NYU Schack Institute of Real Estate

Forty Years at the Forefront of the Real Estate Industry

It has been 40 years since the NYU Schack Institute of Real Estate was founded as the Real Estate Institute (REI) at the School of Continuing and Professional Studies. 

As it enters its fifth decade, the Schack Institute is now one of the largest university-based schools focused on professional education for the real estate and construction industries, offering two graduate degrees, four certificate programs, and continuing education courses for real estate professionals, architects and engineers.  Additionally, the Institute hosts two seminal industry events annually—the NYU REIT Symposium and the NYU Capital Markets Conference—as well as lecture series featuring esteemed speakers, breakfast programs, and panel discussions.

Students at the Schack Institute have the advantage of interacting with industry leaders through internships, research experiences and a capstone project all taking place in one of the world’s most vigorous and challenging real estate marketplaces – New York City.   With New York City being the financial capital of the world, the real estate program has continued to mirror the pulse of many professions, including finance, investment, banking and law. 

The Early Beginnings

The NYU Schack Institute of Real Estate was established in 1966 but had its beginnings in a real estate appraisal course offered in 1937, when, for $25, individuals looking to enter the field or advance their real estate careers could take a course that outlined the real estate appraisal process and issues in urban land evaluation, building construction, and cost analysis. After the Depression and World War II, few published materials and continuing education learning opportunities existed in the science of mortgage lending. In 1945, in cooperation with the Mortgage Bankers Association of America, SCPS held the first session of what was to become annual conferences for executives in mortgage banking. These cooperative seminars continue to this day. New seminars, such as “Operating Costs of Typical New York Properties,” also were introduced in response to profound economic and social changes brought about by World War II.

Growth and Expansion

The growth of the Schack Institute fluctuated with the swings in the real estate market. The 1970s saw a boom in the market, which drove rapid expansion of the Institute's diploma and non-degree course offerings. The Institute is unique in its ability to tailor programs to meet the needs of working adults and to professionalize the real estate and construction industry. “The cyclical nature of the market brings life to new practices and business models upon every turnaround,” says Rosemary Scanlon, associate professor of economics at the Schack Institute and former chief economist for the Port Authority of New York and New Jersey.

Career Advancement and Change

A large number of the Institute's new students are career changers—transitioning from careers in law, architecture, and finance. The real estate boom of the past 10 years made the real estate industry particularly attractive to young professionals. “SCPS recognizes that career change is a force in the American economy,” says D. Kenneth Patton, divisional dean and the Larry and Klara Silverstein Chair of the NYU Schack Institute of Real Estate. “The refresh button is vital to the city’s and country’s economies—providing an easy shift to new opportunities that develop.”

Growing Global Outlook

The program also has an international focus, educating students about global real estate conditions and developments, as well as attracting an increasing number of international students. These students come to the Schack Institute to gain skills and knowledge about New York real estate practices and to apply them successfully in their home real estate markets. Today, the Institute has a Beijing Exchange Program and is looking to further expand its global footprint.

Establishment of Graduate Programs

In the late 1980s, the Schack Institute's Master of Science in Real Estate was introduced to give students an even more in-depth experience in the study and practice of the complex business of real estate. The master’s program has grown to become the largest in the country and competes for students against institutions such as Wharton, Harvard, and Columbia. In 2002, SCPS created a Master of Science in Construction Management targeted at individuals seeking career advancement and an upgrade in skills to higher level positions, such as in large-scale construction project management. The Institute continues to see an interest in its graduate certificates and master’s degree programs, with 13 percent growth between 2004 and 2005.