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, 2024, 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:

https://business.columbia.edu/realestate