The Promote Podcast

This week, we chop it up on how God is Smiling Upon Alts: The federal govt has put forward much-anticipated regulation that creates a smorgasbord of investment options for retirees – with major implications for CRE. Next, we discuss how Manhattan office has broken the $300 a foot barrier – twice in a month! And finally, we bust out our Marley Slims and head to Brooklyn, where Orthodox dealmaker Simon Dushinsky's unorthodox playbook at the Rabsky Group is dominating the development landscape.Plus, our "Punch List" rundown of the newsiest industry happenings: New York real estate succession with Andrew Chung coming in to lead Extell; the Q of federal govt. usage of its real estate footprint; DHS' in-limbo $38B warehouse purchase plan; and RXR's recap of a prominent office-resi project.Sponsors:1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.comTo advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Dept. of Labor proposes landmark rule to democratize access to alternative investments in 401(k) plansJon Gray Is Reshaping Blackstone Into Everybody's Investing MegastoreNot-So-Private Equity’s Retail Push Irks Traditional ClientsSingle-Malt Buildings Record-Breaking Lease at Soloviev Group's 9 West 57th StreetThe Rabsky Riddle

This week, we talk some takeaways from institutional real estate’s March Madness, the PREA conference – we’ve got the latest on what the industry's biggest allocators & fund managers are thinking about. Then, we SNF around that quirky asset class’ latest megadeal - Chuny Herzka’s $1.7B acquisition of the Centers healthcare portfolio. And finally, the changing of the guard at Camden Property Trust and BGO's takeover of Bell Partners are great excuses to discuss 2 of our favorite themes – AUM Gobbling & the private-leaning shift in the capital markets. Plus, our "Punch List" rundown of the newsiest industry happenings: Apollo HQ2; tenants pouncing on distressed buildings dies; and the Dubai real estate scene. Sponsors:1) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.comTo advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, behind-the-deal stories, scoops, discounted swag and events and more. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Ethan Penner on the changing nature of the CRE capital marketsHiten on Bloomberg's Odd Lots podcast chatting about Dubai real estate and the GCC allocator Q The New Distress Play: Buy Your Own BuildingApollo Teases HQ 2Meet the AUM GobblersPodcast: Sixth Street's AUM GobblingNursing Home Power RosterPodcast: SNFing out MegadealsPodcast: Talking Tycoons: Tom Cousins

This week, we dive into the life & times of two quintessential Men with Deep Pockets: Billionaire British Brothers David & Simon Reuben have become some of the most aggressive buyers of trophy hotel and retail assets across the country – many of them in various states of undress & distress. We then look at Apollo’s new NNN partnership with Realty Income - an alliance that says much about how both AUM Gobblers and vanilla REITs are saying they’ve got what the other needs. And finally, failed mega-retailer JCPenney is now the scene of a bruising battle with a jilted would-be buyer. Plus, our "Punch List" rundown of the newsiest industry happenings: retail titan David Simon dies; Fannie & Freddie stocks freefall; Iran conflict raises questions about the Middle East's biggest CRE allocators.Sponsors:1) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.comTo advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, behind-the-deal stories, scoops, discounted swag and events and more. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:You May Never See Us Again: The Barclay Dynasty:The Reuben Brothers’ self-described “black sheep” steps upPack up your roubles ...Inside Reuben Brothers’ NYC shopping spreeApollo To Invest $1B In 500 Realty Income Single-Tenant PropertiesPrivate Credit’s Manifest Destiny From Investment to Savings: When Finance Feeds on ItselfBill Ackman Solved the Wrong ProblemGary Barnett: The Father of Billionaires' Row

This week, we dive deep into the M&A deal that's all anyone in institutional CRE can talk about. Savills – yes Savills! – is buying Eastdil Secured for $1.1B. That gives the Brits some serious capital-markets firepower stateside, but the devil lies in the details of the golden handcuffs. Next, we strap on our Lucchese boots and head to Dallas, where legendary dealmaker Ray Washburne has grand plans for a convention center. We discuss his HoF deal for Highland Park Village and how he's part of a dying breed of CRE cowboy we’re obsessed with. Plus, our "Punch List" rundown of the newsiest industry happenings: JPM marking down private-credit portfolios; BTR neutering bill passes Senate; chaos at US Attorney's office hampers mortgage-fraud investigations; and Ben Ashkenazy's big LA deal. Sponsors:1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.comTo advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, behind-the-deal stories, scoops, discounted swag and events and more. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:The Savills-Eastdil PostgamePaper Chasers on TopRoy March Leading Voices InterviewThe Liar's BallKing of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and BlackstoneThe New Emperor of Highland Park VillageRay Washburne on the Highland Park Deal

This week, we have no choice but to tackle the topic of war. The conflict with Iran continues to roil markets and CRE's biggest allocators are in sixes and sevens. Fewer young people are going to college, which puts a big question mark on what's historically been one of the biggest drivers of real estate activity. And finally, with special servicers like Rialto continuing to play an outsized role in the market, some of their more exotic strategies are coming under a pretty harsh spotlight.Sponsors:1) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com To advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, behind-the-deal stories, scoops, discounted swag and events and more. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Real Estate Lobby Sounds Alarm Over Forced Sale Provision In Housing BillWhat’s in the 21st Century ROAD to Housing Act?Games Lenders PlayHow Jeffrey Epstein secretly backed star-studded NoMad condo project

In Ep. 50 (!), we trace Larry Silverstein's odyssey with the World Trade Center redevelopment, analyzing the new blockbuster Amex deal and the insurance, legal and financing battles that the developer has fought since 9/11. Next, we jump on our Zambonis and check out Jamestown’s push for a hockey team in Atlanta. And finally, Blackstone has a data center offering that it wants to share with the universe - of retail investors, that is. We also do a "Punch List" rundown of the newsiest industry happenings: CRE players' outsized roles in the Iran attacks; Hudson Pacific's billion-dollar losing streak; the Mamdani-Trump Sunnyside Yards bromance; and the Korein family going to the mat with Steve Roth's Vornado. Sponsors:1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com And download their new SNF snapshot at https://bravocapital.com/the-silver-wave/ 2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.comTo advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, behind-the-deal stories, scoops, discounted swag and events and more. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Power at Ground Zero: Politics, Money, and the Remaking of Lower ManhattanMore Deets on 2 WTC DealJamestown Joins Bid To Lure NHL Team To North Point MallStadium ArcadiumBlue Owl Bytes the DustJon Gray Is Reshaping Blackstone Into Everybody's Investing Megastore

This week, we look at the tragicomedy that is TSX Broadway, the Maefield/L&L/Fortress Times Square megadevelopment that came undone and left hundreds of foreign investors in the lurch. We discuss how complex ground-up projects can lay waste to capital stacks, and what can happen between partners under pressure. We then look at the latest alarm bells ringing in the high-octane world of data center development – Blue Owl is staring down a multibillion-dollar void, and OpenAI’s marquee Stargate project has had major challenges powering up. Finally, we explore the rise of the rich renter – a trend that’s reshaping the multifamily – and condo markets.We also do a "Punch List" rundown of the newsiest industry happenings: Shvo selling Transamerica Pyramid in SF; the Kushner battle over Veris Residential; Witkoff's Roosevelt Hotel cameo; ICE's $38B warehouse shopping spree; and Stonepeak's marina moves. Sponsors:1) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com And download their new SNF snapshot at https://bravocapital.com/the-silver-wave/To advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, behind-the-deal stories, scoops, discounted swag and events and more. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Tragicomedy in Times SquareLawsuit claims Fortress, L&L owe USIF $890MSteve Witkoff’s Nine LivesBlue Owl shopped debt for a CoreWeave data center. Lenders weren't sold.Inside OpenAI’s Scramble to Get Computing Power After Stargate StalledMeet the AUM Gobblers

This week, we dive deep into the story of Anbang Insurance, the Chinese insurer that went on an epic US trophy real estate buying spree, but flew too close to the sun. We trace the origins of Anbang's founder Wu Xiaohui, his multibillion-dollar acquisition of top US hotels include NYC's Waldorf-Astoria, and Anbang's eventual collapse and government takeover. We then talk about a rare RICO case against a notorious DC landlord, Ali "Sam" Razjooyan, and how such extreme incidents can shape landlord-tenant policy. Finally, we look at why the big CRE brokerages are seeing their stocks getting hammered by the AI question. We also do a "Punch List" rundown of the newsiest industry happenings: Sumitomo Forestry's Tri-Pointe take-private; Nuveen buying Schroeder's; Kimco's unwanted assets; Fannie looking to wet its beak on license sales; and Adam Neumann invoking the wrath of his Miami neighbors. Sponsors:1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.comTo advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, behind-the-deal stories, scoops, discounted swag and events and more. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Chinese Shop Trophy Hotels After Decade of PainRise of Wu Xiaohui, Anbang’s low-profile, high-octane chairmanThe Waldorf’s Makeover Went a Billion Over Budget—and China Is Footing the BillD.C. Attorney General Targets D.C. Slumlord With RICO LawsuitHow “Landlord” Became a Bad Word AI Scare Trade Wipes Out Billions From Commercial Real Estate Stocks

This week, we discuss the House of Brookfield’s new overlord: Connor Teskey has a modest target – double AUM to $2 trillion. We talk about the labyrinth that is Brookfield’s corporate structure – Bruce Flatt's not going away – and what CRE’s role in the ramp-up will be. We then look at the flurry of REIT take-privates, from Peakstone to Plymouth. And finally, we slip into resort casual and discuss a princely condo buyout payoff in West Palm Beach – the goat Steve Ross makes an appearance. We also do a "Punch List" rundown of the newsiest industry happenings: Michael Shvo's bitter breakup with German pension fund BVK; Blackstone & DivcoWest's SF triumph; and tranche warfare in the mall space. Sponsors:1) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.comTo advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, behind-the-deal stories, scoops, discounted swag and events and more. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Shvo Becomes Wurst InvestmentTop-Rated Bonds Hit Hard After Distressed Fund Seizes One of America’s Largest MallsAnthropic to take over an entire office building in downtown S.F. Brookfield revamps unusual ownership structureBook recc: The Reichmanns: Family, Faith, Fortune, and the Empire of Olympia & YorkBrookfield Lines Up a 36-Year-Old Rising Star as Next Billionaire CEOJon Gray Is Reshaping Blackstone Into Everybody's Investing MegastoreBrookfield Puts Up $173M To Refinance Brookfield Place TowerBlackstone eyes more REIT privatizations amid "lagging" public marketsInside Steve Ross’ buyout of a West Palm Beach waterfront condoPodcast: Ross takes his talents to [West Palm] Beach

This week, we discuss how the Chrysler Building has laid waste to the best-laid plans of so many global titans. With Tishman Speyer reportedly coming back for another go at the Art Deco icon, we trace its rich and rollicking deal history, from Jack Kent Cooke to Abu Dhabi. We then discuss how the ICE immigration crackdown is putting another big question mark on the Sunbelt multifamily market and leaving landlords in limbo. And finally, we discuss Apollo's sister act: REIT ARI is selling its $9B loan book to insurance arm Athene, and patting itself on the back for doing so. We also do a "Pardon the Interruption" style rundown of the biggest industry happenings: Carlyle's NYC self-storage mammoth sale to StorageMart; Brookfield's misplaced OZ fund; Fed chair nominee Kevin Warsh; and Donald Bren's Chicago tower listing. Sponsors:1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.comTo advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE breakdowns, behind-the-deal stories, scoops, discounted swag and events and more. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:The Chrysler Building: Doomed Art Deco tower of global power How tycoon behind Chrysler Building and Selfridges was forced outCurtains for Aby at ChryslerImmigration Crackdown Creating 'Havoc' For Some Apartment OwnersMe, Myself & ApolloFrom Investment to Savings: When Finance Feeds on Itself

This week, we discuss second acts: Ziel Feldman has left the scandal-ridden past of his glitzy New York condo development firm HFZ Capital Group behind, and he's reinvented himself as an affordable housing player through his silent partnership in GoodHomes. We trace the wild arc of his career and his far more below-the-radar new game. Proptech's loudest voice and most prolific fundraiser Fifth Wall is now yelling into the fundraising void; we talk about how the firm's issues are emblematic of the broader sector. We also do a "Pardon the Interruption" style rundown of the biggest industry happenings: S2's REIT hiccups, Charles Cohen's latest foreclosure, Willis Tower woes, and Michael Shvo's media mastery. Sponsors:1) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.comTo advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Ziel Feldman's Next ActS2 REIT Makes Capital CallThe Ugliest Divorce in Manhattan Real EstateHow HFZ became the face of Manhattan’s condo woesFifth Wall cuts staff, pauses fundraisingFifth Wall’s Brendan Wallace On What’s Next After Closing $866M Proptech FundProptech graveyard 🪦/infirmary 🤒: Running listShvo Business

This week, we discuss a redemption tour by GVA’s Alan Stalcup, Patient Zero of the Sunbelt multifamily boom/bust. He’s battling PGs, LPs and maybe even the SEC, but Stalcup is unapologetic. He sat down with Hiten for a pretty unplugged conversation, and we chat through our key takeaways. We then dive into the 24-6 world of dealmaking in Skilled Nursing Facilities, a totally undercovered corner of CRE with big numbers and some batshit maneuvering. The Genesis bankruptcy case is all anyone in that world can talk about right now. We also do a "Pardon the Interruption" style rundown of the biggest industry happenings: Soho House Take II, Marty Burger's redo, Summit's Pinnacle deal going through, and a nightmare condo buyout scenario in Miami.Sponsors:1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.comTo advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening: The Alan Stalcup Interview: Speaking With Patient Zero of the Sunbelt Syndicator Bust The Nursing Home Power RosterLandau Fails SNF TestGenie Rubbed the Right WayDial Tress for Distress

This week, we’re talking a glitch in the Morse code: MCR has failed to come up with the cash to consummate the take-private of Soho House, setting off a mad scramble. There’s more bad chemistry in the life-sciences space, with the venerable Beacon Capital Partners battling its operating partner and lenders in the space losing patience. And finally, we dive into the most closely-watched CRE bankruptcy auction in the country: The Pinnacle rent-stabilized portfolio in New York. Sponsors: 1) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.comTo advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Taconic's Lab LeakSoho House’s $2.7 Billion Deal to Go Private Hits a Last-Minute Funding SnagDeathbed for life science incubator? Portal Innovations sues partner Beacon CapitalZohar Levy, the Man who Would be KingBidder For Pinnacle's 5,000-Unit Portfolio Has Ties To CEO Joel Wiener's Brother

This week, we talk Chicago – America’s Second City is now becoming top of mind for national multifamily players. We break down 2 significant deals: LaTerra’s monster AIMCO portfolio buy and S2’s debut. We then slip into our jerseys and look at the arcane world of stadium development – and all the freebies and surrounding action that comes with it. Finally, we schlep the streets of Brooklyn, where Carlyle & Greenbrook have pulled off a massive Freddie refi of their walk-up empire. Sponsor: This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.comTo advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Deconstructing Data Center Megadeals with DigitalBridge's Marc Ganzi (DB is being acquired by SoftBank)Carlyle Takes the StairsAimco to sell Chicago-area multifamily portfolio for $455 million as REIT liquidatesChiefs Get Largest Public Funding Package Ever For New Stadium In KansasFreddie Walks Carlyle/Greenbrook HomeChicago leads the nation in apartment rent growth amid tight supply

We're technically off this week. BUT, Business Insider dropped a banger of a read on Floyd Mayweather's tangled financial web, and somewhere at the center of that web is a character of great interest to The Promote Cinematic Universe: Jona Rechnitz was a New York real estate developer who was caught up in a massive NYPD corruption scandal before heading to LA and reinventing himself as a diamond dealer and Mayweather whisperer. Rechnitz is the archetype of a netherworld character who somehow keeps popping up in real estate: the hustler with the incredible Rolodex and fuzzy origin story, someone who manages to whip up controversy wherever he goes but keeps escaping any real consequences. In May, we dove deep into his fascinating story, and we're re-upping that episode here. In the episode, we also take a look at "structural corruption" in the development of supertalls, focused on a dispute at 432 Park Avenue.NOTE: This is a re-run of an episode that originally aired on 5/14/2025 Episode sponsor: AirGarage – find out more about their full-service parking management solution at Airgarage.comTo advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading: Inside Floyd 'Money' Mayweather's lavish, debt-filled post-boxing lifeJona Rechnitz Atavist profile and The Promote's CRE-focused summaryHarry Macklowe profile:432 Park lawsuit: Downside to life in a supertall:

This week, we talk illiquid death – the Bluerock listing debacle says so much about the mark-to-magic happening in the nontraded REIT market. We then head to Hollywood where showbiz is turning into badbiz for Hackman Capital, HPP and others who went all-in on soundstages. And finally, we head to Charm City to check in on Kevin Plank & Goldman Sachs' Baltimore Peninsula megaproject – MAG is out, Hines is in, and Bank OZK is pissed. To advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Bluerock Total Income Plus - Accredited InsightWhen Your Private Fund Turns $1 Into 60 CentsThis Hollywood Property Mogul Stands to Lose No Matter Who Wins WarnerHines in, MAG at Baltimore peninsula Steve Ross takes his talents to West Palm Beach

This week, we’re talking exotic alts – the far-flung corners of CRE that are starting to catch serious institutional interest. Think car washes, aviation hangars and the like. We're joined by Ian Ross, managing partner of SomeraRoad, to talk through the fascinating niche of aviation infrastructure and how it's been supercharged by the Big Beautiful Bill. Then, we walk through Taconic Partners' failed grand experiment with life science real estate in NYC – $2B deployed, not much to show for it. To advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Follow our guest on LinkedIn: Ian Ross Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Taconic Invested $2B To Be NYC's Leading Life Sciences Developer. Then The Market FrozeBonus Depreciation Boom Times in Private AviationNet Leash Car Wash Sales SurgeAUM Gobbling, Explained

This week, we look back at the skyline-shaping impact of 2 starchitects who’ve just left us – Robert A.M. Stern and Frank Gehry – and then jump into a broader discussion about the pros & cons of name-brand architects. We dive into the industrial deal of the year, EQT’s 9M sf sale to Aum gobbler Artemis. And we have an exclusive tick-tock of a hotel megadeal in San Francisco, Newbond & Conversant's heist of 3,000 rooms in one fell swoop – it's a great window of what it takes to get a distressed CMBS trade across the finish line.To advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Hiten on Bloomberg's Odd Lots discussing the ultra-luxury marketInside the Hotel Heist of the YearSixth Street's AUM GobblingPostscript: Robert A.M. Stern, the Limestone JesusPostscript: Frank Gehry

In our special mailbag episode, co-host Will Krasne tackles your most unhinged CRE questions: who'd be the dream cast of a CRE version of Million Dollar Listing, the best projects through which to launder funds, and which industry niches are IQ-optional.To advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15

This week, we dive deep into the maverick career of Seattle skyscraper titan Martin Selig - a true man in full who at his pomp controlled more than a third of the city's downtown, but is now at risk of losing it all. As of this summer, Selig has lost 19 of his buildings to third-party managers or lenders. He’s been unable to make good on over $850 million in loans. We break down his meteoric rise, his ability to survive through cycles that ended the careers of lesser men, and why this time may truly be the end. To advertise: Reach out to [email protected] feedback: Write us at [email protected] And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:https://www.latimes.com/archives/la-xpm-1989-11-20-fi-194-story.htmlhttps://www.seattletimes.com/business/developer-seligs-one-man-show-plays-well-in-current-downturn/https://www.seattletimes.com/business/martin-selig-helped-shape-downtown-seattle-now-hes-the-face-of-its-office-woes/ https://www.nytimes.com/1986/06/29/realestate/focus-seattle-creating-an-office-empire.html https://www.seattletimes.com/seattle-news/developer-donates-922000-to-try-to-get-estate-tax-erased/ WAhttps://www.seattletimes.com/business/real-estate/another-piece-of-seligs-seattle-office-empire-sold-at-fire-sale-discount/Talking Tycoons: Tom Cousins

This week, we explore why more multifamily REITs are offering themselves up at the altar - there just doesn’t seem to be a real path forward for many of these midsize players in this capital-markets environment. We then look at Marriott’s mercy killing of Sonder and the lessons to take away from yet another high-profile proptech implosion. And finally, the Mooch’s OZ fund was kinda like the Mooch’s White House tenure. Short and painful.To advertise: Reach out to [email protected] feedback: Write us at [email protected] - we're taking questions for a special mailbag episode! And please rate us and write a review on Apple.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgradeProgramming Note: We're off for Thanksgiving Week. We'll see you back here week after that!Further reading/listening:Marriott-Sonder Deal: https://www.thepromote.com/p/the-promote-marriott-s-sonderlust-trimont-grabs-the-crown#inside-marriotts-sonderlust Mooch OZ: https://www.bloomberg.com/news/articles/2025-11-13/scaramucci-s-opportunity-zone-bet-likely-to-be-zero-for-clients Centerspace: https://www.bloomberg.com/news/articles/2025-11-11/apartment-landlord-centerspace-is-said-to-explore-potential-saleSonder Winddown: https://investors.sonder.com/news-releases/news-release-details/sonder-holdings-inc-complete-immediate-wind-down-operationsCortland's PE Courtship: https://podcasts.apple.com/us/podcast/jpms-roosevelt-run-cortlands-pe-courtship/id1801355295?i=1000718664676

This week, we chat about 2 big events in the senior housing space: Blackstone’s fire sale of a $1.8B portfolio and the Sonida-CNL merger. It’s a pretty gnarly business to operate, but there’s lots of room for creative structuring. Next, we look at the behind-the-scenes wrangling at one of Brooklyn’s buzziest projects: Jonathan Landau is attempting to build Brooklyn Heights’ tallest condo, but has a quarter-billion dollar hole to fill. And finally, BXP (aka Boston Properties) is cashing in on legacy assets to fund its development pipeline. Supertalls ain’t cheap! To advertise: Reach out to [email protected] feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgradeFurther reading:Inside the Capstack on Landau’s Brooklyn Moonshot: https://www.thepromote.com/p/inside-landau-s-brooklyn-capstack-bx-dst-deetsBlackstone Is Offloading a Flopped $1.8 Billion Investment in Senior Housing: https://www.wsj.com/articles/blackstone-is-offloading-a-flopped-1-8-billion-investment-in-senior-housing-4a7b85d9The Nursing Home Power Roster: https://www.thepromote.com/p/nursing-home-power-roster-an-embezzlement-autopsy

In a world awash with capital, it’s the same names who are vacuuming up increasing shares of it: We dive into Blackstone alpha cub Chad Pike's take-private megadeal for industrial REIT Plymouth, his most significant deal since being shunted to the BX sidelines. We then discuss how major US players such as Hines and Brookfield are now heading to the Gulf, not just to raise capital for US projects, but to build out those lucrative skylines. And finally, buying leftovers has never been sexier - CRE secondaries are the hottest game in town. To advertise: Reach out to [email protected] feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgradeFurther reading:Jon Gray profile Business Insider: https://www.businessinsider.com/jon-gray-blackstone-profile-succession-schwarzman-interview-ceo-bumble-oatly-2021-1Behind Blackstone Cub's $1.25B Haul: https://www.thepromote.com/p/the-promote-dial-m-for-mortgage-fraud#behind-blackstone-cubs-125-b-haulProperty Giant Hines to Expand into Booming Saudi Arabian Market: https://www.bloomberg.com/news/articles/2025-10-24/property-giant-hines-to-expand-into-booming-saudi-arabian-market Deep Dive- Inside the LPAC: https://www.perenews.com/deep-dive-inside-the-lpac/

This week, we look at explosive allegations of mortgage fraud that have caught up 2 prominent regional banks. Zions and Western Alliance woes stemming from shenanigans at a California CRE investor once again show how vital regional banks are to the industry’s capital markets – and how distress in that space can ruin the whole party. Next, we look at Walmart’s intriguing new playbook – the retail behemoth is on a mall shopping spree. And finally, there’s a LITERAL crackdown allegedly happening at one of the country’s most notable supertalls- Harry Macklowe and CIM Group's 432 Park Avenue. To advertise: Reach out to [email protected] feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgradeFurther reading:Troubled Real Estate Firm at Center of Banks’ Latest Loan Pinch: https://www.bloomberg.com/news/articles/2025-10-17/troubled-real-estate-firm-at-center-of-banks-latest-loan-pinch Why Did Walmart Just Buy a Shopping Mall?: https://www.nytimes.com/2025/10/06/business/walmart-shopping-malls.html?unlocked_article_code=1.u08.Zxzg.LSLcjr4T2Nsw&smid=url-shareA Tower on Billionaires’ Row Is Full of Cracks. Who’s to Blame?: https://www.nytimes.com/2025/10/19/nyregion/432-park-avenue-condo-tower.htmlAge of Accountability for Supertalls: https://www.thepromote.com/p/supertall-retribution-ackman-s-baby-berkshire-playbook#age-of-accountability-for-supertallMacklowe Case Study- the GM Building: https://mackloweproperties.com/pdfs/GMBuilding.pdf

This week, we have a special episode diving deep into the skyscraper that encapsulates our political and financial age: 666 Fifth Avenue. Now known as 660 Fifth Avenue, this tower brings together a dizzying array of characters – from Jared and Charlie Kushner to the former finance minister of Qatar and an imprisoned Chinese mogul – and elements such as cocky scions, insane appraisals, overheated CMBS, hardball pref, media wars, White House wildcards, and so much more. We trace the history of the building from being Jared Kushner's splashy and later disastrous buy to the Brookfield bailout and ultimate redemption. Next, we look at a botched condo buyout in Miami and the opportunities and dangers of that playbook. And finally, we examine how Banco Santander is playing rough with borrowers it inherited from Signature Bank.Sponsor: This episode is sponsored by Bullpen, a talent shop solely dedicated to the commercial real estate industry. Bullpen can recruit trusted CRE pros at all levels, from analysts to C-suite, and can fill both fractional and full-time positions. The Promote listeners get $1,000 off their first search when you mention who sent you. Check out at bullpenre.com to get started.To advertise: Reach out to [email protected] feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify.Promote Insider: Our premium tier for CRE insiders is now live. To lock in Founding Member rates, visit https://www.thepromote.com/upgradeFurther reading:Jared Kushner profile - NYMAgBehind the record deal for 666 Fifth Avenue - TRD Jared Kushner, a Trump In-Law and Adviser, Chases a Chinese Deal - NYTKushners, Trump In-Laws, Weigh $400 Million Deal With Chinese Firm - NYTCharlie Kushner, Unfiltered- TRDDeal Gives Kushners Cash Infusion on 666 Fifth Avenue - NYT660 Reasons to Smile - The PromoteBanco Down to Brawl - The PromoteFlorida Supreme Court denies rehearing in condo buyout case- TRD

This week, we asked the taboo question about New York office to residential conversions. Do the numbers work? There's been enough distress from some of the OGs, including Nathan Berman, that it warrants that question amid all the private-credit billions flowing into the space. We then look at how a single man, Zara founder Amancio Ortega, can drive pricing across product types and markets – even though his buys may not really be pegged on real-world investment metrics. And finally, we go a little bit tabloid to talk about the case of David Bren, the embattled son of real estate tycoon Donald Bren – some real talk about fundraising and scions in there.To advertise: Reach out to [email protected] feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgradeFurther reading:Donald Bren - The Billionaire's Town: https://www.bloomberg.com/features/2025-irvine-california-housing-donald-bren/A billionaire’s son sold investors on the ‘ultimate man cave.’ Was any of it real?: https://www.latimes.com/california/story/2025-10-06/david-bren-beverly-hills The Follieri Charade: https://www.vanityfair.com/news/2008/10/follieri200810?srsltid=AfmBOorhtO3gFoiBk5pL3BXDzBXUyPfwoJ-SVNmXUDTBR6Y9h7X_rayDCaveat Lender: https://www.thepromote.com/p/caveat-office-resi-lender-roosevelt-masala#caveat-lenderA Costly Rescue Recap: https://www.thepromote.com/p/inside-the-debt-fund-game-underwater-rescues#a-costly-rescue-recap

This week, we discuss an intriguing deal in the data-center space – TeraWulf is raising $3B in debt to build data centers for Google, in an intertwined transaction that's becoming a prototype for getting these massive developments going. We dive into the maverick mogul behind Terawulf, Paul Prager, who's using his heft to turn Maryland's Eastern Shore into the new Hamptons. We then take stock of the carnage in San Francisco's multifamily market, where the biggest players are winning and losing thousands of units all at once – and leaving their lenders in the lurch. Finally, we explore why institutional investors are finding alpha between the low-thread-count sheets in the extended-stay space. Sponsor: This episode is sponsored by Bullpen, a talent shop solely dedicated to the commercial real estate industry. Bullpen can recruit trusted CRE pros at all levels, from analysts to C-suite, and can fill both fractional and full-time positions. Check them out at bullpenre.com to get started.To advertise: Reach out to [email protected] For feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify.Promote Insider: Our premium tier for CRE insiders launches Oct. 15. To lock in Founding Member rates, visit https://www.thepromote.com/upgrade

This week, we dive into Brookfield's $10B mega-acquisition of manufactured-home player YES! Communities, and how it's emblematic of the next frontier of institutional CRE investing – we chop it up on the liquid debt markets for affordable housing, putting money to work at scale and Stockbridge's FAT upcoming promote. We then examine RXR's OPM masterclass in Manhattan with Gemini, a $3.5B office vehicle that is making splashy buys and generating even splashier fees in the process. We then visit the modest environs of Wilmington, DE, where Buccini Pollin is in the midst of an intriguing office-resi bet.To advertise: Reach out to [email protected] For feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify.Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgradeFurther reading:https://www.thepromote.com/p/rxr-s-feeapalooza-sobrato-s-sv-sizzle#rx-rs-feeapaloozaBrookfield in talks to buy US landlord from Singapore’s GIC in $10bn deal

This week, we take a closer look at one of the biggest winners from Nvidia's Silicon Valley real estate rampage: The Sobrato Organization amassed a 12M sf portfolio through a combination of guts, vision and HEAVY leverage, and are now reaping the rewards as Nvidia goes shopping. We then look at how some big players, including Toll Brothers, are bowing out of multifamily development, and explore who's stepping into the void. Finally, with his adventures on the high seas on pause, Harry Macklowe is back to adventuring on the Manhattan skyline: But who the hell wants to give the rapscallion developer the cash to do it? Sponsor: This episode is sponsored by Bullpen, a talent shop solely dedicated to the commercial real estate industry. Bullpen can recruit trusted CRE pros at all levels, from analysts to C-suite, and can fill both fractional and full-time positions. Check them out at bullpenre.com to get started.To advertise: Reach out to [email protected] For feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify. Further reading:Carl Berg a Man on a Mission: https://www.bizjournals.com/sanjose/stories/2010/07/26/focus1.html?page=allJohn Sobrato Interview: https://www.nobhillgazette.com/people/the_interview/up-close-and-personal-with-john-sobrato/article_b517646f-dc65-5386-acb2-d3e456e4ee4e.htmlMacklowe vs. Macklowe: https://therealdeal.com/magazine/new-york-november-2017/macklowe-vs-macklowe/

Like a lot of older guys, Steve Ross moved to Florida. Unlike them, however, the billionaire real estate developer didn't go there to retire, but instead to take on an even more audacious skyline-shaping challenge: West Palm Beach. This week, we trace Ross' whirlwind of big-ticket dealmaking down south that combines real estate, private equity, education, sport, and glamour – much to take away for the aspiring city shaper. We then look at Gary Barnett's latest financing coup: a $1.2B pref commitment for a range of development projects. And finally, we explore the legal challenge to the "nuclear" bill that killed off Texas' most controversial property-tax loophole: The Traveling HFCTo advertise: Reach out to [email protected] Further reading/listening:Can This Developer Make West Palm Beach Into the Hottest City in America?Goat Exits Stage South Billionaire Stephen Ross Believes in South Florida—and Is Spending Big to Transform It Gary Barnett: The Father of Billionaires' RowInside Gary Barnett's Deer Valley MasterclassBarnett Prefs UpThe Quiet Kings of CapitalTraveling HFCs: Backlash to the BacklashThe Mother of all Tax Loopholes

This week, it's Tupac vs Biggie, commercial real estate edition: We dive into a deal on each coast that brings together all the things that we think make CRE the greatest show on earth. Rapacious lenders, billion-dollar-dreams, broken capital stacks & creative financing. In New York, we look at the saga of 172 Madison Avenue, Yitzchak Tessler's moonshot condo project that ended in multiple bankruptcies. And in Beverly Hills, we look at the star-studded history of the One Beverly Hills site, and how a motley crew of billionaire Todd Boehly, "Russian James Bond" Vlad Doronin, and Beverly Hills wheeler-dealer Beny Alagem are putting together a $5B hospitality mecca.Sponsor: This episode is sponsored by Bullpen, a talent shop solely dedicated to the commercial real estate industry. Bullpen can recruit trusted CRE pros at all levels, from analysts to C-suite, and can fill both fractional and full-time positions. Check them out at bullpenre.com to get started.Which segment did you prefer – Tupac or Biggie? Write us at [email protected] and let us know. To advertise: Reach out to [email protected] Further reading:New Pacific's Beverly Hills coup: https://behindthedeals.com/2017/01/22/behind-the-deals-the-story-and-lessons-behind-new-pacific-realtys-acquisition-and-sale-of-the-beverly-hills-robinsons-may-for-a-450-million-profit/Tale of the Tessler Tape: https://www.thepromote.com/p/tessler-tapes-drillman-s-sweet-16#tale-of-the-tessler-tapeCheckmating Tessler: https://www.thepromote.com/p/checkmating-tessler-a-brooklyn-bachur-s-office-feastOne Beverly Hills - a Capstack for the Ages: https://www.thepromote.com/p/meridian-s-nycb-burden-a-capstack-for-the-ages#a-capstack-for-the-agesHow a ‘Russian James Bond’ Conquered the World of Luxury HotelsHilton’s Waldorf Beverly Hills Used a Mole to Steal Secrets From Rival, Lawsuit Says

This week, we’re talking the Mormon real estate playbook – how the LDS church built a serious property portfolio and also run it like serious people. We then discuss syndicator Grant Cardone’s intricate plan to rescue a distressed Boca rental – with a Bitcoin twist. We also chop it up on how fund managers' courtship of retail money is leading to pushback from big institutional LPs.Want to reach our audience of top CRE decision-makers? Reach out to [email protected] reading:https://www.thepromote.com/p/through-the-cardone-looking-glass#inside-cardones-boca-bankruptcy-bethttps://lrlfinancial.substack.com/p/101-via-mizner-bankruptcy-analysishttps://www.bloomberg.com/news/articles/2025-08-08/retail-investors-threaten-private-equity-s-aura-of-exclusivityhttps://www.thepromote.com/p/private-credit-s-old-gold-another-rabsky-riddle#old-is-private-credit-goldhttps://www.ft.com/content/f7387912-1079-43d4-a9a2-2308989400d4https://www.thepromote.com/p/divine-dry-powder-regional-bank-wildcatting#divine-dry-powder

We break down the puzzling $2.7B take-private of Soho House – what do Apollo, MCR, Ron Burkle and Ashton Kutcher think they can pull off by revitalizing the famed member's club? The discussion touches on everything from select-service hotels to Tyler Morse's start as "Barry's guy" to the perils of the hospitality business. We then break down the capital stacks on two closely watched Manhattan megadeals: RXR's purchase of 590 Madison Avenue and Miki Naftali's ultra-luxury condo play at 800 Fifth Avenue. Finally, we explore Yieldstreet's latest debacle and ask: Is real estate crowdfunding doomed by design? Want to reach our audience of top CRE decision-makers? Reach out to [email protected] Further reading/listening:https://www.wsj.com/business/soho-house-members-club-nearing-a-deal-to-go-private-fcae011chttps://www.thepromote.com/p/postgame-manhattan-megabets-get-fundedhttps://therealdeal.com/new-york/2025/08/15/paramount-group-ceo-pushed-for-no-bid-contract/https://www.cnbc.com/2025/08/18/yieldstreet-real-estate-bets-customer-losses.htmlhttps://podcasts.apple.com/us/podcast/tariff-terror-%2411-000-psf-condos-starwoods-land-bets/id1801355295?i=1000703726323https://www.thepromote.com/p/no-yield-on-this-street-arbor-s-copper-coin#no-yield-on-this-street

We dive into the singular life and multiple dramas of real estate impresario Michael Shvo, the luxury resi broker turned developer who went on one of the most epic commercial real estate buying sprees in the 2020s. Backed by German pension money, Shvo snapped up icons such as the Transamerica Pyramid in SF, Big Red in Chicago, and the sites of boutique ultra-luxury condo projects across gateway markets. Many of those deals are now in big trouble, and Shvo is tussling with his key equity partner. Next, we explore institutional multifamily's biggest legal headache: the federal antitrust case brought against RealPage and some of the country's biggest landlords. We look at how "Big Landlord" became a punching bag for Republican and Democratic lawmakers alike.Want to reach our audience of top CRE decision-makers? Reach out to [email protected] Further reading:https://nymag.com/nymetro/realestate/features/11619/ https://www.bisnow.com/national/news/capital-markets/bavarian-state-parliament-investigates-bvk-as-german-investors-withdraw-from-the-us-126138 https://therealdeal.com/new-york/2020/09/17/shvo-to-hell-inside-the-ugly-dispute-between-michael-shvo-and-his-partner-pal/ https://www.thepromote.com/p/prime-piece-of-park-ave-in-play-a-record-on-rodeo#shvo-comes-at-key-german-backerhttps://www.thepromote.com/p/the-promote-shvo-business-a-record-condo-financing#no-business-like-shvo-businesshttps://www.thepromote.com/p/doj-set-to-sue-megalandlords-the-miami-empire-that-asbestos-built#do-j-to-come-directly-at-megalandlohttps://www.thepromote.com/p/newpoint-s-unwanted-ride-or-die-a-bombshell-yardi-ruling?utm_campaign=doj-set-to-sue-megalandlords-the-miami-empire-that-asbestos-built&utm_medium=referral&utm_source=www.thepromote.com#yardi-ruling-gives-do-j-ammo-in-pri

This week, we break down the outsized life & career of seminal Atlanta developer Tom Cousins: skyline-shaper, quail hunter, Ted Turner lender, Buffett buddy – an honest-to-goodness Man in Full. We trace his origins from selling tract homes to setting the stage for the modern Atlanta skyline, and examine his broader cultural impact on real estate. We then dive into the zany case of the late CRE mogul Jacob Chetrit, who left behind just $500K in cash but $800M in CRE stakes – that estate is now the focus of fierce litigation among name-brand NYC players from Richard Mack to Maverick.Further Reading:https://www.thepromote.com/p/bxp-s-vertical-limit-chetrit-s-800m-estate#postscript-tom-cousins-a-man-in-fulhttps://www.thepromote.com/p/bxp-s-vertical-limit-chetrit-s-800m-estate#what-did-jacob-chetrit-leave-behindhttps://www.thepromote.com/p/heat-on-chetrit-hud-in-the-mud#can-chetrit-beat-the-heathttps://www.ajc.com/news/2025/07/tom-cousins-seminal-atlanta-developer-and-philanthropist-dies/?utm_campaign=bxp-s-vertical-limit-chetrit-s-800m-estate&utm_medium=referral&utm_source=www.thepromote.com

This week, we dive into how private credit mega-managers such as Blackstone, KKR & Blue Owl have been setting the stage for a potentially huge new pool of capital: 401(k)s. With the Trump administration’s eagerness to push more retirement savings into PE, players have been forming alliances with the biggest 401(k) managers in a move that could mean a far bigger CRE private-credit war chest. We then dive into the singular life and career of Donald Soffer, the visionary behind Aventura and a serious man-about-town.Sponsor: This episode is sponsored by Vesto, which gives CRE players a single, clear point of access for all their bank accounts. Go to https://vesto.com/ to learn more. Further reading:https://www.bloomberg.com/news/articles/2025-07-24/private-credit-firms-from-kkr-to-blackstone-ready-for-401-k-win?utm_campaign=private-credit-s-old-gold-another-rabsky-riddle&utm_medium=referral&utm_source=www.thepromote.comhttps://www.thepromote.com/p/private-credit-s-old-gold-another-rabsky-riddle#old-is-private-credit-goldhttps://www.thepromote.com/p/landau-s-stalking-horse-dusty-dan-s-greystone-exit#insurance-juicing-private-credit-bohttps://www.vanityfair.com/news/1987/09/gary-hart-failed-presidential-campaign?srsltid=AfmBOoqQ3goufXX7T8B6NjVZJSKctEHacpKaJo0Y7pIUycKTgZV2FjLThttps://web.archive.org/web/20180326202536/http://www.biscaynetimes.com/index.php?option=com_content&id=1051%3Afamily-a-fortune&utm_campaign=nahla-s-raleigh-play-a-data-center-kingpin-s-exit&utm_medium=referral&utm_source=www.thepromote.com

In this special episode of The Promote Podcast, we dive deep into Related Companies' de-risking playbook at its Hudson Yards megaproject. How they're pulling off a $25 billion, 18 million-square-foot undertaking in New York City while continuously taking chips off the table through creative financing structures, global capital sources, equity partners and tax breaks. We look at how Steve Ross spent 4 decades shoring up Related's balance sheet to take huge swings, and what other CRE hopefuls can learn from his approach to big-ticket development.Sponsor: This episode is sponsored by Vesto, which gives CRE players a single, clear point of access for all their bank accounts. Go to vesto.com to learn more.Further reading:https://fortune.com/2013/08/29/the-man-behind-the-largest-real-estate-project-in-u-s-history/https://www.amazon.ca/Other-Peoples-Money-Housing-Greatest/dp/0142180718Chris Hohn of TCI: https://www.judiciary.uk/wp-content/uploads/2014/12/hohn-judgment.pdfhttps://www.thepromote.com/p/the-promote-fbi-comes-at-arbor-steve-ross-hof-dealmaking#goat-exits-stage-southhttps://therealdeal.com/new-york/2013/08/16/anatomy-of-a-deal-inside-relatedoxfords-unusual-hudson-yards-financing/https://therealdeal.com/new-york/2025/07/01/how-related-companies-got-hudson-yards-approved-and-saved-2bhttps://www.economicpolicyresearch.org/images/docs/research/political_economy/Cost_of_Hudson_Yards_WP_11.5.18.pdfhttps://therealdeal.com/new-york/2016/08/24/inside-the-hudson-yards-financing-playbook/https://www.hudsonyardsnewyork.com/press-media/press-releases/related-companies-and-oxford-properties-group-close-on-nearly-1-4-billion-in-equity-and-debt-investments-for-hudson-yards

This week, we discuss JPMorgan's age of empires, its play for the Roosevelt Hotel as part of a potentially 7 million square foot campus in the heart of New York. We dive into why 2 multifamily giants, Cortland and Bell Partners, are shopping for suitors and explore the capital landscape for large apartment owners. Finally, we do a quick-and-dirty breakdown of the Starwood-Fundamental $2.2B deal, and why a NNN lease isn't always mailbox money.Sponsor: This episode is sponsored by Vesto, which gives CRE players a single, clear point of access for all their bank accounts. Go to vesto.com to learn more.Further reading:https://www.thepromote.com/p/jpmorgan-s-roosevelt-playhttps://www.thepromote.com/p/attack-of-the-nepo-babies-ballast-s-clean-up-crew#for-whom-the-bell-tollshttps://www.nytimes.com/2000/06/01/nyregion/judge-rules-against-milsteins-in-roosevelt-hotel-dispute.htmlhttps://www.newyorker.com/magazine/2025/01/27/norman-foster-profilehttps://www.bloomberg.com/news/articles/2025-07-16/starwood-strikes-2-2-billion-real-estate-deal-with-brookfield

This week, we discuss the great changing of the guard at real estate dynasties – the 2nd and 3rd gens are taking the helm of some of the industry's most prominent families and are doing their best to position themselves as serious people. We then head west for some California love – CEQA, the environmental law that was turned into a tool to torpedo new developments, has been gutted. And finally, we chronicle the taking of 625 Madison Ave, an office tower that became a battleground for some of New York's biggest titans, from Ben Ashkenazy to Related.Sponsor: This episode is sponsored by Vesto, which gives CRE players a single, clear point of access for all their bank accounts. Go to vesto.com to learn more. Further reading: CEQA: https://www.latimes.com/homeless-housing/story/2025-07-01/what-will-the-new-change-to-ceqa-do 625 Madison: https://www.thepromote.com/p/the-promote-arbor-responds-wire-fraud-nostalgia#the-taking-of-madison-six-two-fivehttps://www.wsj.com/real-estate/commercial/saudi-arabia-wealth-fund-nyc-midtown-tower-1b953d32Nepo Babies: https://www.thepromote.com/p/elliott-backing-rxr-megadeal-shvo-business-in-miami-beach#run-rudin-runhttps://therealdeal.com/magazine/june-2025/the-house-of-rudin/https://commercialobserver.com/2025/05/samantah-rudin-michael-rudin-100-years/

We break down CRE's fear & loathing stemming from Zohran Mamdani’s improbable win in the New York City mayoral primary. Players have pulled the plug on deals and are devising a "retreat & resist" strategy. We then dive into the mechanics of a particularly juicy offshore hotel transaction – Hyatt is selling Playa Properties in a $2 billion asset-light megadeal. And finally, we head back to New York: a coveted casino license is up for grabs, and developers are doing whatever they can to score it. Favors:1) Write us a review: On Apple, Spotify, or wherever you get your pods2) Tell Prof G about us: Go to ProfG's Reddit page and tell him he's gotta have us on to talk CRE: https://www.reddit.com/r/ScottGalloway/3) Tell your CRE junkie friends about usFurther reading:1) https://www.thepromote.com/p/cre-s-mamdani-triage-fbi-comes-at-syndicator#retreat-resist-cr-es-mamdani-triage2) https://www.wsj.com/us-news/nyc-real-estate-mayor-eric-adams-zohran-mamdani-21cf617f 3) https://therealdeal.com/new-york/2025/06/27/eight-bidders-submit-new-york-casino-bids/ 4) https://therealdeal.com/magazine/new-york-march-2017/day-in-the-life-of-ryan-williams/

This week, we dive into Carlyle's attempt to stitch together an empire of Brooklyn walk-ups and how it illustrates the REPE giant's playbook. We then examine mortgage fraudster Barry Drillman's get-out-of-jail-free card, a feat of game theory and cooperation with the feds. We hit the real estate battlefields in the war between luxury leaders LVMH and Kering, looking at their race to snap up the world's most coveted corners (and hotel chains). Finally, we head north to the TSX to riff on Meyer Orbach & Josh Gotlib's attempt to IPO a prime Manhattan residential portfolio. Favors:1) Leave us a review: On Apple, Spotify, or wherever you get your pods2) Tell Scotty G about us: Go to ProfG's Reddit page and tell him he's gotta have us on to talk CRE: https://www.reddit.com/r/ScottGalloway/3) Tell your CRE junkie friends about usFurther reading:https://www.thepromote.com/p/madison-s-fannie-absolution-carlyle-s-walk-up-wonder#carlyles-walk-up-wonderhttps://www.thepromote.com/p/drillman-s-great-escape-the-magnificent-chapter-sevenhttps://www.thepromote.com/p/the-usual-suspectshttps://www.thepromote.com/p/the-promote-sutton-in-his-fifth-element-syndicators-in-default-city#sutton-in-his-fifth-elementhttps://www.wsj.com/real-estate/commercial/louis-vuitton-lvmh-real-estate-communities-47aa1d55?gaa_at=eafs&gaa_n=ASWzDAhyKkxce1gly_M_2dLfZa3eLrYtoIUQfyBH9nxqu-dwt-w0KBoOwgc5u-eo6Mc%3D&gaa_ts=6864d777&gaa_sig=LETuj6u5U5dynKdSfuWScyQUv4SZlE__W5l3whZ1vnuFjVt4r07yB_t5-U0knv-MRtPj-vCgxfBDByp3_mWpqA%3D%3Dhttps://www.thepromote.com/p/the-promote-multi-megabets-lvmh-s-re-weaponry#lvm-hs-real-estate-artilleryhttps://www.bloomberg.com/features/2024-lvmh-bernard-arnault/?srnd=homepage-americas&utm_campaign=multi-megabets-lvmh-s-re-weaponry&utm_medium=referral&utm_source=www.thepromote.comhttps://www.thepromote.com/p/orbach-gotlib-s-loonie-tunes-mamdani-s-comrade-capitalism#loonie-tunes-orbach-gotlib-head-to-

This week, data center pioneer and DigitalBridge CEO Marc Ganzi walks Will & Hiten through 2 defining transactions in the space: The $11B take-private of Switch, and the "metaphorical lockbox" financing for cloud-computing player CoreWeave, one of the largest-ever private debt financings. Ganzi gives us an insider look at the numbers, real estate intricacies and capital markets maneuvers that went into both deals – this is "how the sausage gets made" stuff in one of the fastest-growing and least-understood corners of the business.A shout-out to our sponsor for this episode, NYC-focused developer MADDPROJECT. They've launched a New York resi development fund open to accredited investors, and you can reach out to [email protected] for more information on it.Further readinghttps://www.wsj.com/tech/ai/coreweave-raises-7-5-billion-in-debt-for-ai-computing-push-99fd2241https://www.datacenterdynamics.com/en/news/digitalbridges-switch-exploring-40-billion-ipo-report/https://www.digitalbridge.com/news/2022-12-06-digitalbridge-and-ifm-investors-complete-11-billion-take-private-of-switchhttps://therealdeal.com/new-york/2021/05/18/how-marc-ganzi-bet-colony-capitals-future-on-the-next-gen-economy/

This week, Will & Hiten dive deep into the movement of the moment: AUM gobbling ™️ We break down the Sixth Street/L+M transaction, and how allocator preferences are driving this wave of M&A in commercial real estate. We then look at restaurateur Greg Flynn’s 🌮 basis bets in the SF CRE market – a man w/ deep pockets ™️ taking advantage of the bargains by the Bay. And finally, we tackle the financialization of the American Dream – i.e. a new lender-assisted EB-5 vehicle. Favors:1) Leave us a review: On Apple, Spotify, or wherever you get your pods2) Tell Scotty G about us: Go to ProfG's Reddit page and tell him he's gotta have us on to talk CRE: https://www.reddit.com/r/ScottGalloway/3) Tell your CRE junkie friends about usFurther reading:https://commercialobserver.com/2025/06/sixth-street-l-m/https://www.crainsnewyork.com/article/20170611/REAL_ESTATE/170609858/ron-moelis-is-the-king-of-affordable-housing-but-his-ties-to-nyc-deputy-mayor-alicia-glen-made-him-a-targethttps://www.thepromote.com/p/warehouse-lender-lifelines-cre-s-m-a-consiglieres#real-estates-ma-consigliereshttps://www.thepromote.com/p/syndicator-extremes-a-kushy-eb-5-triumph#kushner-taps-new-eb-5-lender-assisthttps://www.thepromote.com/p/trump-s-eb-5-killer-ross-drunken-sailor-playbook#potus-eb-5-out-gold-card-inhttps://sfstandard.com/2025/05/30/greg-flynn-san-francisco-market-center-sale/https://www.thepromote.com/p/men-with-deep-pockets-realpage-s-federal-lifeline#men-with-deep-pockets

This week, Hiten & Will are joined by Benefit Street Partners' Michael Comparato, who gives us an insider's look into the wild world of lending to multifamily syndicators. Comparato provides unvarnished, behind-the-scenes details on the conversations, numbers and battles that define lending in such a high-octane space – it's a level of candor and color that we rarely see from active lenders. He then walks us through BSP's headline-grabbing $425M acquisition of agency lender NewPoint, and the opportunities in that space. Favors:1) Leave us a review: On Apple, Spotify, or wherever you get your pods2) Tell Scotty G about us: Go to ProfG's Reddit page and tell him he's gotta have us on to talk CRE: https://www.reddit.com/r/ScottGalloway/3) Tell your CRE junkie friends about usFurther reading:https://www.thepromote.com/p/hfc-post-mortem-nuveen-s-american-nightmarehttps://www.thepromote.com/p/nussbaum-s-hush-money-syndicator-bad-boy-carve-outs#baby-did-a-bad-bad-thinghttps://www.thepromote.com/p/anatomy-of-the-newpoint-deal-the-big-bank-battle-of-chetritstan#anatomy-of-a-deal-bsp-new-pointhttps://www.thepromote.com/p/the-promote-quiet-kings-of-capital-pt-ii-nycb-s-multi-messFind Michael Comparato at LinkedIn https://www.linkedin.com/in/michael-comparato-b2126b172/ or at Benefit Street Partners https://benefitstreetpartners.com/

This week, we break down two asset classes on extreme ends of the fortune spectrum: The first, NYC rent-stabilized multifamily, which is facing a tidal wave of distress, with name-brand sponsors battling with lenders and very few investors willing to take the plunge. The second, massive data centers, which global investors cannot seem to stop throwing money at. We dive deep into both the carnage and opportunity in both sectors, as well as look at the players at the center of both. We tackle Pinnacle Group placing 5,000 units into bankruptcy protection in New York and Peter Hungerford's contrarian megabet on the rent-stabilized space. We then break down Blue Owl's OpenAI-anchored hyperscaler data center in Abilene, Texas, which was just funded to the tune of $11.6 billion.Favors:1) Leave us a review: On Apple, Spotify, or wherever you get your pods2) Tell Scotty G about us: Go to ProfG's Reddit page and tell him he's gotta have us on to talk CRE: https://www.reddit.com/r/ScottGalloway/ 3) Tell your CRE junkie friends about usFurther reading:Inside New York’s Rent-Stabilized Mess: https://www.thepromote.com/p/nyc-rentopoly-a-dealmacher-s-grand-larceny-charge#inside-new-yorks-rent-stabilized-me Inside The Finances Of 4,300 Rent-Stabilized NYC Apartments: https://www.bisnow.com/new-york/news/affordable-housing/the-crisis-has-already-started-inside-the-finances-of-4300-rent-stabilized-nyc-apartments-129459 NYCB Comes for Wiener: https://www.thepromote.com/p/oh-miki-you-re-so-fine-wiener-s-empire-on-the-brink#nycb-comes-for-wiener Dons of Data Centers: https://www.thepromote.com/p/dons-of-data-centers OpenAI’s Biggest Data Center Secures $11.6 Billion in Funding: https://www.wsj.com/tech/ai/openai-data-center-funding-microsoft-75e879b6