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Syllabus for Course URBG 742: Economics of Real Estate Development
Hunter College - City University of New York - Department of Urban Affairs and Planning

Professor Robert C. Rosenberg
Spring 2009
Tuesdays, 7:45 - 9:35 PM
Room 1640 HW, West Building

Required Text: Real Estate Development: Principles & Process. Fourth Edition. Miles, Berens, and Weiss. ULI.

The final will be a financial analysis, to be completed by you. Grades will be a composite of the analysis and class participation, including group project presentations. I will present guests to discuss certain aspects of the industry. You are expected to complete the readings and participate in discussions.

Course Topics, Schedule, & Reading

January 27
1. Overview of Seminar
The “pro forma” as the basis of all real estate finance, plus, the “entrepreneurial spirit,” real estate, and its significance in our economy.

February 3
2. The Role of the Developer
Guest: Avery Seavey, The Seavey Organization
ULI Chapter 3

February 17
3. The Economics of Development
Guest: Robert Berne, Developer and Investor
ULI Chapter(s) 7 and 8

February 24
4. Conception and Execution of a Project
Guest: Jeffrey Levine, Levine Builders
ULI Chapter 9

March 3
5. REITS AND Other Financing Mechanisms
Guest: Norman Kranzdorf, Urdang & Associates
ULI Chapter 20

March 10
6. Financing a Deal
Guest: Alan Weiner, Wachovia Multifamily Capital group, Managing Director, Securities
ULI Chapter 12
We will create teams which will each find and analyze a potential development site.

March 17
7. Market Research and Refinement of an Idea
Guest: David Perlmutter, Perlmutter Properties, Inc.
ULI Chapter(s) 10 and 11

March 24
8. No class - teams will meet to work on their presentations

March 31
9. Teams will make their development site presentations

April 7
10. Teams will make their development site presentations

April 21
11. How to Negotiate a Deal
Guest: : John Kelly, Esq. of Nixon Peabody
ULI Chapter 19

April 28
12. Financing Affordable Housing
Guest: Emily Allison, Duvernay & Brooks LLC
ULI Chapter(s) 13, 15 and 16, and Appendix B

May 5
13. The Public Approval Process
Guest: James Lima, HR & A Advisors, Inc., Partner
ULI Chapter 14
Financial Analysis to be handed out (in lieu of Final Exam) - due May 19th

May 12
Review of Seminar’s Work

May 19
No Class FINAL PAPER DUE TODAY

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