In this special episode of the Real Estate Forum podcast, two of Columbia Business School’s most distinguished economists, Glenn Hubbard, Dean Emeritus of Columbia Business School, and Abby Joseph Cohen, Professor at Columbia Business School and former Chief Investment Strategist at Goldman Sachs, came together on December 2, 2025, for a timely economic briefing at the 18th Annual Columbia Business School Real Estate Symposium on Columbia Business School’s Manhattanville campus.
In a wide-ranging and candid conversation, Glenn and Abby examine the state of the U.S. and global economy through the lens of real estate. They discuss the macroeconomic forces shaping capital markets, the evolving policy environment, interest rate expectations, and the structural shifts influencing asset values and long-term investment strategies. The discussion highlights both the headwinds and opportunities facing real estate investors, owners, and operators as they navigate today’s complex economic landscape.
In this episode of the Real Estate Forum, host Raphael Sidelsky interviews Adam Gallistel, co-CEO and CIO of CBRE Investment Management. They discuss Adam's experience in global real assets investment, his insights on market cycles, and CBRE IM's strategic positioning in the evolving landscape of real assets. Adam shares his thoughts on the importance of humility, preparation, and flexibility in investing, as well as the cultural and strategic advantages of CBRE IM. The conversation also covers the opportunities in digital infrastructure, the US and European real estate markets, and the potential for retail capital inflows into alternatives.
00:00:00 Introduction and Guest Introduction
00:05:00 Adam's Experience and Insights
00:10:00 Investment Philosophy and Strategy
00:15:00 Opportunities in Digital Infrastructure
00:20:00 US and European Real Estate Markets
00:25:00 Retail Capital and Future Trends
00:30:00 Career Advice and Personal Insights
00:35:00 Conclusion and Closing Remarks
In this episode of the Real Estate Forum, host Raphael Sidelsky sits down with Jonah Sonnenborn, Head of Real Estate at Access Industries, to discuss his journey from investment banking to leading a global real estate portfolio. Jonah shares Access Industries’ strategic approach to building and managing iconic properties worldwide, highlighting landmark projects such as Faena District, One High Line, The Ocean Club, and Grand Hotel du Cap Ferrat.
The conversation covers the role of placemaking in creating lasting value, the balance between trophy assets and recurring platform plays, and the importance of long-term vision, hands-on leadership, and strategic partnerships in shaping the future of global real estate investing.
Photography Credit: Jonah Sonnenborn photo by Sasha Maslov.
Chapters:
(00:00:00) Introduction to the Real Estate Forum
(00:00:35) Meet Jonah Sonnenborn
(00:02:16) From Investment Banking to Real Estate
(00:07:59) Building Access Industries’ Real Estate Platform
(00:08:51) Case Studies: Faena District and One High Line
(00:13:29) The Ocean Club and Grand Hotel du Cap Ferrat
(00:16:45) Balancing Trophy Assets and Platform Plays
(00:19:04) Navigating Real Estate Challenges
(00:20:06) The Role of Placemaking
(00:20:56) Team Building and Strategic Partnerships
In this episode of the Real Estate Forum, host Raphael Sidelsky sits down with Ron Dickerman, the founder and President of Madison International Realty, to discuss how he pioneered and scaled liquidity solutions in an asset class long considered illiquid. Ron shares Madison's journey from a niche strategy to a global institutional platform—highlighting key investments in iconic properties, the firm's innovative approach to providing liquidity for real estate investors, and its expansion across the U.S., Europe, and Asia.
The conversation explores the intersection of real estate and technology, the evolution of global markets, and the growing importance of partnerships in shaping the future of real estate as a dynamic, global, and investable asset class.
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(00:00:00) Introduction and Guest Introduction - Meet Ron Dickerman, founder of Madison International Realty, and learn about his early influences in real estate.
(00:03:00) Early Exposure to Real Estate - Ron shares how his father's career in real estate shaped his own path.
(00:09:00) Founding of Madison International Realty - Discover the origins of Madison and its focus on liquidity solutions.
(00:15:00) Strategic Investments and Iconic Buildings - Explore Madison's investments in landmark properties like the Seagram Building.
(00:21:00) Global Expansion and Market Trends- Ron discusses Madison's global reach and the evolving real estate market.
(00:27:00) Intersection of Real Estate and Technology - Insights into how technology is transforming real estate strategies.
(00:33:00) Partnerships and Growth Capital - The role of partnerships in Madison's growth and investment strategies.
(00:39:00) Future Vision and Conclusion - Ron's vision for the future of real estate and Madison's ongoing evolution.
In this episode of The Real Estate Forum, host Raphael Sidelsky sits down with Melissa Roman Burch, Chief Operating Officer of the New York City Economic Development Corporation (NYCEDC), to discuss her leadership in shaping New York City’s real estate and economic future. Melissa shares insights into how public-private partnerships are driving transformative projects such as the redevelopment of Willets Point and the Brooklyn Marine Terminal. She also delves into the city’s housing strategy, including zoning reforms, tax incentives, and efforts to convert underutilized office spaces into residential units. Throughout the conversation, Melissa emphasizes the city’s commitment to leveraging its real estate assets to promote affordable housing, economic recovery, and long-term resilience across all five boroughs.
Here's the text with each topic on a separate line:
(00:00:00) Introduction and Melissa Burch's Background
(00:05:00) Public-Private Partnerships and Economic Recovery
(00:10:00) Strategic Investments in Key Sectors
(00:15:00) Housing Initiatives and Zoning Reforms
(00:20:00) Tax Incentives and Real Estate Development
(00:25:00) Innovation and Diversified Economy
(00:30:00) Personal Philosophy and Growth Mindset
In this special episode of the Real Estate Forum, Jon Gray, President and Chief Operating Officer of Blackstone, joins Professor Brian Lancaster, Senior Lecturer in the Discipline of Finance, for a candid fireside chat hosted at Columbia Business School on April 29, 2025, as part of the Capital Markets series, co-sponsored by the Distinguished Speaker Series. The conversation traces Gray’s journey from joining Blackstone in 1992 to leading its evolution into a $1.2 trillion investment firm and explores the principles behind its long-term success, including a relentless focus on performance, talent, and strategic discipline. Gray shares insights on Blackstone’s early conviction in AI and digital infrastructure, the rise of private credit, and how real-time portfolio data informs investment decisions. He also offers practical advice on leadership, culture, and embracing an entrepreneurial mindset in any career path.
00:00 - 02:00: Introduction to the Real Estate Forum podcast and the special guest, Jon Gray, President and COO of Blackstone.
02:01 - 05:00: Jon Gray discusses his early career and the influence of Blackstone's culture on his professional growth.
05:01 - 10:00: Insights on Blackstone's strategic growth, including the role of data and AI in driving innovation.
10:01 - 15:00: Jon Gray shares personal anecdotes about his journey from Chicago to Blackstone and the importance of passion in career success.
15:01 - 20:00: Discussion on the challenges faced during the financial crisis and the lessons learned from investing in Hilton Hotels.
20:01 - 25:00: Thematic investing at Blackstone, focusing on data centers and the future of AI.
25:01 - 30:00: Jon Gray's perspective on private credit and its role in Blackstone's portfolio.
30:01 - 35:00: Philanthropy and personal values: Jon Gray talks about his charitable initiatives and the impact of focused giving.
35:01 - 40:00: Closing thoughts and advice for aspiring leaders in the real estate industry.
Host Raphael Sidelsky talks with Sabine Gaedeke Stener—CEO of Elbe River Partners, Gaedeke Group, and Gaedeke Energy—about leading a transatlantic family office with investments in real estate, energy, private equity, and debt. Sabine shares her journey from media executive in Germany to building a vertically integrated U.S. and European portfolio rooted in placemaking, wellness, and long-term value. They discuss Gaedeke’s WellSpace™ initiative, senior and workforce housing, repositioning offices in a post-pandemic, AI-driven market, and the benefits of a diversified investment platform. From transforming a Plano cow pasture into a vibrant hub to redefining office space, Sabine offers strategies for thriving through change.
(00:00) Introduction to Sabine Gaedeke Stener and her roles.
(03:30) Sabine's transition from media to real estate.
(08:00) The philosophy behind Elbe River Partners and Gaedeke Group.
(12:15) Discussion on the WellSpace™ initiative and its impact.
(18:00) Strategies for repositioning offices in a post-pandemic world.
(24:00) Insights into the AI-driven market and its effects on real estate.
(30:00) The transformation of a Plano cow pasture into a vibrant hub.
(36:00) Benefits of a diversified investment platform.
(42:00) Closing thoughts and future outlook
In this special episode of the Real Estate Forum, host Raphael Sidelsky sits down with Ryan Cotton, Head of Bain Capital Real Estate and Head of Bain Capital Private Equity’s global Consumer vertical, for the closing keynote fireside chat from the 17th Annual Columbia Business School Real Estate Symposium, held on December 4, 2025, at Columbia’s Manhattanville campus. The conversation explores Ryan’s thematic, curiosity and consumer driven approach to investing, his views on secular demand drivers across both specialized and traditional asset classes—from life sciences and senior housing to marinas and data infrastructure—and why operational intensity and strategic partnerships are essential to generating alpha in today’s market. This episode offers a behind-the-scenes look at how one of the industry’s most thoughtful investors is reimagining what it means to build the future of real estate.
(00:00) Introduction to the Real Estate Forum and today's special guest, Ryan Cotton.
(02:15) Ryan's journey from studying philosophy at Princeton to working with the Boston Red Sox.
(05:30) Transition to Bain Capital and insights into thematic and alternative investing.
(08:45) The role of curiosity and self-knowledge in successful investing.
(12:00) Key investment highlights, including the Canada Goose success story.
(15:20) Discussion on thematic investing and identifying future trends in real estate.
(18:40) Ryan's views on the current real estate cycle and macroeconomic factors.
(22:10) The impact of AI on business practices and future implications.
(25:30) Audience Q&A session with Ryan Cotton.
(30:00) Exploring niche real estate opportunities and operational challenges.
(35:00) Insights into global real estate allocation: US vs. Europe vs. Asia.
(40:00) The importance of competitive advantage in real estate investing.
(45:00) Final thoughts on the future of real estate and closing remarks
In this episode of the Real Estate Forum, host Raphael Sidelsky sits down with Brian Steinwurtzel, Co-CEO and Principal of GFP Real Estate, to discuss how a third-generation member of the storied Gural family became a leading force in reimagining New York City’s real estate landscape. Brian shares the unconventional path that led him to spearhead the transformation of 4 New York Plaza into 25 Water Street—now the largest office-to-residential conversion in the United States, featuring over 1,300 Class A apartments, 25% affordable housing, and more than 100,000 square feet of amenities. The conversation explores the challenges and triumphs of this landmark deal, Brian’s leadership evolution within a multi-generational family firm, his outlook on the future of New York City real estate, and the critical role Columbia Business School played in shaping his career. This episode offers valuable insights into how bold vision, innovation, and community engagement can help cities escape the Urban Doom Loop and thrive in a post-pandemic world.
[00:00] Introduction Host Raphael Sidelsky introduces the podcast and its focus on real estate insights.
[01:15] Guest Introduction: Brian Steinwurtzel, co-CEO of GFP, shares his background and role in the company.
[03:30] Early Career and Real Estate Journey, Brian discusses his initial career path in technology and his transition to real estate.
[07:45] Columbia Business School Experience, Insights into Brian's education and how it shaped his career in real estate.
[12:00] Family Business Dynamics, Brian talks about joining the family business and the leadership roles he took on.
[15:30] Office to Residential Conversions, Discussion on GFP's strategy and projects in converting office spaces to residential units.
[20:00] Challenges and Opportunities in Real Estate, Brian shares the challenges faced during the pandemic and the opportunities that arose.
[25:00] Affordable Housing and Community Impact, Insights into GFP's efforts in providing affordable housing and community engagement.
[30:00] Future of Real Estate in NYC, Brian's perspective on the future of real estate development and urban living in New York City.
[35:00] Brian shares his final thoughts, encouraging listeners to stay engaged with the evolving real estate landscape.
Learn more about Brian Steinwurtzel: https://www.gfpre.com/person/brian-r-steinwurtzel
In this inaugural episode of The Real Estate Forum, host Raphael Sidelsky speaks with Professor Stijn Van Nieuwerburgh—Finance Division; Earle W. Kazis and Benjamin Schore Professor of Real Estate; and Faculty Co-Director of the Paul Milstein Center for Real Estate at Columbia Business School. The discussion centers around the profound shifts occurring in urban real estate, triggered by remote work trends and rising interest rates. Stijn details the "Urban Doom Loop," where declining office values weaken city finances and services, further pushing residents and businesses away. He shares insights from his groundbreaking research, highlighting cities like New York and San Francisco, and explores potential solutions, including converting outdated office buildings into residential spaces..
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(00:00:00) Stijn's academic journey and interest in macroeconomics and real estate
(00:04:45) Early signs and origins of the "Urban Doom Loop"
(00:05:32) Explanation of the Urban Doom Loop and its economic impacts
(00:06:43) How rising interest rates compounded urban real estate challenges
(00:07:39) Research findings on remote work's impact on office valuations
(00:09:10) "Flight to quality": High-quality vs. low-quality office space
(00:10:12) Reflections on how office market predictions have unfolded
(00:13:16) Market-specific insights: Variations between Midtown and Downtown Manhattan
(00:14:28) Office market conditions across major U.S. cities, including Miami and San Francisco
(00:15:41) Rising office mortgage delinquencies and prolonged distress in debt markets
(00:17:10) Fiscal implications for cities amid declining real estate values
(00:20:04) Political and fiscal challenges cities face in addressing urban decline
(00:21:07) Growing momentum for office-to-residential conversions
(00:23:22) Case study: The successful residential conversion of 25 Water Street in NYC
(00:25:27) The importance of long-term urban planning and climate resilience
(00:27:18) Encouraging leadership in private and public sectors for urban revitalization
(00:27:55) Non-real estate recommendation: Francisco Zobel exhibition in Singapore
Links:
Stijn Van Nieuwerburgh Faculty Profile and Research: https://business.columbia.edu/faculty/people/stijn-van-nieuwerburgh
Presented by the Paul Milstein Center for Real Estate at Columbia Business School, The Real Estate Forum podcast brings you insights into the evolving real estate landscape—from candid conversations with real estate thought leaders to cutting-edge research.
Over the last two decades, the Paul Milstein Center for Real Estate at Columbia Business School has been at the forefront of shaping real estate education and industry leadership. Founded in 2002, the Center leverages premier intellectual capital and its New York City location to deliver a world-renowned MBA Real Estate Program and cutting-edge research through the Milstein Research Lab.
With the Real Estate Forum podcast, the Center will now extend its impact throughout the real estate community.
Hosted by Raphael Sidelsky, The Real Estate Forum features candid conversations with Columbia alumni, faculty experts, and professionals across the real estate sector. Through short-form interviews, the podcast explores the ideas, people, and research driving the next wave of innovation—from capital markets and development to sustainability and strategy.
This season, we spotlight the insights emerging from Columbia Business School’s real estate ecosystem, including the MBA Real Estate Program and the Milstein Research Lab, and the impact these ideas are making across the built environment.
Subscribe on Apple, Amazon, Spotify, YouTube, or wherever you get your podcasts.
The Real Estate Forum podcast is produced by The Podcast Consultant with special thanks to Executive Producer Maria Fera.
More info on The Paul Milstein Center for Real Estate at Columbia Business School: