[no-title]

The Advisory Board of the NYU Stern Center for Real Estate Finance Research has the pleasure to invite you to its third annual Spring Symposium on Wednesday, April 23, 2014 at the NYU Kimmel Center.

Program

7:30-8:30 AM       Registration and breakfast

8:30-8:45 AM       Welcome & Center Update, Professor Edward Glickman, Executive Director CREFR

8:45-9:30 AM       Current State of the Commercial Real Estate Markets

Isaac Zion, Co-Chief Investment Officer, SL Green

Alan Rifkin, Managing Director, Lazard Freres & Co. LLC



9:30-10:40 AM     Panel 1: Real Estate Taxes
 
Real Estate taxation drives both the structure of real estate financing transactions and the capital flows that support them. Three experts will draw on their knowledge of real estate tax policy and implementation to help us understand some of the headline issues for 2014 including carried interests. The panel will close with a review of the state of FIRPTA and its impact on foreign capital flows into the US property markets.
 

James Guiry, PwC Tax Partner, Lead NY Metro and National Real Estate Tax Practice
Ed Liva, KPMG LLP National Industry Leader US Real Estate Tax Practice
Blake Rubin, Partner, McDermott Will & Emory, Global Vice Chair US and International Tax Group
10:40-11.00AM      Coffee Break

11:00-12.20 AM     Panel 2: Foreign Investment in US
 

Moderator: Prof. Edward Glickman

Panelists:
 
 
Jeffrey Alpaugh, Managing Director, Marsh Inc., Global Real Estate Practice Leader
James Fetgatter, CEO, AFIRE
Frank Lively, Executive Vice President, Wafra Real Estate Division
Jon Mechanic, Partner, Fried Frank, Chairman Real Estate Department
Bob White, President, Real Capital Analytics

View Synposis


Global investors have long participated in the US property market seeking a safe haven for investment capital. Today, as wealth builds in the newly industrialized nations, the U.S. is seen as having a stable government, a developed legal regime, advanced infrastructure and deep capital markets; all predicates to secure investment. Foreign investors seeking diversification for domestic portfolios are actively entering the market. Following our discussion of FIRPTA, this panel will look at the investment thesis that continues to attract new entrants into the US markets and the many challenges that they face. We will close with a discussion of the impact that foreign capital is having on U.S. gateway cities.
 
 
12:20-12:45PM      Lunch
 
12:45-1:00PM        Student Awards, Prof. Stijn Van Nieuwerburgh, Director CREFR

1: 00-2:00 PM         Keynote: The Future of the City
 
As we enter the 21st Century, the global population is aggregating in urban centers. This concentration at once strains infrastructure, challenges urban design, and creates the context for accelerated creativity in art and commerce. What can we expect to see as our US gateway cities become part of a global network of megalopolises that is more impacted by their counterparts in sister nations than their country cousins down along the interstate highway system?

Prof. Edward Glaeser, Harvard University
David Karnovsky, Partner, Fried Frank and former General Counsel to the NYC Department of City Planning

View Keynote Summary
View Summary 2
 
2:00PM New Directions:

In this series we take a look at some interesting trends in the real estate marketplace and how they are impacting the way we interact with the built environment.

2:00-3:00 PM      Panel 3: Co-working

Introduced and Moderated by:

Stern Signature Project Team:

Yishan Eva Lin & Sudharsun Jagannathan


View Presentation

Panelists:

Tony Bacigalupo, Mayor, New Work City
Evan Malone, Managing Member, The Yard
Marissa Feinberg, Co-Founder, GreenSpaces
Jason Juliano, Founder, So Techie Space
Molly Rubenstein, Interim Executive Director, Artisan Asylum
Jason Saltzman, CEO and Co-founder, Alley NYC
James Wahba, Co-founder, Projective Space
Co-working is a new trend in real estate where individual professionals and small start-up companies share office space, shared administrative services and in some instances plant and equipment. During this panel, hosted by a Stern Consulting Corps Project team, we will look at the strategies being employed by participants in the co-working movement and the impact the movement is having on entrepreneurial activity in the US.

3:00-3:30 PM      Coffee Break

3:30-4.40 PM      Panel 4: Crowdfunding
 
Crowdfunding, the use of social media to solicit and aggregate investments from a number of small investors has been recently utilized to fund, or top-off, a number of real estate investments. While this funding modality is new it is reminiscent of the age of syndication, where brokers reached out to their retail customer base to fund individual real estate projects. In this session we will look at how crowdfunding is impacting the real estate capital markets.
https://www.fundrise.com/offerings/15/view
 
Panelists:

David Belt, Executive Director, DBI and Macro Sea
Jilliene Helman, CEO, Realty Mogul
Ben Miller, Co-founder, Fundrise
Rodrigo Nino CEO, Prodigy Network
Scott Relick, President, KCI Investment Company

4:40-5:30PM        Closing Remarks & Closing Reception