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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 2010
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 your class participation, including the 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
February 2
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 9
2. The Role of the Developer
Guest: Avery Seavey, The Seavey Organization
ULI Chapter 3
February 16
3. The Economics of Development - “What Went Wrong”
Guest: Robert Berne, Developer and Investor
ULI Chapter(s) 7 and 8
February 23
4. Conception and Execution of a Project
Guest: Jeffrey Levine, Levine Builders
ULI Chapter 9
March 2
5. Financing Mechanisms - “What Went Wrong”
Guest: Norman Kranzdorf, Urdang & Associates
ULI Chapter 20
March 9
6. Market Research and Refinement of an Idea
Guest: David Perlmutter, Perlmutter Properties, Inc.
ULI Chapter(s) 10 and 11
We will create teams which will each find and analyze a potential development site.
March 16
7. How to Negotiate a Deal
Guest: John Kelly, Esq. of Nixon Peabody
ULI Chapter 19
March 23
8. Financing Affordable Housing
Guest: Emily Allison, Duvernay & Brooks LLC
ULI Chapter(s) 13, 15 and 16, and Appendix B
April 6
9. The Public Approval Process
Guest: James Lima, HR & A Advisors, Inc., Partner
ULI Chapter 14
April 13
10. PHA’s as Agents for Change and Economic Development
Guest: : Michael Kelly, General Manager, NYCHA
April 20
11. Financing a Deal
Guest: Alan Weiner, Wachovia Multifamily Capital group, Managing Director, Securities
ULI Chapter 12
April 28
12. Teams will make their development site presentations
May 4
13. Teams will make their development site presentations
Financial Analysis to be handed out (in lieu of Final Exam) - due May 19th
May 11
Review of Seminar’s Work
May 18
No Class
FINAL PAPER DUE TODAY