The Promote Podcast

Like a lot of older guys, Steve Ross moved to Florida. Unlike them, however, the billionaire real estate developer didn't go there to retire, but instead to take on an even more audacious skyline-shaping challenge: West Palm Beach. This week, we trace Ross' whirlwind of big-ticket dealmaking down south that combines real estate, private equity, education, sport, and glamour – much to take away for the aspiring city shaper. We then look at Gary Barnett's latest financing coup: a $1.2B pref commitment for a range of development projects. And finally, we explore the legal challenge to the "nuclear" bill that killed off Texas' most controversial property-tax loophole: The Traveling HFCTo advertise: Reach out to 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' RowInside Gary Barnett's Deer Valley MasterclassBarnett Prefs UpThe Quiet Kings of CapitalTraveling HFCs: Backlash to the BacklashThe Mother of all Tax Loopholes

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

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

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

We dive into the singular life and multiple dramas of real estate impresario Michael Shvo, the luxury resi broker turned developer who went on one of the most epic commercial real estate buying sprees in the 2020s. Backed by German pension money, Shvo snapped up icons such as the Transamerica Pyramid in SF, Big Red in Chicago, and the sites of boutique ultra-luxury condo projects across gateway markets. Many of those deals are now in big trouble, and Shvo is tussling with his key equity partner. Next, we explore institutional multifamily's biggest legal headache: the federal antitrust case brought against RealPage and some of the country's biggest landlords. We look at how "Big Landlord" became a punching bag for Republican and Democratic lawmakers alike.Want to reach our audience of top CRE decision-makers? Reach out to 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-backerhttps://www.thepromote.com/p/the-promote-shvo-business-a-record-condo-financing#no-business-like-shvo-businesshttps://www.thepromote.com/p/doj-set-to-sue-megalandlords-the-miami-empire-that-asbestos-built#do-j-to-come-directly-at-megalandlohttps://www.thepromote.com/p/newpoint-s-unwanted-ride-or-die-a-bombshell-yardi-ruling?utm_campaign=doj-set-to-sue-megalandlords-the-miami-empire-that-asbestos-built&utm_medium=referral&utm_source=www.thepromote.com#yardi-ruling-gives-do-j-ammo-in-pri    

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

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

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

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

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

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

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

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

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

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

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

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.comMore information about our guest Barrett Linburg at Savoy Equity Partners https://savoyequity.com/ and on Twitter https://x.com/DallasAptGPFind 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-deal3) 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-tax4) 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.php5) Quiet Kings of Capital: https://www.thepromote.com/p/the-promote-the-quiet-kings-of-capital6) 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-schuster2) 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-plan3) 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-piper5) 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, 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/PromoteFurther 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-gemstonesHarry 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-playbook432 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-playbookDownside 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