NYU Stern School of Business

Undergraduate College

MULT-UB.0051.001 (C70.0051): Real Estate Transactions

Spring 2013

Instructor Details

Calderon, Jeanne


M 12:30-1:30 pm; W 12:30-1:30 pm

Tisch 428


Course Meetings

MW, 2:00pm to 3:15pm

Tisch T-UC05

Final Exam: May 13, 2013

Schedule exceptions
    Class will not meet on: February 18; March 18; and March 20, 2013
    Class will meet on:


Course Description and Learning Goals

This course examines the legal issues arising in each phase of commercial real estate transactions  from the acquisition through the disposition of the property, including all aspects of real estate development and real estate financing. The main topics covered will include property acquisition; entity selection and structure; tax considerations; construction and permanent financing; development; mortgage securitization; leasing; workouts and other exit strategies; and current legal issues.   This course will prepare the student to become sensitive to the wide variety of legal issues and topics encountered in commercial real estate transactions from the perspective of a business professional.


Course Pre-Requisites

Satisfactory completion of Law, Business & Society is required.


Course Outline

The schedule set forth below is subject to change as the need arises.  All changes will be announced in class, posted on Blackboard and/or sent in an email message to students.  If you miss a class session it is your responsibility to find out what you missed from another student.


It is anticipated that at least 2 of the class sessions (to be specified) will not be held in the afternoon, but instead will be held on Wednesday from 6-9 p.m. to accommodate guest lecturers who will join Professor Calderon during the MBA version of this course.




Lefcoe Reading Assignments (not entire chapter, only those pages indicated)

 January 28

Course Overview





 January 30






 February 04

Property - cont'd





 February 06

Role of  Brokers & Attorneys

Ch 3: pp 29-34; 38-57; 58-60; Ch 1: pp 1-14




 February 11

Acquisition/Contract of Sale

Ch 4, 5, 6, 8 & 9: pp 63-81; 85-90; 105-124; 141-150; 153-164




 February 13

Contract of Sale (Cont'd)





 February 18

No Class - Presidents' Day





 February 20

Contract Due Diligence:



    Land Use & Zoning

Ch 33: 795-803; 803-805; 810-815; 815-821; 821-825; 826-836



Ch 33: pp 842-854




 February 25

Contract Due Diligence (cont'd)



Title and Title Insurance, and Surveys

Ch7 & 15: pp 127-139; 287-304; 307-308

 February 27

Group Project - Presentation


 March 04

Contract of Sale - closing





 March 06

Entity Choice

Ch 29: pp 661-683; (683-688 REIT)




 March 11

Entity Choice - cont'd





 March 13

Equity Structure





 March 18

No Class - Spring Break





 March 20

No Class - Spring Break





 March 25

Equity Structure - cont'd





 March 27

Midterm Examination





 April 01

Equity Structure – cont’d

see above




 April 03

Debt: Mortgage

Ch 5, 10, 11 & 12: pp 90-97; 167-176; 197-207; 209-222; 225-239




 April 08

Mortgage - continued

Ch 24: pp 495-521 (skip case); 717-721(Mezz)




 April 10

Commercial Leasing

Ch 32: pp 749-792




 April 15

Foreclosure & Remedies

Ch 20 & 21: pp 409-426; 429-432; 435-447; 452-458


Distressed Debt and Work Outs

Ch 23: pp 481-493




 April 17


Ch  10:  pp177-184




 April 22

Securitization - cont'd

see above




 April 24

Income Tax Considerations

Ch 28: pp 623-657; LLC and REIT references above




 April 29

Income Tax Considerations – cont’d

see above




 May 01

Current Issues





 May 06

Group Project - Class Presentation





 May 08

Review Class





 May 13

Final Examination



Required Course Materials

Real Estate Transactions, Finance and Development(Lexis Nexis 2009) by George Lefcoe. Supplementary materials will be posted on Blackboard and/or will be distributed in class.



Assessment Components

See Grading Requirements.



The final grade for this course will be based on the components set forth below generally in accordance with the corresponding percentages. All course requirements must be completed to pass this course.


Class Attendance and Participation                                10%

Midterm Examination                                                   30%

Projects and Other Assignments                                   30%

Final Examination                                                        30%



The process of assigning grades is intended to be one of unbiased evaluation. Students are encouraged to respect the integrity and authority of the professor’s grading system and are discouraged from pursuing arbitrary challenges to it.

If you believe an inadvertent error has been made in the grading of an individual assignment or in assessing an overall course grade, a request to have the grade re-evaluated may be submitted. You must submit such requests in writing to me within 7 days of receiving the grade, including a brief written statement of why you believe that an error in grading has been made.


Professional Responsibilities For This Course




In-class contribution is a significant part of your grade and an important part of our shared learning experience. Your active participation helps me to evaluate your overall performance.
You can excel in this area if you come to class on time and contribute to the course by:




Classroom Norms


Stern Policies

General Behavior
The School expects that students will conduct themselves with respect and professionalism toward faculty, students, and others present in class and will follow the rules laid down by the instructor for classroom behavior.  Students who fail to do so may be asked to leave the classroom. 


Collaboration on Graded Assignments
Students may not work together on graded assignment unless the instructor gives express permission. 


Course Evaluations
Course evaluations are important to us and to students who come after you.  Please complete them thoughtfully.


Academic Integrity

Integrity is critical to the learning process and to all that we do here at NYU Stern. As members of our community, all students agree to abide by the NYU Stern Student Code of Conduct, which includes a commitment to:

The entire Stern Student Code of Conduct applies to all students enrolled in Stern courses and can be found here:

Undergraduate College: http://www.stern.nyu.edu/uc/codeofconduct
Graduate Programs: http://w4.stern.nyu.edu/studentactivities/involved.cfm?doc_id=102505

To help ensure the integrity of our learning community, prose assignments you submit to Blackboard will be submitted to Turnitin.  Turnitin will compare your submission to a database of prior submissions to Turnitin, current and archived Web pages, periodicals, journals, and publications.  Additionally, your document will become part of the Turnitin database.


Recording of Classes

Your class may be recorded for educational purposes


Students with Disabilities

If you have a qualified disability and will require academic accommodation of any kind during this course, you must notify me at the beginning of the course and provide a letter from the Moses Center for Students with Disabilities (CSD, 998-4980, www.nyu.edu/csd) verifying your registration and outlining the accommodations they recommend.  If you will need to take an exam at the CSD, you must submit a completed Exam Accommodations Form to them at least one week prior to the scheduled exam time to be guaranteed accommodation.


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