As real estate challenges continue to escalate on Long Island, the Maurice A. Deane School of Law at Hofstra University is offering a new, intensive course that will provide students with the skills to navigate and shape the future of Long Island real estate development. Offered through Hofstra Law’s Wilbur F. Breslin Center for Real Estate Studies and in partnership with the Long Island Real Estate Group (LIREG), the interdisciplinary course will expose law and business students to every aspect of a real estate development project, from concept to construction.
“Hofstra’s continued dedication to the success of their students accompanied by LIREG’s goal of bolstering the next generation of Long Island real estate professionals has led to this strong and exciting partnership,” said Alison Brennan, a LIREG board member and chief executive officer of Einbinder Development.
A recent study released by Nassau County Comptroller Jack Schnirman revealed that corrective action must be immediately taken to keep millennials, who are currently leaving in droves, on Long Island. Two key steps for solving this problem is updating zoning codes and developing affordable housing options.
“By providing students with an in-depth, practical understanding of how to navigate each phase of a real estate project, they will be able to graduate law school with the tools needed to thrive in the real estate industry and confront the major real estate issues in the area,” said professor Ashira Pelman Ostrow, executive director of the Breslin Center.
Each of the 14 class sessions will focus on a different aspect of real estate development and be taught by a variety of industry expert lecturers, including developers, bankers, lenders and title experts. Topics to be discussed are feasibility studies, zoning and approvals, negotiating the contract of sale, title search, environmental review, product design, construction and finance, leasing, brokerage/marketing, property management, and condo/co-op residential housing.
On Sept. 18, the students visited two communities developed and constructed by Engel Burman, based in Garden City. The first site is designed to address the shortage of rental housing for young people and seniors on Long Island. This site will include two different communities: one for 55+ active adults and the other designed specifically for students and young people entering the local workforce. The second site consists of two communities as well, in Jericho that address senior living.
“Real estate development on Long Island has always been inherently complicated due to fragmented politics and antiquated zoning codes. We’re finding that development is becoming increasingly difficult over time here,” explained Scott Burman, Partner at The Engel Burman Group. “Our collaboration with Hofstra Law is extremely exciting and I look forward participating by educating the next generation of professionals about the intricacies of real estate.”
—Submitted by Hofstra University