Real Estate Track
The Real Estate Track provides rigorous training in (i) the economics of real estate development and investment, the financing of such projects, leasing, and appraisal of buildings, (ii) the pricing/valuation and trading of financial instruments with real estate as the underlying asset; such Real Estate Investment Trusts (REITS), residential and commercial mortgage-backed securities (MBS), and related derivative and structured finance products such as collateralized debt obligations (CDOs), credit default swaps (CDS), and index products (CDX, ABX, etc.), and (iii) the workings of real estate primary and secondary markets, including the various participants in these markets, their roles, and (iv) the legal, taxation, and regulatory environment. With an appropriate choice of elective courses, this track provides in-depth preparation for careers in real estate development, real estate brokerage, real estate project investment for private equity firms, family offices, sovereign wealth funds, and careers in real estate finance in the fixed income or equity desks of investment banks (research, sales, and trading), hedge funds, and sovereign wealth funds.
Fundamental Courses
While not required, taking the following courses is recommended. They will provide you with the fundamental knowledge and skills you will need to excel in this field. 
  • Corporate Finance (FINC-UB 7)
  • Real Estate Transactions (MULT-UB 51)
  • Real Estate Capital Markets (FINC-UB 38)
  • Real Estate Primary Markets (FINC-UB 39)

Recommended Electives
Make sure to check Albert for any course prerequisites.  

If you want to specialize in real estate finance, choose [REF] courses. If you want to focus on the development, direct investment, or management of property, choose [RED] courses. 
  • Real Estate Investment Strategies (FINC-UB 35) [REF]
  • Macroeconomic Foundations for Asset Prices (ECON-UB 233) [REF]
  • Risk Management in Financial Institutions (FINC-UB 22) [REF]
  • Debt Instruments (FINC-UB 26) [REF]
  • Global Real Estate: Mexico City (FINC-UB 37) [REF]
  • Equity Valuation (FINC-UB 41) [REF]
  • Climate Finance: An Economic and Financial Approach to Climate Change (FINC-UB 77) [REF]
  • Real Estate Data Science, Artificial Intelligence, and Machine Learning (FINC-GB 6036) [REF]

  • Financial Statement Analysis (ACCT-UB 3) [RED/REF]
  • Emerging Markets Finance (FINC-UB 23) [RED/REF]
  • Behavioral Finance (FINC-UB 29) [RED/REF]
  • Negotiation and Consensus Building (MGMT-UB 30) [RED/REF]
  • Real Estate Development and Entrepreneurship (OPMG-UB 60) [RED]
  • Taxation of Individuals (ACCT-UB 63) [RED]
  • Urban Economics (ECON-UA 227) [RED]
  • Mergers, Acquisitions, and Restructuring (FINC-UB 50) [RED]
  • Topics in Entrepreneurial Finance (FINC-UB 61) [RED]
  • Strategic Analysis (MGMT-UB 18) [RED]

  • CAS: Department of Art History, Urban Design and Architecture Studies (e.g. courses in history of architecture, shaping the urban environment, etc)
  • Wagner School: courses in urban planning, subject to the approval of the instructor and Stern real estate track adviser
These courses would also count for the Finance, Management, or Operations concentrations!

You can pick track electives that also count toward your declared concentration. Speak to an academic adviser if you have any questions about how tracks & concentrations overlap.

Headshot of D. Sam Chandan

Track Champion

Contact D. Sam Chandan for any questions about the Real Estate Track. This can include questions about which courses to choose, career paths, and more. 

Office: KMC 9-96

Are you pursuing this track? Let us know by completing the concentration declaration form and adding in the track you are pursuing.