Chao-Hon Chen Institute for
Global Real Estate Finance
Welcome to the Chao-Hon Chen Institute for Global Real Estate Finance at the NYU Stern School of Business. Drawing on faculty from across Stern, partnerships with urban and real estate research centers university-wide, and deep engagement with leaders in industry and policymakers, the Chen Institute advances our understanding of real estate and the built environment through groundbreaking scholarship, applied research, and teaching. Home to the Center for Real Estate Finance, as well as initiatives addressing issues ranging from data science to real estate in emerging economies to the critical challenge of climate change and the built environment, the Institute and its affiliated faculty work to address the most significant questions facing the industry today and into the future.
Centers and Initiatives
The Chen Institute is home to a set of research centers and thematic initiatives that address foundational and emerging areas in real estate. The Center for Real Estate Finance, established in 2012, anchors the Institute’s scholarly and policy work on residential and commercial real estate markets. In addition, the Institute spearheads three major initiatives.
The Initiative in Real Estate Innovation (Innovation Initiative) examines how technological innovation is transforming the structure and function of real estate markets, as well as our relationship to the built environment. Areas of inquiry include the innovation ecosystem; pricing, valuation, and risk management; smart building systems; and the application of AI and machine learning in decision-making. Student engagement is facilitated through the Real Estate Data Science and Artificial Intelligence course, the first of its kind among leading business schools. The Initiative is also home to the Institute's incubation and acceleration programs, which advance technologies and applications that hold unusually high promise in disrupting the industry.
The Initiative for Climate and the Built Environment (Climate Initiative) explores the real estate sector’s contributions to climate change and its vulnerability to environmental risks. Research areas include climate risk modeling, property insurance markets, building decarbonization strategies, green finance, and climate migration and housing. A central component of this initiative is the Laboratory for Urban Epidemiology and Public Health in the Built Environment, which investigates how the design and operation of buildings and cities influence public health outcomes, with a focus on pandemic preparedness and the intersection of climate and health across urban populations.
The Initiative in Real Estate in Global and Emerging Markets (Global Initiative) focuses on the institutionalization and globalization of real estate markets in both mature and rapidly developing economies. Drawing on NYU’s international presence, the initiative examines capital flow regulation, governance and legal frameworks, market transparency, and the role of real estate in sustainable urban growth and economic development.
Our Faculty
Drawn from academic departments across the Stern School of Business, the Chen Institute faculy are leaders in their respective fields, from real estate finance to investment management to technology-driven disruption.
Institute Leadership
Sam Chandan, PhD
Founding Director
NYU Stern Chen Institute
Stern Faculty
Viral Acharya, PhD
C.V. Starr Professor of Economics
Department of Finance
Director, Doctoral Programs
Harry Chernoff, PhD
Clinical Professor of Real Estate and Operations Management
Technology, Operations, and Statistics Department
Daniel Greenwald, PhD
Assistant Professor of Finance
Finance Department
Shan Ge, PhD
Assistant Professor of Finance
Finance Department
Arpit Gupta, PhD
Associate Professor of Finance
Finance Department
Theresa Kuchler, PhD
Associate Professor of Finance and
John L. Vogelstein Faculty Fellow
Finance Department
Johannes Stroebel, PhD
David S. Loeb Professor of Finance and
Director, Climate Finance Initiative
Finance Department
Lawrence J. White, PhD
Robert Kavesh Professor of Economics
Economics Department
Stern Emeritus Faculty
Richard Berner, PhD
Co-Director, Volatilty and Risk Institute
Professor of Practice and Clinical Professor Emeritus of Finance
Robert F. Engle, PhD
Co-Director, Volatility and Risk Institute
Professor Emeritus of Finance
Stern Adjunct Faculty
Vineet Bedi
Adjunct Professor of Finance and Real Estate
Finance Department
Mark Bhasin
Adjunct Associate Professor of Finance and Real Estate
Finance Department
Linda Lindman, Esq
Adjunct Professor of Real Estate
Business and Society Program
John Lippman
Adjunct Assistant Professor of Finance and Real Estate
Finance Department
Advisory Board
The Advisory Board of the Chen Institute includes distinguished senior leaders from across the real estate and financial services sectors. Representing a broad spectrum of expertise—including investment, development, finance and capital markets, technology, and policy—Board members provide strategic counsel and market insights that advance the Institute’s mission. Representing the United States and Canada, Europe, Latin America, Asia Pacific, and South Asia, Board members help strengthen the Institute’s global connectivity with practitioners and decision-makers. Their guidance informs academic programs and supports innovation in both curricular and co-curricular initiatives, reinforcing the Institute’s role as a nexus of thought leadership.
Annemarie DiCola*
Chief Executive Officer
Trepp
Sam Chandan, PhD
Founding Director
NYU Stern Chen Institute
Board Members
Keith Breslauer*
Chief Executive Officer
Patron Capital Partners
Gunnar Branson‡
Chief Executive Officer
AFIRE (Association of Foreign Investors in Real Estate)
Elliott Bross*
Principal
INBR
Gwen Hatten Butler
Independent Director
Goldman Sachs Real Estate Income Trust, Goldman Sachs Real Estate Finance Trust, and Mutual of America Financial Group
Charles Chen*
Chairman
Eyon Holding Group
Christina Chiu†*
President
Empire State Realty Trust
William Ferguson
Chairman and Chief Executive Officer
Ferguson Partners
Robert E. Hart
Founder, Chief Executive Officer, and President
TruAmerica Multifamily
Matt Henry
Chief Executive Officer
Chatham Financial
Steven Kassin*
Founder and Managing Director
Infinity Real Estate
Lesley Lisser*
Senior Director, Asset Management
Empire State Realty Trust
Steven Maksin*
Founder and Chief Executive Officer
Moonbeam Capital
Managing Partner and
Head of Asset Management
BGO
Deborah Markus-Quinsee*
Co-Founder
Columbus Advisors
Dino Paparelli
Chairman of Global Real Estate
Deutsche Bank
Dana Roffman*
Board of Directors
Cohen & Steers Income Opportunities REIT, Savills, and Covercy
Mitchell E. Rudin
Chairman (Retired)
Savills
Franck Ruimy*
Founder and Chief Executive Officer
Dunmor and Silver Creek Development
Yesenia (Yessi) Scheker Izquierdo
Managing Partner and
New York Market Leader
KPMG
Steven Schwartz*
Executive Vice President
Real Estate Credit
RXR
Christopher Shehadeh*
Managing Director
Tishman Speyer
Alumni Council Representatives
John Lippman†*
Adjunct Assistant Professor of Real Estate
NYU Stern Chen Institute
Emeritus Board Members
Jerry Cohen*
Senior Advisor
Tishman Speyer
Philip L. Milstein*
Principal
Ogden Cap Properties
Brian Ward
Chief Executive Officer
Windward Partners
† Alumni Council Representatives
* NYU Alumni
‡ Industry Association Representative
Professor Sam Chandan, the Institute's Founding Director
Dr. Sam Chandan is Founding Director of the Chen Institute, a member of Stern's finance faculty, and a contributor to the World Economic Forum. An economist and epidemiologist, his interests span residential and commercial real estate capital markets, technology-driven disruption in real estate, and urban epidemiology. Prior to Stern, he was dean and Silverstein Chair at the Schack Institute.
Chao-Hon and Charles C. Y. Chen, the Institute's Benefactors
The impetus for this gift is to honor my father, who is a strong believer in the power of education and was the first in our family to attend a major university. He has also been instrumental in building our family business and in driving our family's philanthropy. In his name, I am delighted to partner with the School to endow an enduring hub of thought leadership—Charles Chen (MBA '91)
