This week, we dive deep into one of the most extraordinary tax loopholes that the CRE market has ever witnessed: the Traveling HFC, a Texas property-tax absolving vehicle that's been adopted en masse by distressed syndicators, agency lenders and a cottage industry of consultants, nonprofits and attorneys. The most punitive version of a bill designed to torpedo it flew through the Texas Senate, and now the industry is grappling with a very rude and abrupt end to a too-good-to-be-true party. We're joined by Texas' own Barrett Linburg to discuss the HFC saga, the gold rush it set off and what the fallout could mean for the long-term health of affordable housing in the state. Hiten and Will then discuss the Zeckendorf Brothers' latest big swing: an ultra-luxury condo at 80 Clarkson Street that has reportedly scored a half-billion dollars in sales without any fanfare – we unpack the players and lenders behind this quiet giant. 

For advertising inquiries, contact us at partnerships@thepromote.com
More information about our guest Barrett Linburg at Savoy Equity Partners https://savoyequity.com/ and on Twitter https://x.com/DallasAptGP
Find Hiten @hitsamty on Twitter  

Relevant reads:

1) The Texas Chainsaw Massacre: https://www.thepromote.com/p/the-texas-chainsaw-massacre-schwartz-s-puretz-playbook#steamrolled-syndicator-lifeline-on-
2) Inside Syndicators' Favorite Housing Loophole: https://www.thepromote.com/p/inside-syndicators-favorite-housing-loophole-mayweather-s-ko-deal
3) Inside Texas' Vanishing Property Tax Rolls: https://www.thepromote.com/p/inside-texas-vanishing-property-tax-rolls-dimon-s-byte-sized-delights#inside-texas-vanishing-property-tax
4) Texas landlords scramble for property tax breaks worth millions as loophole closes: https://www.houstonchronicle.com/news/investigations/article/texas-developers-property-tax-loophole-closing-20066584.php
5) Quiet Kings of Capital: https://www.thepromote.com/p/the-promote-the-quiet-kings-of-capital
6) House of Outrageous Fortune: Fifteen Central Park West, the World's Most Powerful Address: https://www.amazon.com/House-Outrageous-Fortune-Fifteen-Powerful/dp/1451666195

This week, we break down the sensational allegations made by the feds against former New York golden boy developer Josh Schuster – and why they are emblematic of the market. We dive into a big judgment over Personal Guarantees brought against multifamily mad lads Sean Kia and Ryan Andrade of Tides Equities – the case has important implications for syndicators. And we have a reprieve of sort on the tariffs- will it be enough to restore normalcy to the CRE markets? 

Sponsor: This episode is sponsored by AirGarage, the modern parking solution for real estate owners. Go to airgarage.com/promote to learn more. 

Relevant reads:
 1) USA v Schuster: https://www.thepromote.com/p/usa-v-schuster-a-skyscraper-installment-payment-plan#usa-vs-schuster
2) A Grandson Wants to Do His Grandfather Proud https://www.wsj.com/articles/a-grandson-wants-to-do-his-grandfather-proud-1474248482?utm_source=www.thepromote.com&utm_medium=referral&utm_campaign=usa-v-schuster-a-skyscraper-installment-payment-plan
3) Is developer Josh Schuster’s fast rise spiraling out of control? https://therealdeal.com/new-york/2021/07/16/is-developer-josh-schusters-fast-rise-spiraling-out-of-control/ 
4) Gotta pay the piper: https://www.thepromote.com/p/tides-lads-judgment-day-caisse-bails-on-sf-multi#gotta-pay-the-piper
5) Founder Mode: Starwood Comes at Tides’ Principals https://www.thepromote.com/p/tides-principal-punishment-greystar-s-modular-bets#founder-mode-starwood-comes-at-tide

This week on The Promote Podcast, we discuss cracks in the  property empire of the mighty Chetrit family, the merchant princes of New York real estate. We barrel down Powder Mountain to understand Netflix billionaire Reed Hastings' vision for a private ski haven, and we head to court to understand the mother of all Personal Guarantees in a case pitting scion Charles Cohen against the mighty debt fund Fortress. 

Resources

https://ten31.beehiiv.com/p/heat-on-chetrit-hud-in-the-mud#can-chetrit-beat-the-heat 

https://ten31.beehiiv.com/p/wall-street-s-new-aristocracy-reed-hastings-private-powder#reed-hastings-private-powder  

https://ten31.beehiiv.com/p/wall-street-s-new-aristocracy-reed-hastings-private-powder#security-blanket-for-construction-l 

https://ten31.beehiiv.com/p/eastdil-eyes-suitors-fortress-goes-full-paulie#fortress-to-cohen-no-more-talk-pay- 

In the first episode of The Promote Podcast, we’ve got quite the docket: Bad Boy Guarantees, which are suddenly everywhere in CRE loan disputes with multifamily syndicators. We have a classic Manhattan phallic skyscraper battle, pitting titan against titan at Worldwide Plaza. And we look at the loss of mojo at mighty investment manager PIMCO, which is suddenly finding itself a laggard in the cutthroat world of private credit.

https://ten31.beehiiv.com/p/nussbaum-s-hush-money-syndicator-bad-boy-carve-outs#baby-did-a-bad-bad-thing

https://ten31.beehiiv.com/p/nussbaum-s-hush-money-syndicator-bad-boy-carve-outs#hush-money 

https://ten31.beehiiv.com/p/an-ofer-he-can-t-refuse-and-the-private-credit-bazaar#a-pimco-exodus 

https://ten31.beehiiv.com/p/seagram-scores-mega-refi-a-fannie-freddie-privatization-push#worldwide-drama-nyc-style

https://www.wsj.com/articles/bill-gross-retiring-from-janus-11549287324

https://www.wsj.com/articles/american-realty-capitals-executive-chairman-schorsch-steps-down-1418651991 

This week, we dive into the tangled web of Jona Rechnitz, 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 Floyd 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 whereever he goes but keeps escaping any real consequences. We also take a close look at a lawsuit that has cast a pall over Billionaires' Row, alleging that the developers of 432 Park Avenue ignored warnings of serious structural issues – and what this action says about this new and still relatively untested asset class. A big thank you to our sponsor for this episode, AirGarage – find out more about their full-service parking management solution at Airgarage.com/Promote

Further reading: 

Jona Rechnitz Atavist profile: https://magazine.atavist.com/all-that-glitters-jona-rechnitz-lawsuit-jadelle-jewelry-coba-ethereummax-mayweather/ and The Promote's CRE-focused summary: https://www.thepromote.com/p/rechnitz-s-righteous-gemstones-rfr-s-one-click-salvation#rechnitzs-righteous-gemstones

Harry Macklowe profile: https://www.nytimes.com/2013/10/06/nyregion/harry-macklowe-gambles-again.html?ref=nyregion&utm_source=www.thepromote.com&utm_medium=referral&utm_campaign=supertall-retribution-ackman-s-baby-berkshire-playbook

432 Park lawsuit: https://www.crainsnewyork.com/real-estate/432-park-owners-sue-harry-macklowe-and-cim-group-165-million-alleged-fraud-over-facade?utm_source=www.thepromote.com&utm_medium=referral&utm_campaign=supertall-retribution-ackman-s-baby-berkshire-playbook

Downside to life in a supertall: https://www.nytimes.com/2021/02/03/realestate/luxury-high-rise-432-park.html?utm_source=www.thepromote.com&utm_medium=referral&utm_campaign=supertall-retribution-ackman-s-baby-berkshire-playbook 

This week, Northwind Group's Ran Eliasaf, one of the most active private lenders in New York real estate, gives us an inside look at the debt game – the returns, the structures and the nuances of funding some of the city's most high-profile projects. He walks us through the capital stack of the supertall condo tower at 125 Greenwich in particular, building on our discussion from last week. Will and Hiten also chop it up on Adam Neumann's latest venture, Flow, a multifamily operator that is bleeding money all over the place, but STILL manages to raise more venture capital. A big thank you to our sponsor for this episode, AirGarage – find out more about their full-service parking management solution at Airgarage.com/Promote

This week, we chat about a fascinating hospitality deal, Newbond swooping in to buy almost 9% of San Francisco's hotel stock in one megadeal. It’s one of the city's biggest hospitality real estate plays in a decade. We look at the aftermath of Carl Icahn's failed big short on malls, and his vendetta against special servicer Rialto. We then dive into a supertall capital stack – 125 Greenwich Street has seen New York's most famous and infamous names pile in. A big thank you to our sponsor for this episode, AirGarage – find out more about their full-service parking management solution at Airgarage.com/Promote 

This week, The Promote dives into the proliferation of preferred-equity deals in the CRE market – why are they suddenly everywhere, and what investors need to think about before doing them. We then dive into Meridian Capital Group being cleared for business by Fannie Mae, ending a year-plus period on the ice with the agency. Where does the brokerage go from here? And finally, we look at the walloping the tariffs have given the formerly exuberant CMBS market. 

This week, we discuss the fear & loathing set off in the CRE markets by the Trump tariffs, looking at the impact both on fund managers and on developers – construction costs are "completely a swag" as co-host Will puts it. We then look at Miki Naftali's megabet on a Fifth Avenue condo site where he believes he can set a new high-water mark – $11,000 per square foot – on pricing. We touch upon Floyd Mayweather's shady Upper Manhattan deal, and finally, we chop it up on Starwood's latest land play. 

In this special edition of the Promote Podcast, we dive into the singular career of Gary Barnett, the diamond trader who birthed Manhattan's Billionaires' Row and has consistently pulled off the most audacious high-wire acts in the real estate development game. We trace Barnett's origins, from his days as a diamond dealer in Belgium to his early days in New York real estate. We then dive into 2 of his most iconic deals: the creation of One57, the luxury condo that kicked off Billionaires Row; and the Ring portfolio masterclass, the takeover of 1 million square feet of prime Manhattan office space.

This week, we break down CrowdStreet playing the victim card in CRE's biggest-ever crowdfunding scam, perpetrated by Elie Schwartz. We riff on why CMBS is rearing its head in development deals, and how private equity reimagined life insurance as a perpetual source of capital for its private-credit bets. Plus: A Manhattan REIT's nepotism playbook. 

Further reading: 

https://ten31.beehiiv.com/p/crowdfunding-scam-highlights-the-goldman-mistress-back-channel#7-highlights-from-cr-es-biggest-cro 

https://www.wsj.com/finance/investing/missing-millions-and-a-rabbinical-arbitrator-real-estate-deal-gone-bad-hits-popular-crowd-funder-3555314f

https://www.bisnow.com/national/news/capital-markets/crowdstreet-accused-of-raising-securities-without-a-license-in-class-action-128551?utm_source=ten31.beehiiv.com&utm_medium=referral&utm_campaign=s3-s-sizzle-silber-gets-off-easy

https://ten31.beehiiv.com/p/pulte-s-purge-cmbs-development-ambitions

https://ten31.beehiiv.com/p/kkr-s-surprise-sale-cushman-s-mayoral-menace#life-is-for-lending

https://americanaffairsjournal.org/2025/02/from-investment-to-savings-when-finance-feeds-on-itself/

https://www.crainsnewyork.com/real-estate/paramount-group-paid-millions-outside-companies-owned-ceo-albert-behler 

This week, we discuss the rivalry between two mighty CRE brokerages, Eastdil Secured and Newmark, polar opposites in terms of culture and compensation model. We break down the bombshell lawsuit filed by Wells Fargo against JPMorgan, accusing the bank of financial chicanery in a mega-loan for the Chetrit Group. And we dive into Related's "heist" of Signature Bank's rent-stabilized loan portfolio, discussing how politics and connections can sometimes beat out a higher bidder. 

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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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/upgrade

Further reading:

Jared Kushner profile - NYMAg

Behind the record deal for 666 Fifth Avenue - TRD

Jared Kushner, a Trump In-Law and Adviser, Chases a Chinese Deal - NYT

Kushners, Trump In-Laws, Weigh $400 Million Deal With Chinese Firm - NYT

Charlie Kushner, Unfiltered- TRD

Deal Gives Kushners Cash Infusion on 666 Fifth Avenue - NYT

660 Reasons to Smile - The Promote

Banco Down to Brawl - The Promote

Florida 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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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/upgrade

Further 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_rayD

Caveat Lender: https://www.thepromote.com/p/caveat-office-resi-lender-roosevelt-masala#caveat-lender

A Costly Rescue Recap: https://www.thepromote.com/p/inside-the-debt-fund-game-underwater-rescues#a-costly-rescue-recap

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-ful
https://www.thepromote.com/p/bxp-s-vertical-limit-chetrit-s-800m-estate#what-did-jacob-chetrit-leave-behind
https://www.thepromote.com/p/heat-on-chetrit-hud-in-the-mud#can-chetrit-beat-the-heat
https://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.com

https://www.thepromote.com/p/private-credit-s-old-gold-another-rabsky-riddle#old-is-private-credit-gold

https://www.thepromote.com/p/landau-s-stalking-horse-dusty-dan-s-greystone-exit#insurance-juicing-private-credit-bo

https://www.vanityfair.com/news/1987/09/gary-hart-failed-presidential-campaign?srsltid=AfmBOoqQ3goufXX7T8B6NjVZJSKctEHacpKaJo0Y7pIUycKTgZV2FjLT

https://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/0142180718

Chris Hohn of TCI: https://www.judiciary.uk/wp-content/uploads/2014/12/hohn-judgment.pdf

https://www.thepromote.com/p/the-promote-fbi-comes-at-arbor-steve-ross-hof-dealmaking#goat-exits-stage-south

https://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-2b

https://www.economicpolicyresearch.org/images/docs/research/political_economy/Cost_of_Hudson_Yards_WP_11.5.18.pdf

https://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-play

https://www.thepromote.com/p/attack-of-the-nepo-babies-ballast-s-clean-up-crew#for-whom-the-bell-tolls

https://www.nytimes.com/2000/06/01/nyregion/judge-rules-against-milsteins-in-roosevelt-hotel-dispute.html

https://www.newyorker.com/magazine/2025/01/27/norman-foster-profile

https://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-five
https://www.wsj.com/real-estate/commercial/saudi-arabia-wealth-fund-nyc-midtown-tower-1b953d32
Nepo Babies: https://www.thepromote.com/p/elliott-backing-rxr-megadeal-shvo-business-in-miami-beach#run-rudin-run
https://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 pods
2) 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 us

Further reading:

1) https://www.thepromote.com/p/cre-s-mamdani-triage-fbi-comes-at-syndicator#retreat-resist-cr-es-mamdani-triage
2) 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 pods
2) 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 us

Further reading:

https://www.thepromote.com/p/madison-s-fannie-absolution-carlyle-s-walk-up-wonder#carlyles-walk-up-wonder
https://www.thepromote.com/p/drillman-s-great-escape-the-magnificent-chapter-seven
https://www.thepromote.com/p/the-usual-suspects
https://www.thepromote.com/p/the-promote-sutton-in-his-fifth-element-syndicators-in-default-city#sutton-in-his-fifth-element
https://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%3D
https://www.thepromote.com/p/the-promote-multi-megabets-lvmh-s-re-weaponry#lvm-hs-real-estate-artillery
https://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.com
https://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 antonia@maddproject.com for more information on it.

Further reading

https://www.wsj.com/tech/ai/coreweave-raises-7-5-billion-in-debt-for-ai-computing-push-99fd2241
https://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-switch
https://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 pods
2) 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 us

Further 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-target
https://www.thepromote.com/p/warehouse-lender-lifelines-cre-s-m-a-consiglieres#real-estates-ma-consiglieres
https://www.thepromote.com/p/syndicator-extremes-a-kushy-eb-5-triumph#kushner-taps-new-eb-5-lender-assist
https://www.thepromote.com/p/trump-s-eb-5-killer-ross-drunken-sailor-playbook#potus-eb-5-out-gold-card-in
https://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 pods
2) 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 us

Further reading:

https://www.thepromote.com/p/hfc-post-mortem-nuveen-s-american-nightmare
https://www.thepromote.com/p/nussbaum-s-hush-money-syndicator-bad-boy-carve-outs#baby-did-a-bad-bad-thing
https://www.thepromote.com/p/anatomy-of-the-newpoint-deal-the-big-bank-battle-of-chetritstan#anatomy-of-a-deal-bsp-new-point
https://www.thepromote.com/p/the-promote-quiet-kings-of-capital-pt-ii-nycb-s-multi-mess

Find Michael Comparato at LinkedIn https://www.linkedin.com/in/michael-comparato-b2126b172/ or at Benefit Street Partners https://benefitstreetpartners.com/ 

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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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 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 pods
2) 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 us

Further 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 

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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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/upgrade

Further reading:

https://www.thepromote.com/p/rxr-s-feeapalooza-sobrato-s-sv-sizzle#rx-rs-feeapalooza

Brookfield 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 partnerships@thepromote.com 

For feedback: Write us at podcast@thepromote.com 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=all
John Sobrato Interview: https://www.nobhillgazette.com/people/the_interview/up-close-and-personal-with-john-sobrato/article_b517646f-dc65-5386-acb2-d3e456e4ee4e.html
Macklowe 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 HFC

To advertise: Reach out to partnerships@thepromote.com  

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' Row
Inside Gary Barnett's Deer Valley Masterclass

Barnett Prefs Up
The Quiet Kings of Capital
Traveling HFCs: Backlash to the Backlash
The 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 podcast@thepromote.com and let us know.

To advertise: Reach out to partnerships@thepromote.com  

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-tape
Checkmating Tessler: https://www.thepromote.com/p/checkmating-tessler-a-brooklyn-bachur-s-office-feast
One 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-ages
How a ‘Russian James Bond’ Conquered the World of Luxury Hotels
Hilton’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 partnerships@thepromote.com

Further reading:

https://www.thepromote.com/p/through-the-cardone-looking-glass#inside-cardones-boca-bankruptcy-bet
https://lrlfinancial.substack.com/p/101-via-mizner-bankruptcy-analysis
https://www.bloomberg.com/news/articles/2025-08-08/retail-investors-threaten-private-equity-s-aura-of-exclusivity
https://www.thepromote.com/p/private-credit-s-old-gold-another-rabsky-riddle#old-is-private-credit-gold
https://www.ft.com/content/f7387912-1079-43d4-a9a2-2308989400d4
https://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 partnerships@thepromote.com

Further reading/listening:

https://www.wsj.com/business/soho-house-members-club-nearing-a-deal-to-go-private-fcae011c
https://www.thepromote.com/p/postgame-manhattan-megabets-get-funded
https://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.html
https://podcasts.apple.com/us/podcast/tariff-terror-%2411-000-psf-condos-starwoods-land-bets/id1801355295?i=1000703726323
https://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 partnerships@thepromote.com

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-backer
https://www.thepromote.com/p/the-promote-shvo-business-a-record-condo-financing#no-business-like-shvo-business
https://www.thepromote.com/p/doj-set-to-sue-megalandlords-the-miami-empire-that-asbestos-built#do-j-to-come-directly-at-megalandlo
https://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 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.com
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.com

To advertise: Reach out to partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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

Further reading/listening:

The Alan Stalcup Interview: Speaking With Patient Zero of the Sunbelt Syndicator Bust

The Nursing Home Power Roster

Landau Fails SNF Test

Genie Rubbed the Right Way

Dial 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.com
2) 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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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

Further reading/listening:

Taconic's Lab Leak
Soho House’s $2.7 Billion Deal to Go Private Hits a Last-Minute Funding Snag
Deathbed for life science incubator? Portal Innovations sues partner Beacon Capital
Zohar Levy, the Man who Would be King
Bidder For Pinnacle's 5,000-Unit Portfolio Has Ties To CEO Joel Wiener's Brother

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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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/upgrade

Further reading:

Inside the Capstack on Landau’s Brooklyn Moonshot: https://www.thepromote.com/p/inside-landau-s-brooklyn-capstack-bx-dst-deets

Blackstone 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-4a7b85d9

The 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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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/upgrade

Further reading:

Jon Gray profile Business Insider: https://www.businessinsider.com/jon-gray-blackstone-profile-succession-schwarzman-interview-ceo-bumble-oatly-2021-1

Behind Blackstone Cub's $1.25B Haul: https://www.thepromote.com/p/the-promote-dial-m-for-mortgage-fraud#behind-blackstone-cubs-125-b-haul

Property 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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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/upgrade

Further 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-share

A 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.html

Age of Accountability for Supertalls: https://www.thepromote.com/p/supertall-retribution-ackman-s-baby-berkshire-playbook#age-of-accountability-for-supertall

Macklowe Case Study- the GM Building: https://mackloweproperties.com/pdfs/GMBuilding.pdf

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.com

To advertise: Reach out to partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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

Further reading/listening:

Deconstructing Data Center Megadeals with DigitalBridge's Marc Ganzi (DB is being acquired by SoftBank)

Carlyle Takes the Stairs

Aimco to sell Chicago-area multifamily portfolio for $455 million as REIT liquidates

Chiefs Get Largest Public Funding Package Ever For New Stadium In Kansas

Freddie Walks Carlyle/Greenbrook Home

Chicago 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.com

To advertise: Reach out to partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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

Further reading:
 
Inside Floyd 'Money' Mayweather's lavish, debt-filled post-boxing life

Jona Rechnitz Atavist profile and The Promote's CRE-focused summary

Harry 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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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

Further reading/listening:

Bluerock Total Income Plus - Accredited Insight

When Your Private Fund Turns $1 Into 60 Cents

This Hollywood Property Mogul Stands to Lose No Matter Who Wins Warner

Hines 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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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-a93055d3ed15

Further reading/listening:

Taconic Invested $2B To Be NYC's Leading Life Sciences Developer. Then The Market Froze

Bonus Depreciation Boom Times in Private Aviation

Net Leash Car Wash Sales Surge

AUM 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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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

Further reading/listening:

Hiten on Bloomberg's Odd Lots discussing the ultra-luxury market

Inside the Hotel Heist of the Year

Sixth Street's AUM Gobbling

Postscript: Robert A.M. Stern, the Limestone Jesus

Postscript: 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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com 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

Further reading/listening:

• https://www.latimes.com/archives/la-xpm-1989-11-20-fi-194-story.html
• https://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/ WA
• https://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 partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com - 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/upgrade

Programming 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-sale
Sonder Winddown: https://investors.sonder.com/news-releases/news-release-details/sonder-holdings-inc-complete-immediate-wind-down-operations
Cortland's PE Courtship: https://podcasts.apple.com/us/podcast/jpms-roosevelt-run-cortlands-pe-courtship/id1801355295?i=1000718664676