## Spring Symposium 2018: Infrastructure & Real Estate

**Joint Conference on Infrastructure and Real Estate
Center for Real Estate Finance Research
NYU Stern Infrastructure Finance Initiative
Wednesday, April 25, 2018
NYU Stern KMC 2-60
"The Infrastructure and Real Estate Nexus: Three Case Studies"**

## [**The official conference summary can be found here.**](/sites/default/files/assets/documents/Conference%20Write-Up%20-%20Spring%20Symposium%202018.pdf)

Infrastructure Investment and Real Estate are closely linked. Infrastructure initiatives are catalysts in the economic development process, often with major external benefits that are reflected in the productivity and returns on both physical and human capital on and accelerating growth. Infrastructure can fundamentally alter the economics of real estate investments, on the one hand, while real estate development creates the need for and value of infrastructure. This inter-dependence is well understood by investors, policymakers and academics, and there is a rich body of applied research to draw on. This conference focused on three recent cases of joint infrastructure-real estate dynamics in order to draw out many of the key lessons. These cases are: The Second Avenue Subway, The Dakota Access Pipeline Project, and the Panama Canal Widening.

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**Schedule:**

8:00 - 9:00 AM: Registration and Breakfast
9:00 - 9:15 AM: Welcome and Introduction

## 9:15 - 11:00 AM: The Second Avenue Subway - Infrastructure and Real Estate Returns in An Urban Context

## 11:00 AM - 11:15 AM: Coffee Break
11:15 - 12:45 PM: The Dakota Access Pipeline - Cost-benefit Balance in an Environment-Social-Governance (ESG) Context

## 12:45 - 2:00 PM: Lunch & Keynote Interview

## 2:00 - 3:30 PM: Panama Canal Expansion - Global Logistics and Real Estate Impacts
3:30 PM: Conclusion

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**Welcome and Introduction**
9:00 - 9:15 AM
Elizabeth Morrison, Vice Dean of Faculty, NYU Stern School of Business
Stijn Van Nieuwerburgh, David S. Loeb Professor of Finance & Director of the Center for Real Estate Finance Research, NYU Stern School of Business
Professor Ingo Walter, Professor Emeritus of Finance, NYU Stern School of Business

**The Second Avenue Subway - Infrastructure and Real Estate Returns in an Urban Context**
9:15 - 11:00 AM
Chair: Arpit Gupta, Assistant Professor of Finance, NYU Stern
Panelists: Tim McManus, Vice President of Capital Projects & Infrastructure Practice, McKinsey & Company
Phil Milstein, Principal, Ogden CAP Properties, LLC

Panelists: Dave Archambault, Former Chairman, Standing Rock Sioux Tribe

Chad Harrison, Executive Director, Standing Rock Housing Authority
John Kingston, Executive Editor, FreightWaves

Clive Lipshitz, Managing Member, Tradewind Interstate Advisors

Linda Chiarelli, Vice President for Capital Projects and Facilities, NYU

**Keynote Interview**
Stijn Van Nieuwerburgh, David S. Loeb Professor of Finance & Director of the Center for Real Estate Finance Research
Stephen Ross, Founder and Chairman, Related Companies

**Panama Canal Expansion - Global Logistics and Real Estate Impacts**
2:00 - 3:30 PM
Co-Chairs: Harry Chernoff, Clinical Professor of Information, Operations and Management Sciences, NYU Stern

Kristen Sosulski, Clinical Associate Professor of Information, Operations and Mangement Sciences & Director of Education for the W.R. Berkley Innovation Lab, NYU Stern

Panelists: Carlos Fabrega, Executive Vice President, CUSA (Grupo Unidos Por El Canal)

Mike Landy, President and CEO, Monmouth Real Estate Investment Corp.

Bob Silverman, EVP Supply Chain and Logistics Solutions, JLL

## Daniel Minkowitz, CEO, Mink Development
Dale Hemmerdinger, Chairman, ATCO Properties & Management

**The Dakota Access Pipeline - Cost-benefit Balance in an Environment-Social-Governance (ESG) Context**
11:15 - 12:45 PM
Chair: Sinziana Dorobantu, Assistant Professor of Management and Organizations, NYU Stern

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