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Proposal for a Masters of Science in Real Estate Development at NYIT

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  1. 1. MSRED@NYIT
  2. 2. Masters of Science in Real Estate DevelopmentGraduate Degree ProposalMatthew J. DockeryAssistant ProfessorSchool of Architecture and DesignNew York Institute of Technology07.09.12
  3. 3. Contents1. Executive Summary2. Why Here? Why Now?3. Degree Marketplace4. Implementation (i.e. Building Enrollment)
  4. 4. 1. Executive Summary Course Name Credits CORE COURSES 6 This proposal envisions a new, Financial Accounting 3 30-credit Masters of Science Applied Statistical Analysis for Business Decisions 3 degree in Real Estate Development, co-offered BASE COURSES 15 through the School of Real Estate Finance 3 Architecture & Design and the Real Estate Capital Markets 3 Real Estate Development 3 School of Management at the Advanced Real Estate Investment Analysis 3 Manhattan Campus of NYIT. Real Estate Research and Project 3 The proposed three-semester ELECTIVE COURSES 12 degree is composed of a 6-credit Real Estate Valuation and Market Analysis 3 „Core‟, a 15-credit „Base‟ of Analytical Skills for Real Estate Decision Making 3 required courses , and 9 elective Project Management and Construction 3 credits, all of which would be Real Estate Taxation 3 earned overseas at one of Real Estate Marketing 3 NYIT‟s international locations. International Real Estate Marktets 3 Real Estate and the Global Economy 3 Total tuition would be $990 per Real Estate International Entrepreneurship 3 credit, or $29,700.00 Building Information Modeling (BIM) 3 Building Design and Visualization 3
  5. 5. 2. Why Here? Why Now?
  6. 6. Reason #1: A „Captive Audience‟ in Need:(Undergraduate Architects Seeking an Exit Strategy)“A once-thriving profession, one that requires considerable education and work ethic,and which has traditionally served a wide range of functions…is in trouble. Accordingto the U.S. Department of Labor, employment at architectural firms nationwidedropped from 224,500 to 184,600 (18%) between July and November (4 months) of2009, and the numbers have kept falling.”„The Architecture Meltdown‟ , / February 4, 2012Among recent college grads, architecture majors have the highest unemploymentrate at 13.9%.„Hard Times‟, Georgetown Center on Education and the Workforce, January 4, 2012
  7. 7. By Annalyn Censky @CNNMoney January 4, 2012: 1:02 PM ET
  8. 8. “The unemployment rate for recent graduates was highest in architecture, at 13.9percent, probably at least partly because of the housing market collapse. Evenarchitecture majors who went on to receive graduate degrees, which usuallysafeguard workers from unemployment, are doing poorly in the job market. With ajobless rate of 7.7 percent, architecture majors who hold graduate degrees are stillmore likely to be unemployed than newly minted college grads who studied journalism(!).”„Want a Job? Go to College, and Don‟t Major in Architecture‟CATHERINE RAMPELL, NY Times, January 5, 2012
  9. 9. Applications & Enrollment DifferentialsSchool of Architecture & Design / June 2012 vs. June 2011Total Applications (All Arch. Degree Programs) -12%Total Enrollment (All Arch. Degree Programs) -35%First Year Enrollment (BARCH and BSAT Programs) -38%Transfer Student Enrollment (BARCH and BSAT Programs) -28%Graduate Student Enrollment (MAUD Program) -100%Tuition Dollar Differential -$780,300.00(Undergraduate = 27 Students x $28,020.00 per yr.)(Graduate = 1 Student x $23,760 per yr.)Source: „Admissions Funnel Report,‟ Fall 2012 as of June 8, 2012
  10. 10. June 2012 Undergraduate EnrollmentSchool of Architecture & DesignFirst Year Students (BARCH, BSAT, BFA-ID) 736Transfer Students (BARCH, BSAT, BFA-ID) 156TOTAL CURRENT UNDERGRADUATES 892Projected Graduating Class of 2013 (BARCH, BSAT, BFA-ID) 90Projected Capture Rate 10%Projected Opening-Term MSRED Enrollment (in-house) 9(Marketing & Recruiting Costs = $0.00)Source: „Admissions Funnel Report,‟ Fall 2012 as of June 8, 2012
  11. 11. Reason #2: MBA (Existing)Strong Foundations, Low Hurdles. WAIVEABLE CORE 18 Accounting I 1.5 Managerial Accounting 1.5 Principles of Economics I 1.5 Principles of Economics II 1.5MSRED (Proposed) Finance 1.5CORE COURSES 6 Principles of Management 1.5Financial Accounting 3 Management Information Systems 1.5Applied Statistical Analysis 3 Introduction to Marketing 1.5BASE COURSES 15 Business Statistics 1.5Real Estate Finance 3 Production and Operations Management 1.5Real Estate Capital Markets 3 Management Science 1.5Real Estate Development 3 Business Policy and Strategy 1.5Advanced Real Estate Investment Analysis 3Real Estate Research and Project 3 REQUIRED COURSES 21 Professional Development Seminar 0ELECTIVE COURSES 12 Accounting Analysis 1.5Real Estate Valuation and Market Analysis 3Analytical Skills for Real Estate Decision Macro Environment of Business 1.5Making 3 Microeconomic Industry Analysis 1.5Project Management and Construction 3 Financial Policy and Value Creation 1.5Real Estate Taxation 3 Executing and Reporting Financial Market Transactions 1.5Real Estate Marketing 3 International Dimensions of Organizational Behavior 1.5International Real Estate Markets 3 Business Enterprise Environment 1.5Real Estate and the Global Economy 3Real Estate International Entrepreneurship 3 Enterprise Resource Planning Systems 1.5Building Information Modeling (BIM) 3 Branding 1.5Building Design and Visualization 3 Operations Management 1.5 Multi-Criteria Decision Making 1.5 Ethics and Social Responsibility 1.5 Strategic Leadership Capstone 3
  12. 12. BSBA CORE (Existing) LIBERAL ARTS 12 Fundamentals of Calculus 3MSRED (Proposed) Principles of Economics I 3CORE COURSES 6 Principles of Economics II 3Financial Accounting 3 Statistical Sampling Theory 3Applied Statistical Analysis 3 LOWER BUSINESS CORE 18BASE COURSES 15Real Estate Finance 3 Accounting I 3Real Estate Capital Markets 3 Managerial Accounting 3Real Estate Development 3 Legal Environment of Business 3Advanced Real Estate Investment Analysis 3 Corporation Finance 3Real Estate Research and Project 3 Principles of Management 3 Introductin to Marketing 3ELECTIVE COURSES 12Real Estate Valuation and Market Analysis 3 UPPER BUSINESS CORE 15Analytical Skills for Real Estate DecisionMaking 3 Information Systems 3Project Management and Construction 3 Productions and Operations Management 3Real Estate Taxation 3 Management Science 3Real Estate Marketing 3 Business Research & Innovation 3International Real Estate Markets 3 Busniess Policy & Strategy 3Real Estate and the Global Economy 3Real Estate International Entrepreneurship 3Building Information Modeling (BIM) 3Building Design and Visualization 3
  13. 13. MSRED (Proposed)CORE COURSES 6Financial Accounting 3Applied Statistical Analysis 3 BSAT/CM MINOR (Existing)BASE COURSES 15Real Estate Finance 3 CONSTRUCTION MANAGEMENT 12Real Estate Capital Markets 3 Construction Management Contracts 3Real Estate Development 3 Real Estate Fundamentals and Development 3Advanced Real Estate Investment Analysis 3 CAD Management and Administration 3Real Estate Research and Project 3 Modern Construction Technologies 3ELECTIVE COURSES 12Real Estate Valuation and Market Analysis 3Analytical Skills for Real Estate DecisionMaking 3Project Management and Construction 3Real Estate Taxation 3Real Estate Marketing 3International Real Estate Markets 3Real Estate and the Global Economy 3Real Estate International Entrepreneurship 3Building Information Modeling (BIM) 3Building Design and Visualization 3
  14. 14. Low Hurdles:ACCREDITATION:Degree Program Accrediting BodyMAUD NAABMBA AACSB, AMBAMSRED NONE
  15. 15. Reason #3:Location, Location, Location. Brand & Name recognition: „Center of the Universe‟ for the Real Estate Industry Unmatched Faculty Talent Pool Unmatched Internship Opportunities Unmatched Job Placement Opportunities Appeal to International Students Currently only one other comparable program (MSRED at Columbia University),which turns away hundreds of qualified applicants each year.
  16. 16. 3. Degree Marketplace
  17. 17. Masters Programs (US)39+
  18. 18. Masters Programs (US)Within a School ofArchitecture5+
  19. 19. Masters Programs (US)In New York City4
  20. 20. Masters Programs (US)In New York City,Within a School ofArchitecture1
  21. 21. Programs of NoteColumbia University of Maryland
  22. 22. 4. Implementation(i.e. Building Enrollment)
  23. 23. Enrollment & Budget Projections ENROLLM TUTION EXPENSE TERM ENT % CHNG CREDITS REVENUE CARRY S P/L $ $ $ $ FA 2013 10.00 0.0% 120.00 118,800.00 - 84,000.00 34,800.00 2.00 $ $ 142,560.0 $ 100,800.0 $ SP 2014 12.00 20.0% 144.00 0 34,800.00 0 76,560.00 3.00 $ $ $ 178,200.0 $ 126,000.0 128,760.0 FA 2014 15.00 25.0% 180.00 0 76,560.00 0 0 5.00 $ $ $ $ 237,600.0 128,760.0 168,000.0 198,360.0 SP 2015 20.00 33.3% 240.00 0 0 0 0 7.00 $ $ $ $ 320,760.0 198,360.0 226,800.0 292,320.0 FA 2015 27.00 35.0% 324.00 0 0 0 0
  24. 24. Recruiting Strategies:PHASE I: (0-15 students)Recruit from within ranks of recent alumni and the Class of 2013, (SofA&D)Informal recruiting (outside NYIT) through Faculty networksPHASE II: (16–30 students)Ongoing recruitment from within SofA&DDevelop marketing strategy around a website centerpieceInformal recruiting with local program coordinators / adminisrators(Columbia & NYU)PHASE III: (31-45 students)Ongoing recruitment from within SofA&DEnhance websiteSeek a Patron, Establish a „Real Estate Institute‟ (e.g. Furhman Cntr at NYU)Cultivate relationships with NYIT‟s International partners, stage recruiting eventsoverseas.
  25. 25. Start Up (Sept – Dec 2012)- Develop & Refine Program towards „Final Proposal‟-Coordinate & Execute Program Approvals: (a) School of Architecture & Design (b) Academic Senate-Commence Phase I RecruitingTotal Start-Up Budget: 5 ELH (Release Time)