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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 2011
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.
Suggested Reading: The Big Short by Michael Lewis

The final will be a financial analysis, to be completed by you. Grades will be a composite of the final, your class participation, and your 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.

I assume each member of the seminar is able to work with computer spreadsheets such as Excel. If not, please learn immediately! I also assume you are reading the assigned materials; I will not repeat in class the materials you are to read, but will answer questions relating to the text. Weekly class topics and reading assignments are listed below:

Course Topics, Schedule, & Reading

February 1
1. The Role of the Developer
Guest: Avery Seavey, The Seavey Organization
Guest: Kisha Santiago, Rosenberg Housing Group

February 8
2. Overview of Seminar
ULI Chapter(s) 2 and 3

February 15
3. Execution of a Project
Guest: Jeffrey Levine, Levine Builders
ULI Chapter(s) 7 and 10

February 22
4. The Economics of Development
Guest: Robert Berne, Developer and Investor
Guest: Kisha Santiago, Rosenberg Housing Group
ULI Chapter(s) 8 and 9

March 1
5. Government as an Agent for Change
Guest: Holly Leicht, Deputy Commissioner for Development, NYC HPD
ULI Chapter(s) 13 and 14

March 8
6. Financing Affordable Housing
Guest: Emily Allison, Duvernay & Brooks LLC
ULI Chapter(s) 15, 16 and Appendix B
We will create teams which will each find and analyze a potential development site.

March 15
7. Esoteric Financing, What Went Wrong
Guest: Norman Kranzdorf, Urdang & Associates
ULI Chapter(s) 11 and 12

March 22
8. "Inside Job" The Movie
ULI Chapter(s) 17 and 18

March 24
9. The Public Approval Process
Guest: James Lima, HR & A Advisors
ULI Chapter 19

April 5
10. Market Research and Refinement of an Idea
Guest: David Perlmutter, Perlmutter Properties
ULI Chapter 22

April 12
11. Financing a Deal
TBA
ULI Chapter 20

May 3
Team Presentation

May 10
Team Presentation

Financial Analysis to be handed out (in lieu of Final Exam)- due May 24th

May 17
Course Review

May 24
No Class
FINAL PAPER DUE TODAY

Papers should be delivered to:
Robert C. Rosenberg, Esq.
c/o Rosenberg Housing Group, Inc.
3 Park Avenue South
28th Floor
New York, NY 10016
* Include a self-addressed, stamped envelope. Your analysis grade and course grade will be mailed back to you.

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