Gary Romaniello (’15SPS, Construction Administration) spent decades building a successful career in finance. Then came the subprime mortgage crisis, which brought one of his development projects to a screeching halt.
A construction lender backed out of a loan commitment. A land loan was maturing. His construction partner had to step back. Suddenly, Romaniello found himself managing sub-contractors, negotiating overruns, and willing the project across the finish line.
“As I got through that, I realized that work and my day job were dealing with similar issues within our balance sheet. Construction loans we made were going bust,” he said. “I didn’t intend to be in construction, but I never wanted to be blindsided again.”
That moment of reckoning, born from the collapse of the subprime mortgage market, turned out to be a pivotal career shift. Romaniello, who had always been interested in development, realized that the only way to become the kind of real estate investor he aspired to be was to understand projects from the ground up.
His next step: Columbia SPS.
Back to School, Breaking New Ground
Romaniello had first entered the finance world after earning his MBA in the early 1990s, during the aftermath of the savings and loan crisis. A position at Bank One Capital led him to Dallas, then Houston, where he built a network that included JPMorgan and Lehman Brothers. That network eventually brought him back to New York—just in time for the Great Recession.
He persevered through the crisis, and his experiences on both the construction and the investment sides brought him a solid base in managing real estate projects. The only thing left to do was refine that expertise to ensure that if another hurdle appeared, he would be ready.
In 2010, Romaniello enrolled in the M.S. in Construction Administration (CNAD) program at Columbia SPS, spreading the coursework over five years while continuing to work full-time in finance. His employer covered tuition through reimbursement, allowing him to pursue the degree at his own pace.
The range of backgrounds represented among his fellow students and the CNAD faculty enriched Romaniello’s learning in meaningful ways. “Despite the fact that I spread the program over five years, I came out with a great group of contacts,” he said.
“I didn’t grow up reading and interpreting construction plans,” Romaniello added. “Some of those core courses were so easy for them. But they had more challenges when it came to other things that I had experience with, such as financing and putting together a capital stack.”
His lack of prior experience in construction planning meant some of his classes were tough, he shared, “but the professors were generous with their time.” One adjunct faculty member even invited Romaniello to her office in White Plains for extra guidance.
The capstone project was a major highlight of the program. His group took on a real-world condo development in Tribeca, just blocks from where he lived. “It’s such a small world,” he said. “I ended up crossing paths with the developer outside of the academic setting, and now I’m developing a condo project in Tribeca myself.”
Grinding Through Challenges in Project Development
One of the main life lessons that has stayed with Romaniello throughout his career is the importance of perseverance. “I might not have been the smartest guy in the room, but I could usually outwork most of the people,” he said.
That tenacity helped him through the financial crisis and has been invaluable to his current work in real estate development in New York City, where time and cost pressures can quickly derail a project. Roadblocks and hurdles are inevitable in development, he noted. “You can throw your hands up, or you can grind your way through them.”
In the unforgiving field of real estate, developers also need strong administration skills. If you go over budget or miss your timing, your profits can evaporate. “You can’t control the market you deliver into,” Romaniello warned, “but good project management helps you hedge against those risks.”
A New Era for the Program—and for Romaniello
As Columbia’s M.S. in Construction Administration evolves into the new M.S. in Project Management, Romaniello sees exciting potential in the program’s expanded scope and its new dedicated Construction concentration as it offers greater collaboration with Columbia Engineering, which will administer the program jointly with SPS.
“I took some classes with graduate engineering students, and those group projects brought a whole new dimension,” he said.
For students considering the program, Romaniello encourages taking full advantage of Columbia’s resources and relationships. “Value your relationships and nurture them,” he advised. In his own case, a serendipitous encounter with fellow CNAD alum Cedric Abboud in a midtown office building led to a joint development project in Tribeca .
Today, in addition to his busy role as managing principal of GRA Equities, Romaniello is investing in the next generation of real estate professionals as president of the not-for-profit American Immobiliare, which provides an educational platform to discuss and shape the future of the commercial real estate industry. He hopes that this support will extend to SPS students and encourages members of his alma mater to apply.
Though he completed the program in 2015, the impact, he says, has stayed with him. “It was just fun going up to that campus,” Romaniello recalled. “Even as a part-time student, I really tried to get everything I could out of it. And I wasn’t disappointed.”
About the Program
The Columbia University Master of Science in Project Management program equips individuals with the strategic, analytical, and leadership skills essential for a successful career managing complex projects across industries and borders.
Available full-time or part-time, the M.S. in Project Management is designed for professionals who want to advance into leadership roles or formalize their project management experience with a strong academic and practical foundation. Students can opt for the general Project Management program or choose from one of the four specialized concentrations: Construction, Sports Management, Sustainability Management, and Technology Management.
Taught by scholar-practitioners and enhanced by Columbia’s location in New York City, the curriculum integrates emerging digital tools and AI-driven practices to help graduates make data-informed decisions and improve operational efficiency. Graduates will be prepared to lead high-stakes projects with confidence and clarity, and return to the job market with a competitive edge.
Learn more about the program here.
