M.S. Real Estate Development

Overview

The Master of Science in Real Estate Development (MSRED) is a three-semester, 45-credit degree program grounded in applied systems-based thinking, quantitative analysis, and data-driven decision-making within the context of global real estate markets. The program integrates financial modeling, investment analytics, capital markets, risk assessment with an understanding of the built environment and its corresponding regulatory and project execution requirements. The program prepares graduates for leadership roles across real estate finance, private equity, asset management, and development firms.

Real estate today is no longer defined primarily by speculative development and form-based design expertise. In keeping with the evolution of contemporary real estate practice, the discipline requires new methodological frameworks operating at the intersection of quantitative asset modeling, risk analytics, climate modeling, financial engineering, spatial computation, infrastructure systems, and regulatory optimization.

Our curriculum emphasizes these analytical and quantitative foundations of real estate practice while also being attentive to the physical, environmental and social dimensions of development. Working with shifting market conditions, regulatory changes and evolving building codes allows students to model current real estate conditions and address contemporary city-making needs.

The program has been carefully structured across three semesters.

The first semester focuses on core conceptual foundations with required classes in finance, market analysis, built form, regulatory practices and legal principles. Course experience is coupled with office and site visits that allow students to understand the New York City real estate ecosystem.

The second semester advances analytical synthesis of real estate finance and development concepts through required classes in applied underwriting, deal structuring, finance and lease analysis. Students are matched with alumni mentors, and a weekly lecture series provides additional exposure to real estate leaders.

The third and final semester deepens technical specialization through electives in capital markets, private equity, advanced financial modeling, asset management, and AI-driven market analysis. The program culminates in a required Capstone project, enabling student groups to work with industry leaders to develop a comprehensive, analytically driven investment proposal. Students produce a detailed deal book incorporating financial modeling, capital structuring, market data analysis, and risk evaluation, and present and defend their analysis before faculty, alumni, and industry professionals. Students are also able to pursue for-credit internships that further integrate applied financial and analytical training into their academic experience.

The MSRED program benefits from its proximity to New York City’s real estate and capital markets ecosystem. Industry practitioners serve as adjunct faculty, bringing real-time investment and development experience into the classroom.

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The program has been carefully structured across three semesters.

Contact

For more information on the program, please email realestate@arch.columbia.edu.

Application Deadline: January 15, 2027.

MSRED offers an early action deadline of December 15, 2026, with a first round of decisions to be released before the end of January, 2027. This initiative is specifically designed to support incoming students with additional time to prepare for the Summer semester.

Application Details

People

Adam Lubinsky, Interim Program Director

Hera H. Suh, Associate Director, Academic Affairs

Thelma Collado, Assistant Director

Watch the winning “La Mezcla” team that included GSAPP MSRED students Jonathan Hong, Matea Kulusic, and Pavel Petrov for the 2020 ULI Hines Competition.

M.S. RED students in Fayerweather Hall

Student trip to Santiago Calatrava’s World Trade Center transportation hub prior to its opening.

Student organizations

Student trip to Rafael Viñoly’s 432 Park Avenue residential tower prior to its opening

M.S. RED Council members in front of Avery Hall

Student travel

Center for Urban Real Estate (CURE) Benefit 2016

Curriculum

Intensive Summer Semester

The introduction to the program begins with immersion in real estate finance, construction technology, market analytics, and other foundational subjects. Electives are limited to allow students with diverse background experiences to build essential financial, graphic, and analytical competencies.

Expansive Fall Semester

While core skills continue to be developed—particularly in finance, history of development, and real estate law—students are given significant elective opportunities to broaden their theoretical and applied skill sets by concentrating on the unique finance or design course tracks available only at Columbia.

Integrated Spring Semester

With a central focus on capstone projects, complex financial and economic modeling, and public policy, students bring together a cross-disciplinary portfolio of independent and supervised research and coursework, graduating with a holistic professional foundation.

Columbia GSAPP MSRED Program Introduction

Current Faculty

Fall 2026 Courses

Course	Semester	Title	Instructor	Syllabus	Requirements & Sequence	Location & Time	Session & Points	Call No.
PLAN4312‑1	Fall 2026	Real Estate Finance II: Mechanics of Debt and Equity	Chris Munsell		MSRED Only, PLAN4310 Prerequisite or Program Approval Real Estate Required	113 Avery W 6 PM - 8 PM	Full Semester 3 Points	10743
PLAN4326‑1	Fall 2026	Real Estate Finance II: Tutorial	Eric Andersen		MSRED Only, PLAN4310 Prerequisite or Program Approval Real Estate Required	113 Avery TU 6:30 PM - 8 PM	Full Semester 0 Points	10744
PLAN4539‑1	Fall 2026	The Development Process: Assessing Financial Feasibility and Deal Structuring	Cecily King		MSRED Only, PLAN6394 Prerequisite or Program Approval Real Estate Required	113 Avery TH 11 AM - 1 PM	Full Semester 3 Points	10745
PLAN4543‑1	Fall 2026	Development Process Lab	Ian Nicholson		MSRED Only, PLAN6394 Prerequisite or Program Approval Real Estate Required	113 Avery TU 11 AM - 1 PM	Full Semester 0 Points	14825
PLAN6050‑1	Fall 2026	RED Elective Internship	Hera H. Suh		MSRED Only, Program approval Real Estate Elective	N/A N/A	Full Semester 1.5 Points	10746
PLAN6212‑1	Fall 2026	Affordable Housing, Development and Policy	Ed Poteat		ALL GSAPP Real Estate Elective	209 Fayerweather TU 1 PM - 3 PM	Session A 1.5 Points	14826
PLAN6252‑1	Fall 2026	Architect and Developer Dialogues	Raquel Ramati		MSRED Only Real Estate Elective	Off-Campus Site Visits M 2:30 PM - 4:30 PM	Session A 1.5 Points	10749
PLAN6259‑1	Fall 2026	Capital Markets: U.S. REIT Analysis & Investment	David Kruth		MSRED Only, PLAN4310 Prerequisite or Program Approval Real Estate Elective	113 Avery W 11 AM - 1 PM	Full Semester 3 Points	10750
PLAN6265‑1	Fall 2026	Underwriting: Analytical Methods for Different Asset Classes	Chris Munsell		MSRED Only, PLAN4310 Prerequisite or Program Approval Real Estate Required	113 Avery W 3:30 PM - 5:30 PM	Full Semester 3 Points	10751
PLAN6275‑1	Fall 2026	Transit Oriented Development	Kate Ascher		ALL GSAPP Real Estate Elective	209 Fayerweather M 1 PM - 3 PM	Full Semester 3 Points	17950
PLAN6281‑1	Fall 2026	Hotel Development and Investment Analysis	Adam Feil		MSRED Only, PLAN4310 Prerequisite or Program Approval Real Estate Elective	209 Fayerweather F 9 AM - 11 AM	Session B 1.5 Points	10752
PLAN6377‑1	Fall 2026	Funds Management and Capital Raising	Marc Weidner		MSRED Only, PLAN4310 Prerequisite or Program Approval Real Estate Elective	113 Avery TU + TH 9 AM - 11 AM	Session A (9/8 - 9/24) 1.5 Points	10769
PLAN6568‑1	Fall 2026	Public-Private Partnerships in Real Estate Development	Shuprotim Bhaumik		MSRED Only, PLAN4310 Prerequisite or Program Approval Real Estate Elective	209 Fayerweather TH 4:30 PM - 6:30 PM	Session B 1.5 Points	14828
PLAN6603‑1	Fall 2026	Lease Analysis & Financial Metrics: Fundamentals, Analysis, and Negotiation	Sara Queen		MSRED Only, PLAN4310 Prerequisite or Program Approval Real Estate Required	113 Avery TU 4:15 PM - 6:15 PM	Session A 1.5 Points	10770
PLAN6721‑1	Fall 2026	Design by Development: Possibilities of Form	Eran Chen		ALL GSAPP Real Estate Elective	209 Fayerweather M 9 AM - 11 AM	Session B (10/19 - 12/01) 1.5 Points	17230
PLAN6838‑1	Fall 2026	Real Estate Entrepreneurship and Development	Haig Nazarian		MSRED Only, PLAN4310 Prerequisite or Program Approval Real Estate Elective	113 Avery TU 4 PM - 6 PM	Session B 1.5 Points	10772
PLAN6840‑1	Fall 2026	Real Estate Valuation & Investment Analysis	Jake Pesci		MSRED Only, PLAN4310 Prerequisite or Program Approval Real Estate Elective	113 Avery TU 9 AM - 11 AM	Session B 1.5 Points	10774
PLAN6873‑1	Fall 2026	Financial Modeling Case Studies	Chok Lei		MSRED Only, PLAN4310 Prerequisite or Program Approval Real Estate Elective	209 Fayerweather TH 4:30 PM - 6:30 PM	Session A 1.5 Points	10775
PLAN6938‑1	Fall 2026	Development: Creative Act + Science Experiment	Jay Cross		MSRED Only, PLAN4310 Prerequisite or Program Approval Real Estate Elective	113 Avery TH 2:30 PM - 4:30 PM	Full Semester 3 Points	17235
PLAN6954‑1	Fall 2026	Advanced Real Estate Debt Investments	Matthew Choi		MSRED Only, PLAN4310 Prerequisite or Program Approval Real Estate Elective	209 Fayerweather M 4 PM - 6 PM	Session B 1.5 Points	17236
PLAN8792‑1	Fall 2026	Individual Research	Hera H. Suh		MSRED Only Real Estate Elective	N/A N/A	Full Semester 1.5 Points	10776
ARCH6965‑1	Fall 2026	Advanced Studio V – Clinic	Lucia Rebolino		ALL GSAPP	700 Avery TH 1:30 - 4 PM	Full Semester 3 Points	10570
ARCH4312‑1	Fall 2026	Storytelling Through Design	Hilary Sample		ALL GSAPP + SoA Interdisciplinary	409 Avery TH 9 AM - 11 AM	Full Semester 3 Points	10568
ARCH4352‑1	Fall 2026	Events in Modern Architecture 1850-Present: Exhibitions	Mary McLeod		ALL GSAPP History & Theory Post-1800 N/W	409 Avery TU 11 AM - 1 PM	Full Semester 3 Points	10574
ARCH4427‑1	Fall 2026	Architecture Apropos Art	Dimitra Tsachrelia		ALL GSAPP Design Seminar Architecture Elective	412 Avery TH 11 AM - 1 PM	Full Semester 3 Points	10583
ARCH4441‑1	Fall 2026	Interlaced Existence: Death, Life, Liminality	Karla Rothstein		ALL GSAPP Design Seminar Architecture Elective	200 Buell North TU 11 AM - 1 PM	Full Semester 3 Points	15503
ARCH4442‑1	Fall 2026	If Buildings Had DNA	Christoph Kumpusch		ALL GSAPP Design Seminar Architecture Elective	115 Avery TU 1 PM - 3 PM	Full Semester 3 Points	10584
ARCH4469‑1	Fall 2026	The History of Architecture Theory	Mark Wigley		ALL GSAPP History & Theory Post-1800 N/W Modern*	114 Avery W 11 AM - 1 PM	Full Semester 3 Points	10575
ARCH4597‑1	Fall 2026	Extreme Design	Mark Wigley		ALL GSAPP History & Theory Modern* N/W Post-1800	412 Avery TU 11 AM - 1 PM	Full Semester 3 Points	10577
ARCH4625‑1	Fall 2026	Tensile/Compression Surfaces in Architecture: Tactile Methods for Architects	Robert Marino		ALL GSAPP Building Science & Technology Elective	Ware Lounge (600 Avery) TU 11 AM - 1 PM	Full Semester 3 Points	10600
ARCH4845‑1	Fall 2026	Generative Design I	Danil Nagy		ALL GSAPP Visual Studies* Computation Computational Glue	Ware Lounge (600 Avery) TU 9 AM - 11 AM	Full Semester 3 Points	10590
ARCH4892‑1	Fall 2026	Data Visualization for Architecture, Urbanism and the Humanities	Jia Zhang		ALL GSAPP Visual Studies* Computation Computational Glue	409 Avery F 9 AM - 11 AM	Full Semester 3 Points	10591
ARCH4987‑1	Fall 2026	Architectural Photography: From the Models to the Built World	Michael Vahrenwald		Visual Studies* Representation	115 Avery TU 9 AM - 11 AM	Full Semester 3 Points	19779
ARCH6682‑1	Fall 2026	Subject_Object	Suchi Reddy		ALL GSAPP Building Science & Technology Elective	300 Buell North TH 11 AM - 1 PM	Full Semester 3 Points	10601
ARCH6756‑1	Fall 2026	Make	Ada Tolla, Giuseppe Lignano		ALL GSAPP Visual Studies* Representation	Ware Lounge (600 Avery) F 11 AM - 1 PM	Full Semester 3 Points	10587
ARCH6768‑1	Fall 2026	Conservation of Architectural Metals	Richard Pieper		ALL GSAPP Building Science & Technology Elective HP Elective	Preservation Technology Lab (655 Schermerhorn) M 10 AM - 1 PM	Session A 1.5 Points	10615
ARCH6801‑1	Fall 2026	Structural Daring & The Sublime In Pre-Modern Architecture	Rory O'Neill		ALL GSAPP History & Theory Pre-1800 N/W	412 Avery F 11 AM - 1 PM	Full Semester 3 Points	12268
ARCH6815‑1	Fall 2026	Public Space: Rhetorics + Practices	David Smiley		ALL GSAPP Urban Design Seminar History & Theory Post-1800 N/W	412 Avery TU 1 PM - 3 PM	Full Semester 3 Points	15505
ARCH6830‑1	Fall 2026	Difference and Design	Justin Moore		ALL GSAPP + Tuskegee TSACS Urban Design Seminar Interdisciplinary	409 Avery TU 9 AM -11 AM	Full Semester 3 Points	10604
ARCH6832‑1	Fall 2026	Toward Resilient Cities and Landscapes	Kate Orff		ALL GSAPP Urban Design Seminar	115 Avery TU 3 PM - 5 PM	Full Semester 3 Points	15506
ARCH6921‑1	Fall 2026	AI for Existing Buildings	Kivanc Kose		ALL GSAPP HP Elective Computational Glue	Preservation Technology Lab (655 Schermerhorn) W 6 PM - 8 PM	Session B 1.5 Points	10715
ARCH6934‑1	Fall 2026	Traditional Building Technology	Tim Michiels		HP Required	Preservation Technology Lab (655 Schermerhorn) TH 9 AM - 11:30 AM	Full Semester 3 Points	10716
ARCH6937‑1	Fall 2026	Visualization Techniques for Arch Preservation	André Jauregui		ALL GSAPP HP Elective Computational Glue	Preservation Technology Lab (655 Schermerhorn) W 6 PM - 8 PM	Session A 1.4 Points	10717
ARCH6938‑1	Fall 2026	Rendering Systems	Seth Thompson		ALL GSAPP Visual Studies* Computation Computational Glue	300 Buell South TU 7 PM - 9 PM	Full Semester 3 Points	10595
ARCH6939‑1	Fall 2026	GIS for Design Practices	Mario Giampieri		ALL GSAPP Visual Studies* Computation Computational Glue	408 Avery F 11 AM - 1 PM	Full Semester 3 Points	10594
ARCH6941‑1	Fall 2026	Architectural Acoustics and Field Recordings	Ethan Bourdeau		ALL GSAPP Building Science & Technology Elective Computational Glue	504 Avery TU 11 AM - 1 PM	Full Semester 3 Points	17231
ARCH6956‑1	Fall 2026	Spatial AI	William Martin		ALL GSAPP Visual Studies* Computation Computational Glue	115 Avery TH 11 AM - 1 PM	Full Semester 3 Points	10593
ARCH6966‑1	Fall 2026	Le Corbusier Beyond Europe	Mary McLeod		ALL GSAPP History & Theory Post-1800 N/W S/E	412 Avery W 4 PM - 6 PM	Full Semester 3 Points	10581
ARCH6980‑1	Fall 2026	Global Housing Seminar	Galia Solomonoff		ALL GSAPP Design Seminar Architecture Elective	408 Avery TH 11 AM - 1 PM	Full Semester 3 Points	14226
ARCH6982‑1	Fall 2026	Planetary Media	Amelyn Ng		ALL GSAPP Representation	408 Avery TU 11 AM - 1 PM	Full Semester 3 Points	10592
ARCH6986‑1	Fall 2026	Digital Fabrication at Scale	Joseph Brennan		ALL GSAPP Computation Computational Glue	408 Avery M 9 AM - 11 AM	Full Semester 3 Points	10596
ARCH6990‑1	Fall 2026	Exposed: Advanced Structural Design	Hermona Tamrat		ALL GSAPP Building Science & Technology Elective Architecture Elective	505 Avery W 11 AM - 1 PM	Full Semester 3 Points	10777
ARCH6991‑1	Fall 2026	Biogenic Sections	Marc Tsurumaki		ALL GSAPP Building Science & Technology Elective	Ware Lounge (600 Avery) TH 11 AM - 1 PM	Full Semester 3 Points	10606
PLAN4022‑1	Fall 2026	Fundamentals of Urban Digital Design	Sybil Wa		UP Elective	UP Computer Lab (202 Fayerweather) TH 3 PM - 5 PM	Full Semester 3 Points	10719
PLAN4320‑1	Fall 2026	Urban Design For Planners	Jonathan Martin		Built Environment* UP Elective	Ware Lounge (600 Avery) W 9 AM - 11 AM	Full Semester 3 Points	11901
PLAN4881‑1	Fall 2026	Practicum: Planning the Cultural Space	Douglas Woodward, Peter Flamm		ALL GSAPP Community & Economic Development* UP Elective	204 Fayerweather TU 3 PM - 5 PM	Full Semester 3 Points	11902
PLAN6009‑1	Fall 2026	Environmental Data Analysis	Peter Marcotullio, Kaz Sakamoto		ALL GSAPP Analytics* UP Elective Computational Glue	412 Avery M 3 PM - 5 PM	Full Semester 3 Points	10724
PLAN6088‑1	Fall 2026	Introduction to International Planning	Ebru Gencer		International* UP Elective	204 Fayerweather M 1 PM - 3 PM	Full Semester 3 Points	10725
PLAN6121‑1	Fall 2026	Practicum: Residential Planning in Global Cities	Kate Dunham		Built Environment* International* UP Elective	203 Fayerweather F 11 AM - 1 PM	Session A 1.5 Points	10727
PLAN6328‑1	Fall 2026	Site Planning & Support Systems	Graham Trelstad		Built Environment* UP Elective	204 Fayerweather M 5 PM - 7 PM	Full Semester 3 Points	10728
PLAN6434‑1	Fall 2026	Introduction to Transportation Planning	Rachel Weinberger		Built Environment* UP Elective	204 Fayerweather TH 1 PM - 3 PM	Full Semester 3 Points	10729
PLAN6612‑1	Fall 2026	Planning for Justice in a Low Carbon Future	Javier Lopez		Community & Economic Development* UP Elective	408 Avery M 11 AM - 1 PM	Full Semester 3 Points	10730
PLAN6619‑1	Fall 2026	Intro to Urban Data and Informatics	Timothy Yoshimura		ALL GSAPP Analytics* UP Elective Computational Glue	UP Computer Lab (202 Fayerweather) F 9 AM - 11 AM	Full Semester 3 Points	10731
PLAN6621‑1	Fall 2026	Law, Politics, and Planning Practice	Howard Slatkin		ALL GSAPP Community & Economic Development* UP Elective	203 Fayerweather W 5 PM - 7 PM	Full Semester 3 Points	11916
PLAN6642‑1	Fall 2026	Metropolitan Planning	Thomas Wright		ALL GSAPP Built Environment* UP Elective	204 Fayerweather W 5 PM - 7 PM	Session A 1.5 Points	11903
PLAN6646‑1	Fall 2026	Affordable Housing in High Demand Cities	Kristin Miller, Evan Easterbrooks-Dick		ALL GSAPP Community & Economic Development* UP Elective	203 Fayerweather TH 5 PM - 7 PM	Full Semester 3 Points	10732
PLAN6719‑1	Fall 2026	Building Adaptation and Reuse	Andy Golubitsky, Gabriel Randall		ALL GSAPP Real Estate Elective HP Elective	209 Fayerweather F 1 PM - 3 PM	Session B 1.5 Points	10771
PLAN6921‑1	Fall 2026	Practicum: Urban Analytics for Social Good	Boyeong Hong		UP Elective	UP Computer Lab (202 Fayerweather) M 11 AM - 1 PM	Full Semester 3 Points	10735
PLAN6923‑1	Fall 2026	Data Infrastructure and Management in the Context of AI	Suprima Bhele	Syllabus	UP Elective	UP Computer Lab (202 Fayerweather) TU 6 PM - 8 PM	Session B 1.5 Points	11917
PLAN6928‑1	Fall 2026	Global Best Practices in Public Transportation		Syllabus	UP Elective	200 Buell North TU 6 PM - 8 PM	Full Semester 3 Points	10737
PLAN6942‑1	Fall 2026	Community Development Finance Practicum	Kevin McQueen		Community & Economic Development* UP Elective	412 Avery M 5 PM - 7 PM	Full Semester 3 Points	10738
PLAN6946‑1	Fall 2026	Housing the Unhoused: A Practicum	Jessica Katz		ALL GSAPP Community & Economic Development* UP Elective	204 Fayerweather W 5 PM - 7 PM	Session B 1.5 Points	11904
ARCH4518‑1	Fall 2026	Exhibition Histories, Curating Theories	Mark Wasiuta		ALL GSAPP History & Theory Post-1800 N/W	300 Buell South TH 11 AM - 1 PM	Full Semester 3 Points	14824
ARCH6987‑1	Fall 2026	Simulations, Models, Twins	Adam Vosburgh		ALL GSAPP Computation Computational Glue	300 Buell South TH 9 AM - 11 AM	Full Semester 3 Points	17234
PLAN6272‑1	Fall 2026	New York Rising: How Real Estate Shapes a City	Kate Ascher		ALL GSAPP Interdisciplinary	114 Avery F 11 AM - 1 PM	Full Semester 3 Points	10567

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M.S. RED student Samuel Oketcho at the Fall 2016 ULI Conference in Dallas

The ULI Fall Meeting attracts more than 6,000 attendees annually, bringing together every sector of the real estate industry in one place. Columbia GSAPP’s M.S. RED students attended the Fall 2016 meeting in Dallas in full force, where student Samuel Oketcho was interview by ULI on his takeaways from the conference.

M.S. Real Estate Development

People

Fall 2026 Courses

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