Explore every episode of the podcast Deconstruct

Wynwood was once best known for warehouses, murals and street art. Today, it’s attracting billions of dollars from some of the wealthiest investors in Miami.

The Real Deal’s Iman Elshahawi joins Hannah Kramer and Lilah Burke to unpack the neighborhood’s rapid evolution following Ken Griffin’s $1.1 billion purchase of part of the Mana Wynwood portfolio. They discuss the arrival of major office, residential and retail projects; investments tied to Amazon, Adam Neumann and other tech billionaires; and the zoning changes that helped turn Wynwood into one of Miami’s hottest development markets.

They also look at what could hold the neighborhood back — including a 36 percent Class A office vacancy rate and some surprisingly significant transportation and infrastructure gaps.

Later, Hannah and Lilah examine how New York’s pied-à-terre tax is complicating multimillion-dollar divorces, the latest twists in a New York real estate family dispute, Floyd Mayweather’s dropped lawsuit against Jona Rechnitz and a $47 million arbitration involving Michael Stern, Silverstein and the Brooklyn Tower.

Could Sunnyside Yard finally become one of New York City’s next great mega-developments?

This week on Deconstruct, The Real Deal’s Lilah Burke and guest co-host Jake Indursky speak with New York Building Congress President and CEO Carlo Scissura about the decades-old dream of building a new neighborhood over the Sunnyside rail yard in Queens.

The proposal could create roughly 12,000 homes, but first New York would need to construct a platform over the active rail yard at a cost measured in the tens of billions of dollars. Scissura explains why the engineering may actually be the easy part — and why bringing together the federal government, New York State, City Hall, the MTA, Amtrak, local elected officials and the surrounding community could prove far more complicated. He also discusses lessons from Hudson Yards and Pacific Park, how long a project of this scale could take and why early community involvement matters.

Later, Indursky explains the real estate paradox behind Brooklyn and Queens’ so-called “Commie Corridor”: neighborhoods that have produced enormous amounts of private housing while increasingly supporting politicians skeptical of the real estate industry.

Plus, the latest on Marty Burger’s return to dealmaking, Mitchell Kossoff’s release from prison and the upcoming sentencing of the Alexander brothers.

The multifamily syndicator boom promised everyday investors a piece of the real estate gold rush. Then interest rates rose — and some of the biggest players began to unravel.

This week on Deconstruct, The Real Deal’s Texas Bureau Chief Jess Hardin joins Hannah Kramer and Lilah Burke to explain the rise and fall of S2 Capital and its founder, Scott Everett. Once one of the fastest-growing private companies in the country, S2 amassed a massive apartment portfolio as Everett became one of the most recognizable figures of the real estate syndication boom.

Now, investors have seen equity wiped out, properties have faced foreclosure and S2 has pursued a series of increasingly complicated strategies to keep parts of its portfolio alive. Jess takes us inside the financial fallout — and describes what she found when she visited an S2 apartment complex in Dallas.

Plus, Hannah and Lilah discuss the still-unopened Chobani House in Manhattan, the Ritz-Carlton residences coming to Brooklyn Heights, the Trump Organization’s latest international branding deal and the approaching sentencing of the Alexander brothers.

This week on Deconstruct, The Real Deal columnist Erik Engquist joins Hannah Kramer and Lilah Burke to explain why renovating New York City’s aging apartment buildings has become increasingly difficult.

Engquist breaks down the complicated web of rules surrounding substantial rehabilitation, rent stabilization, good cause eviction and demolition — and why he argues that current housing policy can leave owners with little incentive to undertake major renovations. What happens when aging buildings need substantial investment, but the economics of fixing them no longer pencil out?

Plus, Hannah and Lilah dig into one of Miami’s biggest potential real estate deals: Citadel founder Ken Griffin is rumored to be pursuing Moishe Mana’s roughly 30-acre Wynwood portfolio for between $700 million and $1 billion, potentially setting the stage for a massive tech and AI campus.

Also this week: Charles Cohen plots a South Florida comeback, Hackman Capital loses the $160 million Sony campus in Culver City, and the hosts look back at the real estate industry’s stories from September 11.

New York’s luxury rental market is reaching astonishing new heights. SERHANT broker Peter Zaitzeff joins Deconstruct to explain who is paying as much as $150,000 a month for homes in Brooklyn and Manhattan, why tech and finance wealth is fueling demand, and how the city’s severe inventory shortage could push rents even higher.

Zaitzeff also argues that the luxury market does not exist in isolation: Record-breaking deals at the top can influence asking rents across the city, making an already expensive housing market even less affordable.

Later in the episode, hosts Hannah Kramer and Lilah Burke examine dramatic new depositions from developers Meyer and Joseph Chetrit, who are facing more than $160 million in personal judgments. The testimony depicts a real estate empire that has run out of money — although lenders may question whether the brothers are overstating their financial distress.

Plus, Florida considers a proposal that could eventually eliminate property taxes for homesteaded homes, and former New York governor Eliot Spitzer gets approval to advance his Fifth Avenue condo project after suing the state.

Data centers have quickly become one of commercial real estate’s hottest — and most capital-intensive — asset classes. This week, Hannah Kramer and Lilah Burke talk with Colliers data center expert Raul Saavedra about what’s driving the boom, how AI has accelerated demand and why the scale of new projects is creating major challenges around power, financing and community opposition.

Saavedra takes us inside the increasingly complicated process of getting a data center deal done, as campuses grow from tens of megawatts to hundreds and project costs climb from millions into the billions.

Then, Hannah and Lilah dig into some of the biggest real estate stories of the week: Compass’ push to pull listings from StreetEasy and embrace private marketing, S2 Capital founder Scott Everett’s latest effort to keep his multifamily empire alive, and the transformation of Hollywood real estate as studios, landlords and developers chase the $70 billion creator economy.

A massive fraud case at one of Florida’s largest homeowners associations exposed just how vulnerable HOAs can be to bad actors.

On this episode of Deconstruct, The Real Deal’s Hannah Kramer and Lilah Burke talk with South Florida reporter Lidia Dinkova about the scandal at the Hammocks, a sprawling Miami-Dade community with more than 18,000 residents. Prosecutors accused former board members of diverting roughly $2 million through bogus vendors and kickbacks, while residents say they spent years trying to sound the alarm. The case ultimately helped spur sweeping changes to Florida’s HOA laws — but experts and residents say fraud remains a serious problem.

Plus, Hannah breaks down the long-running battle over Manhattan’s Elizabeth Street Garden and what its preservation means for New York City’s struggle to build affordable housing. The hosts also look at which real estate heavyweights are putting money behind candidates in California’s governor’s race, New York City’s latest record rents and a bizarre Miami lawsuit involving a 100-year-old oak tree, a spec home developer and allegedly forged signatures.

Consumers need to trust their real estate agents — but as more agents work the market than ever before, stories of bad behavior ranging from unfair dealmaking to sexual harrasment abound. In this episode of Deconstruct, Compass agent and American Real Estate Association (ARA) founder Jason Haber joins Lilah Burke and Hannah Kramer of The Real Deal to break down what’s broken in residential brokerage and how to fix it.

We get into:

• Why there are 5 million agents chasing fewer than 3 million deals a year
• How low licensing standards and part-time agents hurt consumers and the industry’s reputation
• Jason’s early pushback against Kenny Purcell and the National Association of Realtors (NAR) over sexual harassment and abuse
• Why self-regulation has failed, and what smarter state licensing and renewal rules should look like
• The debate over private listings, NAR’s Clear Cooperation vs ARA’s Clear Collaboration policy
• How industry consolidation (including at Compass) affects small brokerages and consumer trust
• What political and policy changes could actually make housing more affordable in New York and beyond

In the second half of the episode, we turn to two huge real estate stories:

• The rise and unraveling of Joseph Makhani’s $83M deed theft empire in New York
• The political and PR mess created by the pied-à-terre tax rollout
• The collapse of Simad Holdings’ $200M summer camp empire, DOJ investigations, and what it means for bondholders and beloved camps

If you work in residential brokerage, follow housing policy, or just want to understand why trust in real estate is so low — and what real reform could look like — this episode is for you.

Listen to Deconstruct from The Real Deal every Monday for deep dives on real estate, politics, and power.

A summer camp empire that owns roughly 30 camps across the U.S. raised nearly $200 million from Israeli bondholders—and then spiraled into bankruptcy just months later. Reporter Keith Larsen joins Deconstruct to unpack one of the strangest real estate-adjacent stories of the year, including a controversial $34 million transfer, aggressive lenders, and what happens next for camp operators, investors and families.

Plus, Hannah Kramer and Lilah Burke discuss how wellness culture is transforming real estate, from Hamptons luxury homes packed with saunas and cold plunges to the rapid expansion of luxury gyms and wellness-focused retail.

They also break down RXR's effort to sell Manhattan's iconic Helmsley Building, a major brokerage shakeup involving Christie's International Real Estate affiliates, and the closely watched manslaughter trial of Miami broker George Pino.

Artificial intelligence is already reshaping real estate — from buyers using ChatGPT to challenge brokers, to AI startups transforming the office market.

On this episode of Deconstruct, Hannah Kramer and Lilah Burke break down The Real Deal's latest reporting on AI's impact on residential and commercial real estate. They discuss how buyers and sellers are using AI during negotiations, why office landlords are chasing AI tenants, and whether artificial intelligence could fundamentally alter demand for office space.

Plus: Hannah argues that the era of Billionaires' Row may be coming to an end as developers behind projects like 432 Park Avenue and 111 West 57th Street face financial and legal challenges.

Also discussed:
• Compass-Anywhere merger antitrust investigation
• Bill Pulte's move in Washington
• California political races and housing policy
• Moody's warning on NYC rent freezes and multifamily defaults

On this week's episode of Deconstruct, Hannah Kramer and Lilah Burke break down one of the strangest real estate stories of the year: Floyd Mayweather's lawsuit against former advisor Jona Rechnitz, alleging the theft of $175 million in cash, jewelry and real estate investments.

The hosts trace Mayweather's rapid expansion into New York real estate, including deals involving multifamily properties, the Versace Mansion and major investment partnerships, and discuss the unanswered questions surrounding those transactions.

They also examine Mayor Zohran Mamdani's ambitious housing plan and what it could mean for landlords, developers and rent-stabilized buildings across New York City. Plus, a deep dive into the Red Awards, real estate's most unusual gala, where elevator contractors, developers and industry hustlers gather for a night of recognition and networking.

On this episode of Deconstruct, hosts Lilah Burke and Hannah Kramer break down how New York City’s latest budget, tax proposals, and one high-profile Upper East Side building are reshaping the city’s real estate market — from rent-stabilized apartments to ultra-luxury rentals.

First, they unpack Mayor Zoran Mamdani’s executive budget, including:

• Why City Hall says it closed the budget gap without a broad property tax hike
• How the proposed pied-à-terre tax is expected to plug a $500 million hole — and why the industry is starting to accept it
• What $4 billion for HPD and another $500 million for apartment construction in FY 2031 could mean for New York’s housing pipeline
• The future of the CityFHEPS voucher program, where the administration hopes to cut costs via “management protocols,” rent reasonableness, and broker fees

Then, they dive into the Rent Guidelines Board and what a 0–2% proposed increase for one-year leases could mean:

• Tenant advocates pushing for a rent freeze or even a “rent rollback”
• Why rent-stabilized landlords are alarmed about rising operating costs with little room to raise rents

Hannah and Lilah also explore key tax incentives:

• The push to expand J-51: increasing abatements up to 100% of renovation costs and raising the eligible assessed value per unit
• The national “One Big Beautiful Bill Act” incentive that makes owner-occupied commercial real estate more attractive — and why more companies are buying their own office space

In the main story, residential reporter Jake Indursky joins to talk about 800 Fifth Avenue, a classic Upper East Side rental building once owned by Eliot Spitzer and now controlled by Miki Naftali:

• Why it’s considered one of the best remaining development sites in New York City
• How more than 200 wealthy renters are being pushed out to make way for what could become some of the most expensive condos in NYC
• The surprising reality that even $8,000–$10,000-a-month renters are struggling to find comparable apartments on the prime Upper East Side
• How some are reluctantly buying co-ops, paying $175,000/month at luxury clubs like Fasano, or even considering hotels like The Pierre and The Sherry-Netherland
• Why this “world’s smallest violin” problem still mirrors the broader rental affordability crisis across the city

Finally, Lilah shares her wildest real estate-adjacent story of the week:
A federal sextortion case involving Fortress Investment Group co-founder and Milwaukee Bucks owner Wes Edens, alleged extortion attempts by Sophia Luo, and how a private dispute spilled into the public eye via an FBI investigation and federal indictment.

Topics covered: NYC budget, pied-à-terre tax, CityFHEPS, Rent Guidelines Board, J-51 tax break, owner-occupied office space, Upper East Side rental market, 800 Fifth Avenue, Naftali Group, luxury renters, co-ops, Fortress, Wes Edens, sextortion case.

On this week’s episode of Deconstruct, hosts Hannah Kramer and Lilah Burke dive into the increasingly political world of New York City real estate.

They break down the latest developments surrounding New York’s proposed Pied-à-Terre tax, including new details about how the state may determine which luxury second homes are taxed — and why the logistics could still derail the plan.

The episode also explores rising tensions between the real estate industry and the administration of Mayor Zohran Mamdani. At The Real Deal’s NYC Real Estate Forum, protesters interrupted a panel featuring Related Companies CEO Jeff Blau over Hudson Yards subsidies, while developers and city officials debated rent stabilization, housing incentives like 485x, and whether City Hall and the industry can still work together.

Plus:
• Why Japanese investors are pouring billions into NYC real estate
• The Mamdani administration’s $31 million judgment against a Bronx landlord
• Steve Roth’s controversial comments about “tax the rich” politics
• What industry leaders really think about the future of New York development

If you want to understand where NYC real estate, housing policy and politics are headed next, this episode is for you.

On this episode of Deconstruct, hosts Lilah Burke and Hannah Kramer unpack the growing challenges for the Chetrit Group, longtime players in New York City real estate now dealing with lawsuits, alleged mismanagement, and mounting lender pressure. The episode takes listeners inside a tense courtroom auction tied to a $132 million judgment, offering a rare glimpse into how distress is playing out in real time.

The show also covers major headlines shaping the market: Gary Barnett’s acquisition of the historic Friars Club and what it signals for his Midtown assemblage strategy; uncertainty around a $2 billion Hudson Yards platform deal as political priorities shift; and CoStar’s sharp stock decline following its expensive push into residential real estate.

Plus, the hosts dive into the high-profile clash between NYC Mayor Zohran Mamdani and billionaire Ken Griffin, exploring what a proposed tax on ultra-wealthy homeowners could mean for New York — and whether it could push capital elsewhere.

This week on Deconstruct, hosts Lilah Burke and Hannah Kramer break down Governor Kathy Hochul’s controversial pied-à-terre tax proposal on luxury second homes, what it could mean for the NYC housing market, and why brokers and developers are worried.

They also unpack the guilty verdict against former Vornado executive Jared Solomon in a years-long fraud scheme involving fake brokerages and stolen company funds. Plus: Is Manhattan’s Third Avenue office market making a comeback?

Then TRD reporter Liz Cryan joins the show for an exclusive look at New York City’s booming private club scene—from Soho House and Zero Bond to the new wave of family-friendly clubs reshaping office towers, condos, and luxury real estate. Are private members clubs the future of urban amenities—or headed for a correction?

This week on Deconstruct, top luxury broker Frances Katzen joins the podcast to discuss the New York City luxury real estate market as spring selling season begins. She shares insight on inventory shortages, buyer behavior, new developments, international demand, and what both buyers and sellers should expect in the months ahead.

The episode also covers major real estate headlines, including guilty pleas in the Omnibuild fraud case, Cushman & Wakefield’s lawsuit against Sotheby’s over a $10 million commission dispute, distressed office deals in New York and San Francisco, and Zara founder Amancio Ortega’s growing global real estate empire.

Deconstruct breaks down the latest news on the Flatiron Building, a record lease at 9 West 57th, and a foreclosure at a car-branded condo in Miami. Plus, politics reporter Kathryn Brenzel joins the podcast to cover how new NYC Mayor Zohran Mamdani has fared in his first 100 days in office.

In this week’s episode of Deconstruct, a podcast from The Real Deal, hosts Lilah Burke and Hannah Kramer examine how record Wall Street bonuses could influence New York City’s luxury real estate market, preview the upcoming trial of a former Vornado executive accused of fraud, discusss foreclosure risks at Kaufman Astoria Studios, and why Palantir’s Miami headquarters announcement may not be what it seems. Then Senior Reporter Rich Bockmann joins the podcast to explain how infamous developer Josh Schuster rose to prominence, fell from grace, and how the would-be investors he left behind are struggling to claw back their profits.

Compass and Zillow have been battling it out over real estate listings. The outcome could reshape how homes are marketed across the U.S.

In this episode of Deconstruct, hosts Lilah Burke and Hannah Kramer talk to reporter Sheridan Wall to break down Compass’ lawsuit, which accused Zillow of anticompetitive behavior after the portal introduced a ban on privately marketed listings. At the heart of the dispute: who controls access to listings, and how much power platforms like Zillow should have over the residential market.

The conversation unpack what Zillow’s policy actually does, why Compass says it harms competition, and how the fight fits into a broader battle over listing transparency, private networks, and the future of home search. They also explore what this means for agents, buyers, and sellers—and whether this case could set a precedent for how real estate platforms operate going forward.

If listings are the lifeblood of residential real estate, this is a fight over who gets to control the bloodstream.

Plus, the hosts take you through headlines about the future owner of the Chrysler building, a stalled project at the World Trade Center, an ambitious rezoning starting to take shape in Brooklyn, and more.

In the latest episode of Deconstruct, a podcast by The Real Deal, hosts Lilah Burke and Hannah Kramer talk about proposals for increased property taxes, rent control, and a rezoning that could open a floodgate for New York City development. In an interview with TRD Policy Pro reporter Caroline Spivack, they dive into a debate over Section 8 vouchers, which some landlords say are unconstitutional.

In the latest episode of Deconstruct, hosts Lilah Burke and Hannah Kramer explain the battle to demolish a landmark church on the Upper West Side, close the loop on the verdict in the sex trafficking case against the Alexander brothers, and explain why development in Gowanus has boomed. Then, the hosts interview multifamily broker Lev Mavashev to find out who's buying New York City's devalued rent-stabilized building – and who isn't.

Oren and Tal Alexander were once among the highest echelon of luxury real estate brokers, rubbing elbows with celebrities and billionaires. For the last month we've seen them in the courthouse as they, along with Oren's twin brother Alon, stood trial on federal sex trafficking charges. TRD senior editor Ellen Cranley, who was on the team that broke the earliest allegations against the brothers in June of 2024, explained to Deconstruct's Lilah Burke and Hannah Kramer what the reporters have seen in the courtroom, breaking down the strategy for both the defense and prosecution and explaining what it all means for real estate. Plus, why the late Ivana Trump's townhouse took so long to sell, why Dish wireless is enraging landlords, and more.

In this episode of Deconstruct, hosts Hannah Kramer and Lilah Burke discuss the ongoing trial of the Alexander brothers, who face serious allegations of sexual assault and sex trafficking. They also cover the fraud case against Nir Meir, the implications of high-end rental prices in New York City, and a deep dive into a complex mortgage fraud scheme affecting the market. The episode concludes with a look at ICE's controversial plans to convert industrial sites into detention centers and upcoming events in the real estate community.

Deconstruct is the only podcast that brings you all the news you need to know about real estate. Now back for a fifth season, hosts Lilah Burke and Hannah Kramer will ake you inside The Real Deal's newsroom to cover the biggest issues in New York City and real estate today. In the first episode, the hosts talk with reporter Jake Indursky, who sifted through the Epstein files to find out just how badly top real estate brokers wanted to get inside his Upper East Side townhouse. Then, an update on new mayor Zohran Mamdani's plan to freeze the rent, a quick look at mounting CMBS debt, and more.

Deconstruct is a weekly podcast. Look out for new episodes every Thursday at 3:00 PM.

President-elect Donald Trump's campaign promises look to be a mixed bag for commercial real estate. Extended tax cuts would be a boon for dealmaking; tariffs could spark inflation and push the Federal Reserve to throw the cutting cycle in reverse.

Deconstruct sits down with NYU Schack Institute of Real Estate Associate Dean Marc Norman and partners at Holland & Knight Joe Guay and Joel Roberson to parse the impact on investors and developers in 2025.

Do you have guests you want to hear from? Topics you want explored? Questions, feedback, critiques? Write to us with "Deconstruct" in the subject line @ suzannah.cavanaugh@therealdeal.com.

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Matthew Mannion is auctioneer to the stars of New York City real estate. He handled the Flatiron Building's two-parter, the Times Square Margaritaville's flameout and most recently the UCC auction of Cohen Realty Enterprises' interest in a potpourri of assets.

As foreclosure filings keep ticking up, Mannion shares stories from the courthouse steps and the inside scoop on how auctions get done.

Arnaud Karsenti, the head of Miami-based 13th Floor Investments, has a whopping dozen multifamily projects underway in a city set to break another record for deliveries in 2024. Does Miami have the tenants to meet that supply? Karsenti talks in-migration, demand for housing near public transit and the pros and cons of public-private partnerships at The Real Deal's South Florida Real Estate Forum.

Ranches have long been at the beating heart of Texas — first, as working plots; then, as legacy land. During the pandemic, the properties acquired a new sheen, attracting city-weary Texans and would-be cowboys willing to spend tens of millions of dollars for some peace and quiet and peace of mind. Four years later, demand has come roaring back. TRD's Joe Lovinger talks with one of the state's prolific ranch brokers to find out what's drawing all of that dollar volume to the desert.

Election 2024 has been a wild ride for real estate. Housing stole the spotlight as an unlikely bipartisan issue, and the industry’s top donors are allotting dollars based on more than the business. As the nation readies for Tuesday’s vote, TRD Senior Reporter Kathryn Brenzel explains why an “unsexy” voter issue will drive votes, and who big names are backing.

In the latest episode of Deconstruct, TRD's Suzannah Cavanaugh finds out how loan specialists fix bad debt – or at least try to – by talking with loan workout specialists Rob Verrone and Job Warshaw of Iron Hound. Verrone works with sponsors to hash out modifications for distressed CMBS debt, and Warshaw brings perspective from the other side of the table — he spent three decades heading up negotiations for special servicer LNR Partners.

This month, two major hurricanes pummeled the southeastern U.S. As locals face the damage, the industry may be having its own reckoning with the existential threat severe weather poses to real estate. Or not. As developers respond to continued demand for high-risk real estate, and insurance premiums crush disaster-prone areas, Suzannah and Joe talk with South Florida reporters Katherine Kallergis and Kate Hinsche about the tension between the industry and Mother Nature.

In less than one cycle, New Jersey-based investor Shaya Prager went from total unknown to the owner of millions of square feet in suburban office properties across the country. Now, as the market turns, he's mixed up with allegations of fraud and at risk of losing much of his fast-grown portfolio. On the latest episode of Deconstruct, TRD's Suzannah Cavanaugh and Joe Lovinger talk with fellow reporters Jess Hardin and Sam Lounsberry to break down the curious case of Shaya Prager.

In the latest episode of Deconstruct... The Federal Reserve slashed interest rates 50 basis points last month to the euphoria of commercial real estate borrowers. One cut does little to move the needle. But the Fed is projecting more cuts to come. Deconstruct breaks down how three different scenarios could affect refinancings.

In the first episode of Deconstruct's fourth season, host Suzannah Cavanaugh and new co-host Joe Lovinger dive into the swelling concerns and a potential turning point for multifamily owners and operators. Listen for their analysis and Suzannah's conversation with Sean Kia and Ryan Andrade, principals of the fast-growing and oft-criticized Tides Equities.

WeWork emerged from Chapter 11 bankruptcy last month after a herculean effort to cut costs. The task demanded the cooperation of hundreds of landlords and their lenders. Peter Greenspan, the coworking firm’s Global Head of Real Estate, brings Deconstruct to those negotiating tables for a look at how WeWork addressed 500 leases worldwide, and offers listeners a preview of the firm’s next chapter.

Don't expect interest rates to drop back to zero. But your floating-rate loan may be a bit less painful by year's end. The Real Deal's Deconstruct chatted with BGO's Chief Economist Ryan Severino about when rate cuts will come, the data that shows a cooling economy and what risks the Federal Reserve runs if it cuts too little, too late.

Last week, The Real Deal broke the news that top broker Oren Alexander and his twin brother, Alon, had been accused of rape and sexual assault by at least two women. The complaints detail events that allegedly took place more than a decade ago. But the lawsuits and the nearly 30 people who came forward alleging similar incidents after the story published, according to an attorney representing the two women, speak to a pattern of alleged gender-based violence. Deconstruct speaks with South Florida Bureau Chief Katherine Kallergis, Reporter Sheridan Wall and Senior Editor Ellen Cranley about what we know so far.

_Warning: This episode includes descriptions of alleged sexual assault.

_This episode was recorded Friday, June 14; this is a developing story.

Katherine Kallergis can be reached at kk@therealdeal.com. Sheridan Wall can be reached at sheridan.wall@therealdeal.com. Editor Ellen Cranley can be reached at ellen.cranley@therealdeal.com.
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Real estate attorney Isaac Kodsi nabbed Arbor Residences out of foreclosure in late 2023 with two goals: revive the dead condo project and return deposits to former buyers. Not a year later, Kodsi says he nailed the latter goal and is on track to wrap construction by the end of 2024. South Florida Bureau Chief Katherine Kallergis interviewed Kodsi on how he paid back buyers and where sales, led by Sandra Masis of Cervera Real Estate, now stand.

Last month, Goldman Sachs announced it closed a new real estate credit fund, capable of handing out more than $7 billion. And with regional banks and other financial institutions reeling back their exposure to commercial real estate, Goldman Sachs sees this as the perfect time to get in on the action. Deconstruct chatted with Goldman Sachs' co-head of alternative capital formation, Jeff Fine, what asset classes it's excited about and the opportunity for private credit in real estate.

Aleksey Chernobelskiy has many pieces of advice for retail investors writing checks for syndicated real estate deals. But, one of the most important: you could lose it all. As many syndicators — firms that pool equity to buy property — grapple with distress, thanks to rising interes rates, investors have been stuck in the crosshairs trying to determine whether to pump more money into a struggling deal, or walk away.

Deconstruct chatted with Chernobelskiy about syndicator best practices, what retail investors should know about real estate investing, feeder funds tapping wealth for these deals and what LPs can do if everything goes wrong.

Last month, Gov. Kathy Hochul passed a bombshell housing deal that extended the 421a tax abatement and introduced a new tax break for apartment projects: 485x. Developer Sam Charney of Charney Companies talks the profit potential of 485x compared to 421a, demand for sites eligible for the extension and when rental construction will ramp back up.

It's Deconstruct Live! at The Real Deal's New York Forum. Fortress' Steve Stuart, Benefit Street Partners' Mike Comparato and Urban Standard Capital's Seth Weissman talk bank failures, distressed note buying and lending demand in a live taping of Deconstruct.

Last week, the U.S. Drug Enforcement Administration said it would move toward reclassifying marijuana as a less dangerous drug — Schedule III instead of Schedule I. The move has big implications for the intersection of cannabis and real estate. Founder and CEO of cannabis REIT NewLake Capital Partners Anthony Coniglio talks tax relief and opportunity for state-licensed operators and capital providers like NewLake.

It's not just tax credits. It's not just zoning by right. To make office-to-residential conversion projects work, developers need all of the above, says Bobby Fijan of Philadelphia-based Form Developers. TRD's Deconstruct chatted with Fijan about some of the legislation, policies, subsidies and programs across the country that have helped push these conversions forward.

Note: This episode was recorded before the state finalized a housing deal. For a detailed break down of what passed check out Senior Reporter Kathryn Brenzel's story here:

After years of negotiations, Albany has finally fleshed out the framework for a housing deal. Tenants call it a give away to developers. Landlords have their own gripes with an intended boon for rent-stabilized owners. Deconstruct sits down with The Real Deal's Kathryn Brenzel to talk Gov. Kathy Hochul’s “parameters of a conceptual agreement.”

Lew Horne thought he was going to run a pet store business. Then, he thought he’d sell computerized systems to wholesale grocers. Neither panned out. Instead, Horne runs CBRE’s operations across Los Angeles, Orange County and the Inland Empire, leading advisory services, property and project management and capital markets teams.

And in L.A., developers, brokers and brokerage heads have no shortage of hurdles — a stagnant office market, new transfer taxes on sales over $5 million, homelessness and bureaucratic permitting processes. Horne chatted about it all.

“Let’s get some of these barriers out of the way,” Horne said. “Let’s start taking a look at what we need to do to regain the trust of the development community. Let’s not restrict them on what to build.”

The Real Deal sat down with Horne for The Closing, The Real Deal's signature monthly magazine interview series. Deconstruct is airing an extended version of this interview. To read it, head to TheRealDeal.com.

The foretold wall of CMBS maturities has hit and early data on office loans signals the fears around repayments — that troubled owners won't be able to swing it — are being realized. Deconstruct talks with Moody's Analytics Senior Director and Head of CRE Economic Analysis Kevin Fagan and Director of CRE Economics Matt Reidy.

For the most part, construction lending has dried up across the country, with more and more regional banks pulling back from financing ground-up real estate projects. But Kennedy Wilson, a lender based out of Los Angeles, sees opportunity in that. With more lenders on the sidelines, Kennedy Wilson can take advantage of lending to what it determines are the best borrowers and the best projects. And by being active, it can help take some construction loans off regional banks' balance sheets.

The Real Deal's Deconstruct chatted with Thomas Whitesell, Kennedy Wilson's head of debt originations, about how the firm is choosing what to lend on, its optimism for multifamily and the difficulties with office-to-resi conversions.

When the National Association of Realtors announced it had proposed to settle a landmark antitrust suit over real estate agent commissions for $418 million, everyone had questions. The Real Deal's Deconstruct breaks down what is changing — and what is not.

TRD reporters Sheridan Wall and Harrison Connery discuss NAR's new rule prohibiting broker compensation offers on the MLS, or multiple listing service, and what this means for agents and homebuyers going forward. Deconstruct also chatted with Michael Nourmand, who runs Los Angeles-based brokerage Nourmand & Associates, about how he thinks not much is set to change — and noted that commissions have always been negotiable.

In December, Democrats in Congress introduced a bill that would put an end to hedge fund ownership of single-family homes. As demand for single-family rentals continues to grow, developers specializing in build-to-rent claim they'll get burnt. Deconstruct breaks down who's in the crosshairs and the likelihood that legislation can rein in the investment giants.