.
(212) 992-3336 | scps.realestate@nyu.edu | 15
CONSTRUCTION PROJECT MANAGEMENT
COPM1-CE9650 / $1,995
Fall 2013
Sec. 1: MondayFriday, 9 a.m.4.30 p.m., October 21-25.
Summer 2014
Sec. 1: MondayFriday, 9 a.m.4.30 p.m., June 9-13.
This intensive, one-week program provides a practical, in-
depth orientation to the mix of management and engineering
concepts and practices applied during the life cycle of a
construction project. Through lectures and instructor-led,
hands-on class exercises course participants gain practical
knowledge of the roles and responsibilities of the project
stakeholders, the construction process, and the management
procedures and practices used in the construction industry.
Case studies are used throughout the course.
AREAS COVERED
>> Overview of the construction industry
>> Project lifecycle
>> Project teams and organizational structure
>> Regulatory; building codes and permits
>> Contracting strategies and delivery methods
>> Bidding and contract award procedures
>> Site investigation and logistical plans
>> Value engineering and constructability
>> Scheduling
>> Budgeting, estimating and bid-leveling
>> Project execution and field management
>> Change orders
>> Project close-out, commissioning and warranties
FACULTY
>> Patricia Lancaster, Clinical Professor, NYU Schack Institute
of Real Estate
>> Richard Lambeck, PE, Chair of the NYU Schack Graduate
Construction Management Program
>> Randy Apfelbaum, Senior Vice President, Jones Lang
LaSalle Americas, Inc.
>> Michael D. Ross, Principal, MDR Consulting
PROGRAM NOTES
This program counts as one course toward the Certificate
in Construction Project Management. For information on
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
already completed Principles of Project Management for
Construction Professionals.
16 | scps.nyu.edu/schackintensives
CONSTRUCTION RISK MANAGEMENT
COPM1-CE9651 / $1,995
FALL 2013
MondayFriday, 9 a.m.4.30 p.m., October 28-Nov 1.
SUMMER 2014
MondayFriday, 9 a.m.4.30 p.m., June 16-20.
Risk management a structured approach to identifying,
analyzing, and mitigating potential exposures, costly delays,
and disruptions is a vital part of managing a construction
project. This intensive, one-week course identifies the key
risks inherent in construction projects and provides practical
tools and techniques to successfully manage these risks.
AREAS COVERED
>> Standard construction contracts, forms and clauses
>> Contract negotiation
>> Indemnification
>> Dispute resolution; mediation, arbitration and litigation
>> Time and delay problems
>> Liquidated damages, default, payment and
mechanicsliens
>> Cost control and earned value analysis
>> Change orders and claims
>> Substantial completion and final completion
>> Insurance and bonding
>> Site safety management
>> Risk Analysis and Management
>> Quality assurance and control
FACULTY
>> Patricia Lancaster, Clinical Professor, NYU Schack
Instituteof Real Estate
>> Richard Lambeck, PE, Chair of the NYU Schack Graduate
Construction Management Program
>> Neal Eiseman, Esq. Goetz Fitzpatrick LLP
>> David Martinson, Manager of Advisory Services,
Ernst&Young LLP
>> Philip Taylor, Manager, The Port Authority of NY/NJ
>> Leonard Geraci, Vice President, AIG
PROGRAM NOTES
This program counts as one course toward the Certificate
in Construction Project Management. For information on
certificate requirements, please see Certificate Candidacy
on page 17. The course tuition includes lunches, coffee
breaks, and all education materials. For those seeking a
letter grade for this course, an exam is administered onthe
final day of the class. It is expected that students have
already completed Principles of Project Managementfor
Construction Professionals and Construction Project
Management, or have equivalent experience.
GENERAL INFORMATION
REGISTRATION
You may register directly for these professional
development programs by using any of the methods
outlined below.
Registration and full payment must be sent to NYU
according to the following instructions. Confirmation of
your registration will be mailed to you. Please note that
enrollment is limited for these programs; early registration
is advised to ensure your place and timely receipt of
course information.
To register online: Visit scps.nyu.edu/registration.
Credit card payment is required.
To register by mail: Return the Continuing
Education Registration Form, which can be downloaded
at scps.nyu.edu/registration, with a check or a money
order made payable to New York University for the full
amount of the tuition and fees for the program(s) you plan
to take. Credit card information cannot be accepted by
mail. Mailed registrations must be postmarked at least two
weeks before the program start date.
To register by phone: Call (212) 9987150. Have all
of the information requested on the Registration Form
ready to give to the operator, as well as complete credit
card information.
REGISTRATION DATES
Fall 2013 registration begins July 8th, 2013.
Spring 2014 registration begins November 4, 2013.
Summer 2014 registration begins March 17 2014.
TUITION
Course tuition for intensive courses is listed after
each course title in the course description. Course
tuition fees include lunches, refreshments, and all
educational materials.
REGISTRATION FEES
The registration fee is $20, which is payable only once each
semester, no matter how many times you add courses.
Registration fees are nonrefundable.
CONTINUING EDUCATION
REGISTRATION QUESTIONS?
Call: (212) 998-7150
E-mail: scpsinfo@nyu.edu
WITHDRAWALS AND REFUNDS
Requests to withdraw (drops only) from noncredit courses
can be made 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.Box1206, Stuyvesant Station,
New York, NY 10009-9988; or in person, 7 East 12th Street,
Room 133, New York, NY 10003. The noncredit refund
schedule is as follows: 100 percent of the base rate for
withdrawal before the first class day; 60 percent of the
base rate for withdrawal before the start of the third day;
after the start of the third day, no refund is granted. Fees
and deposits are not refundable.
FINANCIAL AID
There is no financial aid available for the NYU Schack
Intensive Programs. If you require financial assistance,
contact your local bank for any private loans you may
need. Private loan information also is available through
the NYU Financial Aid Office at (212) 9984444 or at
nyu.edu/financial.aid.
CERTIFICATE CANDIDACY
To receive an official certificate, students must declare
their candidacy. To apply for certificate candidacy,
visit scps.nyu.edu/certificate. There is a nonrefundable
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 at scps.nyu.edu/certificate, unless they apply for
candidacy. Undeclared students may request a transcript
showing course completion and grades, but that transcript
will not indicate certificate completion.
All courses to be applied to a given certificate must be
completed with weight grades (A, B, or C). Courses taken
at NYUSCPS may be applied to fulfilling the requirements
of only one NYUSCPS certificate program. All certificate
program course requirements must be completed with an
overall average of B or higher. To receive a certificate,
students who declared candidacy must submit a request
in writing or electronically at scps.nyu.edu/certificate
to the NYUSCPS Registration Office within one year of
program completion.
FOR MORE INFORMATION AND ADVISEMENT
For uptodate information on all Schack
Intensive Programs, call (212) 992-3336 or
visitscps.nyu.edu/schackintensives.
(212) 992-3336 | scps.realestate@nyu.edu | 17