Yes most definitely explain the reason for the score. Not sure when NYU releases decisions for the PT program but if you can get the retake in before the decision date that would really be ideal, as pretty much all schools will consider your best score, and most allow you to send updated scores. If you can't fit in a retake they will consider the 500 which will be a really tough sell especially since your GPA isn't particularly great.
For reference, the average GPA for Stern PT is 3.35 and the average GMAT is 671. You have good work experience and the fact that you are sponsored helps, so I'd think if you can get your GMAT up towards the average you'd have a real good shot of getting in. The acceptance rate is about 61%.
For reference, the average GPA for Stern PT is 3.35 and the average GMAT is 671. You have good work experience and the fact that you are sponsored helps, so I'd think if you can get your GMAT up towards the average you'd have a real good shot of getting in. The acceptance rate is about 61%.