Graduate Education Masters in Real Estate Masters in Real Estate Profiles RE Education School Profile

Profile of Columbia’s MS of Real Estate Development Program

Avery Hall, Columbia University (Source)

The Columbia College Grasp of Science of Actual Property Improvement (MS.RED) program is an intensive, three time period (one yr) graduate program in actual property provided by means of Columbia College’s extremely ranked Graduate Faculty of Structure, Planning, and Preservation. This system leverages its location in one of many nice cities of the world, New York Metropolis, to show its college students three core tenets of city actual property improvement: “the monetary, the bodily, and the authorized”.

Word: In collaboration with an present Columbia MSRED scholar, this profile has been up to date as of February 2019.

On this submit, the primary in a six-part collection on graduate actual property packages in america, I’ll discover in-depth the Columbia MS.RED, its college students, its curriculum, its admissions course of, and whether or not this prestigious graduate actual property program is best for you.

Avery Corridor, Columbia College (Supply)


Description

School: Columbia Graduate Faculty of Structure, Planning, and Preservation (GSAPP)

Program Identify: Columbia Actual Property Improvement Program

Location: 1172 Amsterdam Avenue, New York, NY 10027

Yr Established: 1985

Program Historical past: Not out there

Program Director: Patrice Derrington (since 2015)

Rankings:

Diploma(s) Provided: Grasp of Science of Actual Property Improvement (MS.RED)

Twin Diploma(s) Provided?: Sure

  • M.S. in City Planning and M.S. in Actual Property Improvement
  • M.S. in Historic Preservation and M.S. in Actual Property Improvement
  • No twin MBA and MS.RED

Program Size: Three phrases/one yr (Summer time Time period + Fall Time period + Spring Time period)

Program Web site:  www.arch.columbia.edu


Value and Monetary Assist

Tuition: $28,470 per time period; three time period program = $85,410 excluding dwelling bills and books

Value of Dwelling Comparability: Utilizing Numbeo’s Value of Dwelling Comparability software, I in contrast the cities the place the six graduate actual property faculties being profiled are situated:

  • New York, NY, house of Columbia College, is the third costliest metropolis in North America.
  • New York, NY is 20% costlier than Boston, MA (MIT is in Cambridge, MA, throughout the Charles River from Boston)
  • New York, NY is 17% costlier than Washington DC (Johns Hopkins’ full-time actual property program is in Washington, DC; it additionally provides a part-time choice in Baltimore, MD )
  • New York, NY is 61% costlier than Ithaca, NY (Cornell College)
  • New York, NY is 37% costlier than Los Angeles, CA (USC)
  • New York, NY can also be the house of NYU’s Schack Institute of Actual Property

Monetary Help Obtainable?: Sure

  • Sponsored housing: about 1/third of college students stay in college sponsored housing
  • Want-based help: restricted to US residents and everlasting residents; the typical need-based award is $16,500
  • Benefit-based fellowships: All candidates are eligible; no separate software is important; no particulars obtainable on what number of are awarded annually and the standard quantity of the awards
  • Benefit-based assistantships: Restricted variety of educating and analysis assistantships provided annually; the assistantships present as much as half of tuition; summer time time period assistantships are uncommon; college students sometimes apply after matriculation for fall/spring assistantships
  • Work Full-Time Whereas Learning?: Whereas not expressly prohibited, the schedule and cargo of coursework makes it unattainable to work full-time; many college students do nevertheless work part-time/intern through the faculty yr

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Curriculum

Commencement Necessities: 30 core credit + 15 elective credit (roughly 15 credit per 12-week time period)

First Time period – Summer time:

  • Actual Property Finance (three credit)
  • Actual Property Finance tutorial (1.5 credit)
  • Development Administration and Know-how (three credit)
  • The Structure of Improvement (1.5 credit)
  • Improvement Evaluation: City Planning (1.5 credit)
  • Actual Property Market Evaluation (1.5 credit)
  • Pre-Improvement Evaluation (1.5 credit)
  • Electives (1.5 – four.5 credit)

Second Time period – Fall:

  • Actual Property Finance II, (three credit)
  • Actual Property Finance II tutorial, (zero credit)
  • Actual Property Regulation, (three credit)
  • Underwriting (1.5 credit)
  • Lease Evaluation and Monetary Metrics (1.5 credit)
  • Worth of Design (1.5 credit)

Third Time period – Spring:

  • Actual Property Finance III: Capital Markets (three credit)
  • Capstone: Improvement Case Research, (three credit)
  • Superior Excel Expertise (1.5 credit)
  • IT and the Actual Property Enterprise (1.5 credit) or PropTech (three credit)

Concentrations Out there?: No

Programs Obtainable Outdoors of GSAPP Faculty?: Sure

  • College students can take as much as three credit cross-registration with different faculties at Columbia College topic to sure necessities
  • An inventory of obtainable programs for cross-registration comes out every time period

Instance Electives:

  • Superior Development Administration
  • Superior Excel Expertise
  • Superior Finance and Investing
  • Reasonably priced Housing Improvement
  • Reasonably priced Housing Finance
  • Various and Distressed Investments
  • Asset Administration
  • Business Leasing
  • Company Finance
  • Improvement Monetary Evaluation
  • Distressed Investing
  • International Markets
  • Lodge Transactions
  • Personal Fairness & Capital Elevating
  • RE Capital Markets
  • RE Entrepreneurship
  • RE Transaction Regulation
  • Actual Property Funding Evaluation
  • REIT Evaluation
  • Retail Investing and Improvement
  • Tax Points
  • The Artwork of the RFP
  • The Dealmaking Course of
  • Underwriting I, Underwriting II
  • City Economics

Word on Electives: Inside every time period is a six or seven week “A” and “B” part. Virtually each elective lasts for just one part of the time period, whereas the required programs final the complete 12 weeks. Not often does an elective final the complete 12 week time period.

# of Full-time Actual Property School: Info not out there (one among my sources stated he believes there are two or three full-time school, the remaining adjunct)

School: (see extra particulars right here)

Adam Feil
Brian Loughlin
Charles Brass
Charles Laven
Donald Sheets
Frank Gallinelli
Gary Fogg
Harold Bell
Jesse M. Keenan
Joshua Kahr
Karamjit Kalsi
Kate Ascher
Manish Srivastava

Marc Weidner
Martin Gold
Merrie Frankel
Michael Clark
Patrice Derrington
Richard Froehlich
Robert Paley
Roger Nussenblatt
Ryan Levasseur
Ryan Severino
Shawn Amsler
Stephen Pearlman
Vishaan Chakrabarti

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Tradition

Observe: exhausting knowledge was restricted on this space. A lot of the knowledge under is anecdotal, offered to me by one present scholar and one current graduate of this system as their greatest guess having attended this system.

Class Profile:

  • Measurement: 90 – 120 college students
  • Worldwide (%): 30% – 40%
  • Feminine (%): 25%-30%
  • Avg. Age: Late 20s
  • Age Vary: 22 – 40s
  • Avg. Years Work Expertise: Varies drastically, however three+ years is typical
  • Median GMAT: Each GMAT and GRE are accepted however no median GMAT info was out there; greatest guess is within the 650-720 vary,  scores typical of scholars at prime enterprise packages
  • Avg. Undergraduate GPA: Greatest guess is low to mid 3s, however no info was obtainable aside from anecdotal notes from sources
  • Pre-Grad Faculty Business: Many college students are transitioning into actual property from different fields; one in every of my sources stated his class got here from roughly 1/third structure background, 1/third finance or banking, and 1/third different disciplines

Extracurricular Actions:

  • Golf equipment: Numerous actual property associated golf equipment can be found to hitch. A full listing could be discovered right here.
  • Middle for City Actual Property (CURE):
    • “CURE identifies, shares, and advocates options for a quickly urbanizing world. The middle presents GSAPP school and college students a cross-disciplinary strategy that integrates principle and follow to unravel distinctive improvement issues”
    • College students can undertake unbiased analysis tasks with CURE
  • Lunchbox Lecture Collection: hosted by the RED Scholar Affiliation, this weekly occasion offers actual property college students at Columbia a chance to listen to from and interface with actual property executives and business thought leaders
    • Sometimes held each Monday
    • Notable audio system have included Marc Holliday, Marty Burger, and Mark McGoldrick
    • Corporations just lately represented on the occasion embrace Vornado, Silverstein Properties, SL Inexperienced, Thor Equities, Fortress Funding Group, Apollo, and Extell
    • A superb alternative to community with business professionals and different actual property college students at Columbia

Social Life:

  • Social Chairs: College students elect “social chairs” originally of the yr to plan group features outdoors of sophistication
  • How social are college students?: How lively and who MSRED college students socialize with outdoors of sophistication depends upon a) whether or not the scholar is from NYC (i.e. already has a social community within the metropolis), b) a scholar’s private initiative to interact with different college students out of sophistication, c) how near campus the scholar lives, and d) how good the social chairs are at organizing actions
  • Kinds of Actions: Quote from considered one of my sources:

“Everyone seems to be often invited to individuals’s birthday events and such. There are all the time occasions for individuals to see one another, and there are all the time dinners being deliberate and nights out deliberate. Social chairs have organized bar tabs, boat cruises round Manhattan, central park picnics, BBQ journeys to Brooklyn, and a whole lot of the time stuff is deliberate from college students apart from the social chairs too. It’s a free for all and everybody loves being collectively as a result of most college students come to NYC with out figuring out anybody else right here, so there’s plenty of program bonding.”

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Careers

Areas of Focus: A majority of graduates land jobs in improvement, however there’s additionally a robust illustration of MSRED grads in different areas of actual property (e.g. acquisition, finance, funding banking, personal fairness, reasonably priced housing, consulting, and entrepreneurship).

Geographic Focus: This system could be very NYC targeted, and so it’s not shocking that the majority home college students determine to remain and work in New York. Worldwide college students usually return to their house nations to work.

Profession Service Choices:

  • Full-time Actual Property Profession Improvement Skilled?: Sure
  • Profession Programming: Velocity networking with alumni, MSRED Alumni Mentorship Program, annual profession truthful (sometimes in February)

Internships: About half of scholars search internships through the faculty yr to bolster their resume and probably result in full-time employment. Here’s a listing of companies Columbia MSRED college students have interned at:

AECOM
AIG Worldwide
APC Realty Advisors
Athena Group
AvalonBay Communities
Boston Properties
Brack Capital Actual Property
Browne Fino Davis
Carlyle Group
CIM Group
Citigroup Various Invsts.
Crescent Heights
CRG Realty Capital
Cushman & Wakefield
DDG Companions
Deutsche Financial institution Realty
Edward J. Minskoff Realty
Empire State Dev. Corp.
Ernst & Younger
Forest Metropolis Ratner
Fortress Funding Group
GE Capital Asset Mgmt.
Goldman Sachs/UIG

Hudson Corporations
JP Morgan Asset Administration
L+M
LCOR Builders
Mayor’s Workplace of Operations
Millstein Bros. Realty
Moody’s Investor Providers
Mount Kellet
NYC Financial Dev. Corp.
Procida Improvement
Associated Corporations
Sapir Group
Setai Group
SHVO
Situs Corporations
SL Inexperienced
Steelcase
The Gale Firm
The Advertising Administrators
Tishman Speyer
Tishman City Corp.
Tony Goldman
Trump Group

Job Placement:

No formal job placement statistics can be found for current graduates of the MS.RED program, nevertheless GSAPP carried out a survey in 2014 of all GSAPP alumni who graduated from 2009 – 2013. You will discover these statistics right here. I exploit some takeaways from this survey in my feedback under:

  • Avg. Wage: 82 MS.RED graduates from 2009-2013 responded to the survey. Of these, 71% make greater than $100,00zero per yr. Nevertheless, of the seven MS.RED graduates from 2013 who responded, lower than 50% (probably three/7 however the knowledge isn’t granular sufficient to make sure) make greater than $100,00zero. Based mostly on this knowledge, almost definitely the typical graduate popping out of this system makes someplace close to $100,00zero in his first yr after commencement after which climbs above $100,00zero within the second or third yr after commencement. That is in line with analysis we’ve finished on salaries in institutional actual property.
  • Placement Inside Three Months of Commencement: No arduous knowledge obtainable, however right here’s anecdotal info from a current graduate:

“I discovered my present place a few month after commencement and began two months after commencement. A big majority discover positions in the summertime following commencement.”

  • Kinds of Companies Hiring: Just like these on listing of internship companies
  • Place Titles: usually analyst and affiliate degree positions; assistant undertaking supervisor and undertaking supervisor degree positions

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Admissions

Admissions info is all the time topic to vary, so you must affirm this info continues to be relevant by visiting the GSAPP’s admissions web page.

Pre-Requisites:

  • Undergraduate Diploma: Should maintain diploma from an accredited school or college
  • Fields Thought-about: All fields thought-about. From GSAPP’s web site: “Whereas graduate and professional educational preparation in development-related disciplines, comparable to structure, finance, regulation, city design, historic preservation, civil engineering, or city planning is very fascinating it isn’t important for admission to this system”
  • Work Expertise: A minimal of two years prior work expertise is beneficial

Admissions Necessities:

  • On-line software
  • $75.00 software payment
  • Three letters of advice
  • Scanned copies of official educational transcripts
  • Private assertion
  • Resume
  • GRE or GMAT
  • TOEFL (Worldwide college students solely)

Admissions Statistics:

  • Candidates: Not out there
  • Acceptance Price: Not out there

Admission Schedule:

  • Admission Rounds: One
  • Software Deadline(s): January 15
  • Choice Letters Despatched: Varies

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Commentary

My objective has been to offer a fact-based profile of Columbia’s MS.RED program. As such, I’ve been cautious to not present a lot commentary on the information as they’ve been communicated. This final part, ‘Commentary’, deviates barely from that aim however solely in a lot because it’s essential to take the feedback offered me by one present MS.RED scholar and one current graduate and talk their ideas on this system’s strengths and what it takes to get admitted to this system.

Strengths (per my sources):

  1. New York Location. In case you’re eager to work in New York actual property, it’s arduous to argue that you might go incorrect with the Columbia MS.RED. Most college students graduate and keep in NYC, which suggests this system boasts a big alumni contingent within the metropolis prepared and prepared to assist present college students discover jobs there. Moreover, most of the professors are lively actual property professionals working in New York, which suggests what they train is usually instantly associated to what’s occurring in NYC actual property.
  2. Improvement. As considered one of my sources put it, “I can’t examine to different MSRED packages, however my private impression is that Columbia does an incredible job with improvement. It’s a improvement program, within the structure faculty, and there’s a lot of emphasis on improvement inside the courses and electives.” That’s to not say that improvement is the one path one might go – this system definitely provides versatility – however it presents a robust improvement focus that units it aside.
  3. One Yr Intensive Program. This was a theme between each sources I communicated with. Each people favored that this system was brief (one yr) and intensive (45 credit over three semesters). Whereas this isn’t uncommon amongst graduate actual property packages (Cornell’s Baker Program being the exception at two years), it’s a gorgeous choice for many who need to spend as little time as potential out of the work pressure.

Admission Recommendation (per my sources):

  1. “Take night time courses or a number of programs on actual property finance at an area college (or on-line) and embrace that within the software.”
  2. “If you understand how to make use of Excel, perhaps ship in a mannequin demonstrating your means to make use of it.”
  3. “Attain out to present college students and/or alumni and community with them. I consider new candidates can record referrals of present college students or alums.”
  4. “Have work expertise.”

Different Assets

My hope is that the varsity profiles, together with this profile of the Columbia MS.RED might be dwelling paperwork which are frequently up to date as new info comes out there. So in case you have any further info you assume will enhance this profile, please share it with me and I’ll gladly add it to the profile. Additionally, undoubtedly there’s inaccurate or incomplete info on this profile and so please let me know for those who see one thing that wants correcting.


Learn Different Profiles

Columbia MSRED | Cornell MPSRE | MIT MSRED | NYU MSRED & MSRE | Johns Hopkins MSREI | USC MRED

Concerning the Writer: Born and raised within the Northwest United States, Spencer Burton has over 15 years of actual property funding and improvement expertise. In his present place, Spencer assesses new acquisition, improvement, and debt alternatives for a $45bn actual property fund. He resides in Dallas, TX.

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