Real Estate Forum

In this episode of the Real Estate Forum Podcast, host Raphael Sidelsky sits down with David Schwartz, Chairman and CEO of Waterton, to discuss his career in real estate, the evolution of Waterton, and the investment strategies shaping today’s multifamily market. David shares lessons from influential mentors Sam Zell and Greg Mutz, the story behind Waterton’s growth since its founding in 1995, and the firm’s expansion into hospitality. He also reflects on key investments and the importance of operational expertise, disciplined underwriting, and long-term thinking.

Looking ahead, David offers his perspective on how elevated interest rates are reshaping valuations, cap rates, and investment opportunities. He discusses why NOI growth is increasingly important in today’s market, shares his outlook on major markets including San Francisco, Chicago, and New York, and explores what it takes to navigate the next phase of the real estate cycle.

00:00 Today’s Market and Interest Rates

03:44 Finding a Path into Real Estate

08:30 Lessons from Industry Mentors

10:00 Building Waterton from the Ground Up

11:59 From First Deal to First Fund

15:12 Timing the Market and Managing Risk

16:52 Bringing Property Management In-House

20:16 Waterton’s Investment Strategy Today

21:41 Expanding into Hotels and Lending

Jonathan Mechanic, Chairman of the Real Estate Department at Fried Frank and incoming Chair of the Real Estate Board of New York, joins the Real Estate Forum Podcast as the show’s first guest from the legal profession. Hosted by Raphael Sidelsky, Jonathan shares his perspective on deal-making, the evolution of New York City real estate, and the legal and business considerations behind some of the city’s most significant transactions.

Jonathan reflects on his path from litigation to becoming one of New York’s leading real estate lawyers and discusses his work on landmark projects including Hudson Yards, Manhattan West, 350 Park Avenue, and the transformation of 25 Water Street. He also looks ahead to his tenure at REBNY, discussing housing development, industry priorities, and the importance of public-private collaboration.

The conversation offers a behind-the-scenes look at the skills and relationships that drive successful real estate deals, as well as Jonathan’s perspective on how AI and other changes will shape the practice of real estate law.

00:00 – Jon Mechanic’s Vision for REBNY and the Future of NYC Real Estate
02:11 – Landmark Deals and a Career Shaping New York City
03:26 – From Courtroom to Closing Table: Finding His Path in Real Estate Law
07:15 – Inside the World of Real Estate Development and Lessons from Industry Leaders
10:50 – The Power of Mentorship: Lessons from Josh Mermelstein
12:25 – Building a Reputation on Trust, Relationships, and Results
16:02 – Networking That Matters: The Story Behind Fried Frank’s Legendary Holiday Party
18:18 – The Relationships and Traditions That Shape New York Real Estate
38:43 – Leading at the Highest Level: Managing a Demanding Career and REBNY Chairmanship
40:23 – Family, Values, and the Lessons That Matter Most
45:23 – Final Reflections

Stijn Van Nieuwerburgh, Professor of Real Estate at Columbia Business School and Co-Director of the Paul Milstein Center for Real Estate, returns to the Real Estate Forum Podcast to discuss his latest research on the massive infrastructure investment required to power the AI economy. Stijn estimates that the AI build-out could require approximately $10.3 trillion in investment and more than 180 gigawatts of new compute capacity by 2032.

Hosted by Raphael Sidelsky, the conversation explores how the AI build-out is being financed, including the growing use of joint ventures, leases, and private credit. Stijn also discusses the risks facing data centers and their investors, from tenant concentration and technological obsolescence to power constraints, execution delays, and uncertain AI demand, as well as the broader implications for interest rates, real estate valuations, and the economy.

Read Stijn’s paper “Financing the AI Buildout” here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6444363 

Pamela Liebman, President and CEO of The Corcoran Group, joins Raphael Sidelsky to discuss the evolution of Corcoran and the changing landscape of luxury residential real estate. Pamela shares how Corcoran grew from a Manhattan brokerage into a national and international brand, the importance of local market expertise and strategic partnerships, and her perspective on key luxury markets including New York City, South Florida, and Colorado. She also explores how AI-driven wealth creation and intergenerational wealth transfer are reshaping the market, why maintaining a human-first approach matters, and lessons from her career leading through periods of significant change.

00:00 — AI, wealth creation & the luxury residential market

01:57 — Pamela Liebman’s career and leadership at Corcoran

05:27 — Growing Corcoran beyond New York City

08:08 — Building a lasting luxury brand

10:42 — Brokerage consolidation & brand independence

13:33 — Private exclusives and seller choice

16:08 — New York City’s luxury real estate market

23:22 — South Florida and the luxury market

26:41 — Lifestyle markets, second homes & wellness

29:06 — Branded residences and luxury development

31:31 — Emerging luxury markets and lessons from Austin

35:20 — AI and the future of real estate brokerage

36:58 — Building a career and developing talent

39:52 — Innovation, change & the brokerage business

40:36 — Leadership through crises and downturns

43:17 — Advice for starting a career in real estate

45:15 — Book recommendation: How Will You Measure Your Life?

Raphael Sidelsky sits down with Brandon Shorenstein, Chairman and CEO of Shorenstein Realty Services, to discuss the firm’s evolution from a San Francisco office operator into a national institutional real estate platform. Brandon shares how Shorenstein has refined its investment strategy to combine bottom-up underwriting with top-down market analysis, focusing on markets and micro-markets with strong leasing demand, low vacancy, and attractive long-term fundamentals. He discusses recent acquisitions across Dallas, Nashville, Atlanta, New York, and other markets; opportunities emerging from the post-COVID reset in office values; and why smaller, high-quality assets are increasingly attractive. Brandon also provides insight into the recovery of office debt markets, Shorenstein’s current fundraising efforts, and the importance of discipline and staying focused on areas of expertise during periods of market dislocation.

00:00 – The Office Market Has Hit Bottom

00:51 – The Shorenstein Family Legacy

06:22 – Taking Over the Firm

07:41 – A New Approach to Office Investing

10:17 – Where Shorenstein Is Buying

15:20 – Durable Cash Flow in Office

18:21 – Finding Opportunity in the Right Markets

23:42 – The New Office Amenities Arms Race

25:02 – Is the Office Recovery Real?

29:04 – Calling the Bottom in 2024

30:33 – Advice for the Next Generation

32:50 – Carrying the Family Legacy Forward

Zach Aarons, co-founder and partner of MetaProp, joins host Raphael Sidelsky, Director of Equity Strategies at JVP Management and a 1999 Columbia Business School alumnus, on the Real Estate Forum Podcast to discuss how AI is reshaping real estate, PropTech, and the investment landscape. Zach shares his journey from real estate and finance to venture capital and explains how MetaProp evaluates emerging technologies and the founders behind them. He explores AI’s growing impact across real estate—from data centers and office demand to construction, multifamily, retail, and spatial analysis—while highlighting opportunities and challenges for investors. Zach also discusses the future of PropTech, AI-driven fraud and identity verification, and where he sees the most compelling real estate investment opportunities over the next decade.

Be sure to also check out Zach’s podcast, Between Zak and Aaron, with Zach Aarons, for more conversations at the intersection of real estate, technology, and innovation.

00:00 — Is AI Making Real Estate More Valuable?

08:16 — How MetaProp Started

14:07 — AI Is Transforming Construction

19:38 — Will AI Kill the Office?

23:00 — Betting on the Future of Data Centers

27:34 — Where AI Is Changing Real Estate

31:35 — The New Risks of AI

33:24 — The Rise of GeoAI

37:08 — Preparing for Real Estate’s AI Future

44:34 — Building Your Career Story

As Season 2 of the Real Estate Forum Podcast comes to a close, we’re proud to share a recap of a season filled with timely conversations and insights from some of the real estate industry’s most influential leaders and innovators. Hosted by Raphael Sidelsky '99BUS, the season explored the ideas, strategies, and trends shaping the future of real estate across global markets.

This season featured conversations with Hossein Fateh (CHQ), Anar Chudgar (Artemis Partners), Meredith Marshall '92BUS (BRP), Keith Breslauer (Patron Capital), David O'Reilly '01BUS (Howard Hughes), Lauren Hochfelder (Morgan Stanley), and Gregorio Schneider '96BUS (TC Latin America Partners).

Across investment, development, leadership, and global market strategy, guests shared perspectives on navigating today’s evolving real estate landscape and the opportunities shaping the industry ahead.

Hosted by Raphael Sidelsky, this episode features Gregorio Schneider, Chief Investment Officer at TC Latin America Partners and Adjunct Assistant Professor in the Business Finance Division at Columbia Business School. Gregorio shares his career journey from banking in Mexico to building a leading investment platform focused on industrial, logistics, and infrastructure opportunities across Latin America. Together, they explore how USMCA, labor costs, and regional supply chain shifts are driving manufacturing and logistics growth throughout Mexico.

The conversation dives into key industrial markets including Monterrey, Tijuana, Juarez, and Mexico City, highlighting market dynamics such as vacancy rates, infrastructure constraints, and sector-specific growth. Gregorio also explains how investors are adapting strategies in today’s market cycle through build-to-suit developments, stabilized asset acquisitions, and long-term nearshoring plays. The episode concludes with insights on tariffs, automation, currency impacts, and why regionalization between the US and Latin America could shape the future of industrial real estate.

Read Gregorio's featured viewpoint "The Southern Border and the Nearshoring Debate" on the Paul Milstein Center for Real Estates website here: https://business.columbia.edu/insights/milstein-center/southern-border-and-nearshoring-debate

00:00 – Introduction & Gregorio’s Market Perspective

27:51 – Adapting Strategy Through the Real Estate Cycle

28:32 – Demand Pipeline & USMCA Uncertainty

29:13 – Build-to-Suit Return Profile Explained

30:41 – Cash-on-Cash Returns & Exit Cap Rates

31:43 – Currency Risk & Dollar-Denominated Structures

32:23 – Automation, AI & the Future of Manufacturing

33:41 – Regionalization vs. Globalization

34:39 – Compression of U.S.–Mexico Cap Rate Spreads

35:19 – Book Recommendation: “The Globalization Myth”

36:00 – Life Philosophy, Running & Real Estate Cycles

36:46 – Closing Remarks & Additional Resources

Lauren Hochfelder, Managing Director and Head of Global Real Assets at Morgan Stanley, joins Raphael Sidelsky to share insights from her 25-year career in real estate and investment banking. Lauren discusses her journey from studying ethics, politics, and economics at Yale to leading Morgan Stanley’s global real estate, infrastructure, and credit businesses. She explores key real estate investment themes, including demographic-driven senior housing, industrial demand fueled by e-commerce, and global opportunities in markets like Japan. Lauren highlights the value of institutional memory, rigorous research, and collaborative team culture in making informed investment decisions. The conversation also touches on balancing a demanding career with family life and how real estate continues to serve as a hedge against inflation, even amid evolving market dynamics.

Host Raphael Sidelsky sits down with David O'Reilly, CEO of Howard Hughes Holdings, to discuss his path from engineering and investment banking to leading one of the country’s most innovative real estate platforms. The conversation explores the company’s master-planned community model, its long-term “flywheel” approach to development, and how projects like Summerlin and Ward Village create value over decades. David also shares insights on current market conditions, disciplined capital allocation, and the firm’s evolution toward a Berkshire Hathaway-style structure, including the potential role of insurance in scaling long-term growth. 

00:00: Intro – Raphael Sidelsky welcomes David O’Reilly 

02:00: Career Path – From engineering to investment banking to CEO 

06:00: Lessons Learned – Finance and capital markets insights 

12:00: Howard Hughes & MPC Model – Master-planned communities and flywheel approach 

20:00: Balancing Short- & Long-Term – Profits, land, and growth strategy 

30:00: Signature Communities – The Woodlands, Summerlin, Ward Village 

38:00: Market & Capital Allocation – Current conditions and disciplined investing 

45:00: Holding Company Strategy – Berkshire Hathaway-style growth and insurance 

50:00: Closing Thoughts – Long-term value and strategic insights