The Chao-Hon Chen Institute for Global Real Estate Finance at the NYU Stern School of Business is a global leader in the study of real estate and the built environment, in support of private and public investment and decision-making. Through faculty-led research, applied scholarship, curricular innovation, and sustained dialogue with the private and public sectors, the Institute addresses complex challenges at the intersection of real estate finance and investment, infrastructure, technology, sustainability, urbanization, and globalization.

 

As a cross-disciplinary platform, the Institute draws on the breadth of Stern’s academic departments, NYU’s global academic network, and serves as a hub for engagement with students, scholars, and practitioners across the University. The Institute oversees and manages NYU Stern’s highly ranked MBA and undergraduate real estate specializations, regarded among the world’s top business school real estate programs.

​

Founding and Purpose

​

The Institute was established in September 2022 through a $20 million gift from NYU Stern alumnus and Executive Board member Charles C.Y. Chen (MBA ’91). Named in honor of his father, Chao-Hon Chen, the Institute represents the largest gift ever received by NYU Stern for the establishment of an institute or center. Mr. Chen’s support reflects a deep commitment to education and to the development of institutions that can engage constructively with the long-term transformations underway in cities and the real estate sector. The Institute provides enduring support for students, faculty, and alumni, while enabling a broader institutional dialogue on emerging global challenges.

 

Dr. Sam Chandan, the Institute’s Founding Director and a member of Stern’s finance faculty, previously served as the Silverstein Chair and Dean of the NYU SPS Schack Institute of Real Estate. An economist and epidemiologist by training, he brings a longstanding commitment to bridging academic research, industry practice, and public policy, and to advancing rigorous, data-informed approaches to understanding real estate markets and the built environment.

 

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.

​

Together, these programs support interdisciplinary research, graduate and undergraduate education, and public dialogue on the most pressing issues facing the real estate industry and the built environment worldwide.

​

A Convening Role Across Sectors and Communities

​

The Chen Institute plays an active role in fostering dialogue and collaboration among academic, industry, and policy communities. Working with partners from the private and public sectors, multilateral institutions, and civil society—including the World Economic Forum and others—the Institute supports evidence-based engagement on key issues affecting cities, capital markets, and the built environment. Its programming includes research fellowships, student opportunities, visiting scholars and industry fellows, and public forums. In all of these efforts, the Institute is guided by a commitment to multidisciplinary inquiry and to the responsible development of the built environment and our shared prosperity.

​