Master of Science in Real Estate Practice at Pratt Institute
The Master of Science (MS) in Real Estate Practice at Pratt Institute educates students about the core principles and skills related to real estate practice. It focuses on housing and urban development and public/private partnerships. It also emphasizes achievement of the three E's of sustainability: economy, environment, and equity.
The program focuses on these areas because the increasing role of public/private partnerships makes it necessary for real estate professionals to interact with much broader interdisciplinary teams involved with urban development. Furthermore, the goals of sustainability--economic development, environmental stewardship, and social equity--are increasingly incorporated into development planning. Also, accomplishing community-based development goals has become an essential component of the development process. Thus, real estate professionals need the knowledge to practice across sectors while ensuring financial feasibility.
Program focus areas
The MS in Real Estate Practice focuses on three key disciplines of the real estate business:
- Real estate finance: Emphasis is placed on the public and private financing and urban economics involved with developing and investing in housing and urban development. Students learn about the financial instruments used to develop and invest in real estate. They gain an understanding of the connection between trends and markets so they can analyze the financial feasibility of real estate proposals.
- Real estate development: Emphasis is placed on the evolving sustainable development field. Students obtain the skills to become project managers and developers in urban development and housing within public/private partnership structures. They gain in-depth knowledge about the development process and learn how to manage integrated, multi-disciplinary processes that have multiple interests.
- Real estate law: Emphasis is placed on real estate development within the structure of public/private partnerships. Students acquire knowledge about legal and regulatory parameters that directly impact developing and investing in properties.
The MS in Real Estate Practice is a full-time program that consists of afternoon and evening classes. It has 36 credits of core and elective courses. Current core courses are listed below:
- "The Development Process"
- "Fundamentals of Real Estate Development Finance"
- "Real Estate Law and Land Use Regulation"
- "Public/Private Redevelopment - Practicum"
- "The Fundamentals of Real Estate Portfolio Investment"
- "Urban Economics and Market Analysis"
- "Real Estate Valuation and Capital Markets"
- "Project Management"
- "Demonstration of Professional Competence" (thesis or studio)
Electives can be taken from any of the six master's programs offered in the Programs for Sustainable Planning and Development.
Learning and career goals
Students work to achieve seven learning and career goals:
- Create high-quality development proposals, feasibility analyses, and other presentations and reports
- Demonstrate familiarity with the structures of mission-driven real estate practice, public/private partnerships, and sustainable development
- Demonstrate project management skills in real estate development
- Develop a network of fellow students, professors, and real estate professionals to facilitate the transition from academia to the workforce
- Develop practical and theoretical knowledge about real estate practice
- Select an area of concentration that builds upon the fundamental building blocks of real estate development, finance, and investment
- Use core real estate principles to develop, finance, and invest in housing and urban development projects
Admissions requirements for entering the MS in Real Estate Practice program at Pratt Institute include a bachelor's degree in architecture, business, construction management, engineering, political science, urban planning or interior design and a 500-word statement of purpose.
Applicants with bachelor's degrees in other fields can apply to the program. They may, however, need to complete non-credit courses in building technology or demonstrate that they've obtained equivalent knowledge via non-academic experience.
GRE or GMAT scores are not required but students can submit them. International applicants, whose native languages are not English, are required to submit TOEFL, Pearson, or IELTS scores (unless they've attended college in the US for four years).
Costs to attend graduate programs at Pratt Institute include tuition, academic and health services fees, and books and supplies.
The school offers graduate students need-based and merit-based financial assistance including assistantships (primarily for second-year students), loans, scholarships, and student employment. It also provides tuition management programs that allow students to spread payments over a year.
Founded in 1887, Pratt Institute prepares 4,800 students for successful careers in art, architecture, design, information and library science, and liberal arts and sciences. Its more than 25 undergraduate and concentrations and 25 graduate programs provide interdisciplinary curricula that promote collaboration and creativity.
The institute's faculty members are esteemed artists, designers, and scholars. For example, Samantha Hunt, professor in the Humanities & Media Department, was awarded a 2017 Guggenheim Fellowship. Steven Doloff, chairperson of English and humanities in the Humanities & Media Studies Department, received a 2017 New York Emmy Award. Eva Díaz, associate professor in the History of Art & Design Department, was the recipient of a 2017 Graham Foundation Research Award.
Pratt Institute's 25-acre main campus is located in the Clinton Hill section of Brooklyn, New York, which is situated in the northeastern region of the United States. It also has campuses in Manhattan and Utica, New York. Its locations provide living labs that complement classroom learning and provide internship, networking, and social opportunities.
Degrees & Awards
|Master's Degree Requirements||Bachelor's degree in architecture, business, construction management, engineering, or interior design; 500-word statement of purpose|
|International Students||Exam||Details||TOEFL: Required||
TOEFL Paper score: 550
TOEFL IBT score: 79
IELTS Paper score: 7
Tuition & Fees
|Black or African American||10%|
|White or Caucasian||20%|
|American Indian or Alaska Native||Not Reported|
|Native Hawaiian or Pacific Islander||Not Reported|
|Two or more races||10%|