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MSRED: Master of Science in Real Estate Development

SUNY’s only degree in real estate development

Students present their proposals for a mixed-use development in downtown Buffalo during the final review of their capstone course. The interdisciplinary studio places students on a real project, with a real client, in real time. 

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The Master of Science in Real Estate Development prepares students for careers in one of the world’s most dynamic and influential industries.  The industry makes places where people live and work, develops local economies and employment, and shapes cities and environments. Those who commit themselves to ethical pursuit of careers in the industry can take pride that they can see the fruits of their work and help make better communities.

Our courses feature first-hand instruction from experienced developers and real estate professionals.  Many courses engage the resurgent City of Buffalo, a vibrant laboratory for applied study in proximity to global financial and employment centers in New York, Boston and Toronto.  Students have the opportunity to work closely with allied professionals in architecture, urban planning, management, and law.

The fall 2016 capstone studio offered students in real estate development, architecture and urban planning an opportunity to study actual sites and work with a client team in offering recommendations for the redevelopment of key properties in downtown Buffalo.

Students will explore complex trends in this rapidly evolving industry, including place-making and urban design, affordable housing and community development, suburban transformation, energy innovation, sustainable development and the effects of technological changes in the workplace. Courses are highly multidisciplinary, spanning architecture and design, planning and public policy, financial analysis and modeling, market analysis, construction management, building technologies, and the structuring of deals and transactions. Elective courses allow students to dive deeper into topics such as historic preservation, inclusive design, property management, and regional economic development. The program's capstone course organizes multidisciplinary student teams in a semester-long project involving a real site, for a real client, in real time.

UB’s new real estate development graduate specialization in the School of Architecture and Planning, has made its mark on the national stage. Two student teams earned second and seventh place finishes in an intercollegiate real estate competition that drew entries from top real estate programs across the U.S.

Students in the MSRED program will build a network of relationships with industry executives through faculty networks, field visits, social events, guest speakers and paid and academic-credit internships. The program receives guidance from an Advisory Committee of seasoned real estate executives, and is led by a faculty consisting of thought leaders and top real estate professionals. 

Students are also involved with the Urban Land Institute, New York State Commercial Association of Realtors, Society of Industrial and Office Realtors, and New York State Association for Affordable Housing, among other organizations.  

What will you be studying?

SAMPLE CURRICULUM

Semester 1: Fall

END 500: Processes of Real Estate Development (4 credits)
END 525: Financing Development Projects 1
ARC 543: Construction Management
Elective
Elective

Semester Total: 16 credits

Semester 2: Spring

END 526: Financing Development Projects 2
ARC 581: Market Analysis
END 521: Technology Colloquium (1 credit)
END 504: Structuring Deals and Transactions
ARC 631:  Design for Development
Elective

Semester Total: 16 credits

Semester 3: Fall

END 593: Capstone (7 credits)
ARC 544: Building Technology
ARC 646: City and Environment in Real Estate Development
Elective

Semester Total: 16 credits

PROGRAM TOTAL: 48 CREDITS

All courses 3 credits unless otherwise indicated

Revised August 1, 2017

Cost of study

The University at Buffalo is the only institution in the SUNY system to offer graduate-level options in real estate development. Make a smart investment in your future – pursue an MSRED at UB.

Full-Time per Semester

  Domestic In-State Domestic out-of-State International
Tuition $5,435 $11,105 $11,105
Fees $1,257 $1,257 $1,257
International Student Fee $0 $0 $100
SA&P Fee $237 $237 $237

Further details are available at: http://studentaccounts.buffalo.edu/tuition/fall.php
Note: tuition and fees are subject to change at any time.

Updated: July 2017

Part-Time per Semester

(per credit up to 11) Domestic In-State Domestic out-of-State International
Tuition $453 $925 $925
Fees $99 $99 $99
Activity Fee (per semester) $64 $64 $64
Transcript fee (per semester) $5 $5 $5
International Student Fee (per semester) $0 $0 $100
SA&P Fee (per semester) $237 $237 $237

Further details are available at: http://studentaccounts.buffalo.edu/tuition/fall.php
Note: tuition and fees are subject to change at any time.

Updated: July 2017

Scholarship Opportunities

The School of Architecture and Planning - in partnership with the university, our alumni, faculty and staff and philanthropic supporters - provides a range of scholarship opportunities to our graduate students.

The following scholarships are uniquely available to students in our real estate development program:

Upstate New York SIOR Scholarship

The SIOR Scholarship in Real Estate Development is awarded annually, and is funded by the Society of Industrial and Office Realtors (SIOR), a leading commercial real estate association, representing the world's top producing brokers (www.sior.com).  This $5,000 annual scholarship provides support for UB graduate students in the real estate development program, enables SIOR to partner with the school and program, supports SIOR’s mission to support education, and grows awareness among students for SIOR and the profession. Scholarship preference will be given to a student contemplating a career in commercial real estate brokerage. 

WNY NYSCAR Scholarship

Awarded annually starting in 2016, this dedicated scholarship is for an incoming full-time student who will be pursuing an MSRED at UB.  In the sum of $4,000, the award represents the generosity of the Western New York chapter of the New York State Commercial Association of Realtors (www.wny.nyscar.org), and the dedication of its members to the education of the future leaders of the real estate development industry.  The WNY NYSCAR Scholar will be named each spring for the next academic year. 

Western New York (WNY) Prosperity Fellowship

The Prosperity Fellowship program is dedicated to supporting promising UB students who are committed to contributing to the economic viability of the WNY Region. The program provides Prosperity Fellows with professional development opportunities, as well as resources and access to WNY business leaders and the community.  This fellowship program assists graduate students in the School of Architecture and Planning who are actively preparing for careers that further economic development and growth, especially in the WNY region.  Up to $25,000 in scholarship and internship support for an academic year will be awarded to each Fellow based on demonstrated financial need. 

http://academies.buffalo.edu/wnyprosperity/

Students are also encouraged to apply to other competitive national scholarships, which are not unique to UB, but also open to the aspiring and advancing real estate professional:

Appraisal Institute Education Trust -- The Appraisal Institute Education Trust awards several types of scholarships annually, including scholarships for graduate real estate students. The award for graduate real estate study is $2,000. 

http://www.aiedtrust.org/pages.asp?id=5

CREW Network -- The CREW (Commercial Real Estate Women) Network and its scholarship program partners GBWM Initiative, CBRE, Prudential Real Estate Investors and Wells Fargo, awards ten (10) $5,000 scholarships each year to women who are enrolled full-time in a real estate program with the intent to pursue a career in commercial real estate.

https://www.crewnetwork.org/scholarship.aspx

Institute of Real Estate Management – The IREM Foundation offers the George M. Brooker Collegiate Scholarship for Minorities, which is intended to assist minority students, on the basis of academic excellence, who are committed to a career in real estate management after graduation. Graduate school awards are up to $5,000.

http://www.irem.org/about-irem/irem-foundation/irem-foundation-george-m-brooker-cpm-diversity-collegiate-scholarship

International Council of Shopping Centers – The ICSC Foundation offers two (2) Charles Grossman Graduate Scholarships per year. The awards are in the amount of $10,000, and are available to graduate students who are ICSC members and have a stated preference for a career in retail real estate.

http://www.icsc.org/foundation/scholarships/academic-scholarships/charles-grossman-graduate-scholarship/

NAIOP -- NAIOP, the Commercial Real Estate Development Association, offers five $5,000 scholarships to support graduate and undergraduate students pursuing a degree that will lead to a career in the commercial real estate industry.  Preference will be given to students who have been traditionally under-represented in the commercial real estate field.

Applicants must be a NAIOP University member in good standing; be a full-time undergraduate student of junior or senior standing or enrolled in an applicable graduate program; and have a minimum 3.0 GPA (4.0 scale).  Each award recipient will receive a complimentary registration to the NAIOP Annual Commercial Real Estate Conference.

http://www.naiop.org/en/Connect/Diversity-Resources/Diversity-Scholarship.aspx

Pension Real Estate Association -- PREA awards scholarships to students studying real estate (with an apparent primary emphasis on finance) at the graduate school level. Average awards are $2,000. 

http://www.prea.org/awards/scholarship-programs/

WX -- WX is an organization of New York Women Executives in Real Estate. Its scholarship program is designed to encourage and support women in their pursuit of careers in real estate in the NYC metro area.  Average awards appear to be $4,000-$5,000.

http://wxnyre.com/scholarship

Meet our faculty

Some of our instructors are industry professionals with long experience in real estate development and a love of teaching.  Others are academic faculty members  devoted to exploring architecture and planning for urban development.  Together, they provide wide-ranging, innovative education for the industry’s direct needs and for its roles in urban affairs.

1/23/17
Mr. Dewart is the President of Seneca Development & Management Corporation and has been actively involved in real estate development and management since 1968.  His firm has been responsible for the development, construction and ownership of light-manufacturing and distribution warehouse facilities throughout Western New York.  In the 1980’s, Alan’s company spearheaded the redevelopment of Buffalo’s Theatre District. He also serves as a consultant in many aspects of real estate development.
8/3/16
Mr. Fitzmaurice’s 30 plus years of experience in property management has exposed him to virtually every facet of the field. He has extensive experience in operations, energy management, ownership transitions, marketing and leasing, labor relations, project management, public relations, life safety and risk management. 
8/3/16
Mr. Foerster is highly experienced both as a commercial real estate executive and as a faculty member in real estate development.  He has served as the Olson Real Estate Field Faculty Fellow and a full-time member of the real estate faculty in the Baker Program in Real Estate at Cornell University, where he taught core courses in our field and conducted outreach to the industry.
6/1/16
Associate Professor Hiroaki Hata holds a post-professional degree in urban design from Harvard University and a Master of Architecture degree from Washington University.
8/3/16
Mr. Hogan is Construction Executive and one of the owners of R&P Oak Hill Development, LLC, a construction management and general contracting firm that has built over $500 million in projects in Western New York over the last decade.  
8/3/16
Ms. Kane is the Real Estate Development Manager for Uniland Development Company, a leading builder, developer, and manager of commercial real estate in Western New York. 
8/3/16
Mr. LiPuma is the Managing Director of CBRE-Buffalo, a full service commercial real estate service provider. CBRE is the world’s largest provider of commercial real estate services. Prior to the association with CBRE-Buffalo, LiPuma was a principal with Comvest Consulting, Inc., a Western New York commercial real estate firm established in 1981.
12/7/16
Marguerite is Director of Acquisitions at Hamister Group, LLC where she is responsible for processes related to identifying and transacting real estate investments and dispositions.
8/3/16
Mr. Price, associate professor of urban and regional planning at UB, teaches and conducts research on housing and urban development finance, among other topics.  His consulting work spans investigation into site intensification schemes, creative financing mechanisms, approaches to brownfield redevelopment, and policy issues related to housing affordability. 
6/1/16
Nicholas B. Rajkovich, PhD, AIA is an Assistant Professor at the University at Buffalo. His research investigates the intersection of energy efficiency, renewable energy, and adaptation to climate change.
9/8/16

Mr. Sanders' work has ranged from individual and batch production furniture to residential and large scale commercial projects, and has been recognized with a variety of awards including an AIA National Honor Award for Interior Architecture, an AIA/NYC Honor Award for Interior Architecture, and an Architectural Record Annual Record House Award.

8/3/16
With 35 years of diversified experience in urban development, Mr. Stebbins is the Vice President of Buffalo Urban Development Corporation (BUDC).
8/3/16
Mr. Sternberg is Director of the MS Architecture: Real Estate Development Program.  He is a professor of urban and regional planning at UB and also serves as chair of that program.   He has particular interests in the roles of real estate development in local economies, and the relationship between public and private development.  
8/24/17
A graduate of The University of Detroit School of Architecture in 1976, He was in Private practice for over 30 years.

Meet our professional advisors

Members of our Real Estate Development Advisory Committee review our  curricula and advise in our courses to ensure we are keeping up with a changing industry.  They also help us prepare for the future expansion of our program, provide mentoring to students,  serve as guest lecturers, and sometimes offer their projects as cases  for instruction.  Students have the opportunity to meet many of them during the course of their studies.

8/3/16
Mr. Chiazza has been in the real estate development business since 1982. Since 2007, he has been project partner and Executive Vice President of Iskalo Development Corp., a full service, commercial real estate development company headquartered in Williamsville, NY.
1/23/17
Mr. Dewart is the President of Seneca Development & Management Corporation and has been actively involved in real estate development and management since 1968.  His firm has been responsible for the development, construction and ownership of light-manufacturing and distribution warehouse facilities throughout Western New York.  In the 1980’s, Alan’s company spearheaded the redevelopment of Buffalo’s Theatre District. He also serves as a consultant in many aspects of real estate development.
8/3/16
Mr. Fitzmaurice’s 30 plus years of experience in property management has exposed him to virtually every facet of the field. He has extensive experience in operations, energy management, ownership transitions, marketing and leasing, labor relations, project management, public relations, life safety and risk management. 
8/3/16
Mr. Foerster is highly experienced both as a commercial real estate executive and as a faculty member in real estate development.  He has served as the Olson Real Estate Field Faculty Fellow and a full-time member of the real estate faculty in the Baker Program in Real Estate at Cornell University, where he taught core courses in our field and conducted outreach to the industry.
8/3/16
Mr. Hogan is Construction Executive and one of the owners of R&P Oak Hill Development, LLC, a construction management and general contracting firm that has built over $500 million in projects in Western New York over the last decade.  
8/3/16
Ms. Kane is the Real Estate Development Manager for Uniland Development Company, a leading builder, developer, and manager of commercial real estate in Western New York. 
8/3/16
Mr. LiPuma is the Managing Director of CBRE-Buffalo, a full service commercial real estate service provider. CBRE is the world’s largest provider of commercial real estate services. Prior to the association with CBRE-Buffalo, LiPuma was a principal with Comvest Consulting, Inc., a Western New York commercial real estate firm established in 1981.
12/7/16
Marguerite is Director of Acquisitions at Hamister Group, LLC where she is responsible for processes related to identifying and transacting real estate investments and dispositions.
8/3/16
Mr. Penman is Executive Vice President and Principal of Ciminelli Real Estate Corporation in Williamsville, New York.  In this position, he is responsible for new investment opportunities as well as for coordinating financial aspects of current construction and development endeavors. 
8/3/16
Ms. Powell is a principal owner and President of the Casilio group of companies. She oversees the Williamsville, New York-based company’s regional and national commercial real estate and construction activities.
8/3/16
Mr. Price, associate professor of urban and regional planning at UB, teaches and conducts research on housing and urban development finance, among other topics.  His consulting work spans investigation into site intensification schemes, creative financing mechanisms, approaches to brownfield redevelopment, and policy issues related to housing affordability. 
8/3/16
Mr. Savarino serves as President and Chief Executive Officer of Savarino Companies. Since it was formed in January of 2001, it has grown to be one of Western New York's leading general contracting, construction management and development firms.  
8/3/16
As Director of Capital Markets Group at Uniland, Mr. Sayadoff is responsible for the financing of Uniland’s commercial development projects as well as funding the company’s various capital requirements relating to acquisition of property. 
8/3/16
Mr. Schneider heads both Schneider Design, Architects, PC, which focuses on  educational and religious architecture and adaptive reuse of historic structures and Schneider Development, LLC, a property development company targeting the adaptive reuse of vacant and derelict buildings in Buffalo’s downtown core.
8/3/16
In 2009, Mr. Sinatra founded a real estate investment firm focused on the Western New York and Southern California areas called Sinatra & Company Real Estate. The entrepreneurial company invests in distressed multi-family and retail real estate.
8/3/16
With 35 years of diversified experience in urban development, Mr. Stebbins is the Vice President of Buffalo Urban Development Corporation (BUDC).
8/3/16
Mr. Weiss is one of the founding partners of Cannon Heyman & Weiss, LLP, a boutique law firm located in Albany, NY and Buffalo, NY.  
1/23/17
Ms. Yalamanchili is an attorney and the leader of Hodgson Russ LLP's Real Estate, Finance & Bankruptcy Practice Area. She has extensive experience in business and commercial real estate development, commercial leasing, and real estate investment and financing. 

Internship and Employment Opportunities

For a well-rounded real estate development education, we encourage our students to pursue internships during their course of study, and we support them in their search for employment. 

Students may apply for one-time approval to get up to 3-credit hours for internships demonstrating substantial individual accomplishment as reflected in a report, study, or analysis completed for the employer.  In addition, we encourage students to pursue full-time paid internships for the summer between their first and second year of study.  Our faculty and professional advisers have significant national industry relationships, and make special efforts to assist students in obtaining internships and permanent jobs.  As a result, our students have had an excellent record of success in the job market.  To date, all our students have obtained internships and graduates have obtained full-time, post-graduate employment within 30-60 days of graduation. 

Employers for internships and full-time, post graduate employment include the following leading firms in Buffalo, Charlotte, and New York City:

  • Arbor Realty Capital
  • Buffalo Urban Development Corporation
  • CBRE
  • Ciminelli Real Estate Corporation
  • Corning Incorporated
  • Durst Organization
  • Foundry Commercial
  • GAR Associates
  • Hamister Group
  • Iskalo Development
  • Jones Lang Lasalle
  • Largo Real Estate Advisors
  • McGuire Development
  • Priam Enterprises
  • Savarino Companies
  • Schneider Development
  • TM Montante Development
  • Uniland
We are proud of our students’ impressive start in the professional world of real estate development. 

As we move forward, we have strong relationships with numerous UB alumni in real estate industry leadership positions, in cities such as New York City, Boston, Chicago, Philadelphia, San Francisco, and Washington, DC.  These seasoned and innovative professionals have been instrumental in expanding our program’s geographical reach and impact.             

Career resources in real estate development

Resources on Careers in Real Estate

15 Major Buffalo Real Estate Developers (Buffalo News): Property development companies in the Buffalo area, with CEO names and capsule .http://www.buffalonews.com/business/prospectus/the-big-guns-whos-who-among-buffalo-developers-20140126

CCIM Institute: A professional commercial real estate association, provides  a job search engine via Select Leaders.
https://ccim.selectleaders.com

NAIOP Commercial Real Estate Development Association: Career center with job opportunities and career tips.
http://www.naiop.org/

NAIOP Upstate Chapter: Upstate New York conferences, job listings, networking opportunities, and current events.
http://www.naiopupstateny.com/

Select Leaders: A job board and resource site for those looking for positions in the real estate industry.
https://www.selectleaders.com/

Simply Hired: Job Board provides keyword searches pertaining to real estate development in NYC and surrounding areas.
http://www.nycrealestatejobs.com/a/jobs/find-jobs

The Real Estate Roundtable: A guide to over a dozen real estate development trade associations, some with their own career information.
http://www.rer.org/About_Us/Partner_Associations.aspx

Urban Land Institute: Career Center has career news and Job Board of national real estate development opportunities.
http://uli.org/programs/career-center/

Stan Ross, The Inside Track to Careers in Real Estate, Urban Land Institute, 2006; a book that addresses careers in the real estate industry; will help the reader determine whether a career in real estate is the right choice, and reveals how to get started in the field.

Interested in a MS in Real Estate Development?

Would you like to learn more about our Master of Science in Real Estate Development? Please fill out the form below and our graduate recruitment team will be happy to answer any questions.

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