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This week, we discuss how the Chrysler Building has laid waste to the best-laid plans of so many global titans. With Tishman Speyer reportedly coming back for another go at the Art Deco icon, we trace its rich and rollicking deal history, from Jack Kent Cooke to Abu Dhabi. We then discuss how the ICE immigration crackdown is putting another big question mark on the Sunbelt multifamily market and leaving landlords in limbo. And finally, we discuss Apollo's sister act: REIT ARI is selling its $9B loan book to insurance arm Athene, and patting itself on the back for doing so. We also do a "Pardon the Interruption" style rundown of the biggest industry happenings: Carlyle's NYC self-storage mammoth sale to StorageMart; Brookfield's misplaced OZ fund; Fed chair nominee Kevin Warsh; and Donald Bren's Chicago tower listing.   Sponsors: 1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.comTo advertise: Reach out to [email protected] For feedback: Write us at [email protected] And please rate us and write a review on Apple. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE breakdowns, behind-the-deal stories, scoops, discounted swag and events and more. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 Further reading/listening: The Chrysler Building: Doomed Art Deco tower of global power How tycoon behind Chrysler Building and Selfridges was forced out Curtains for Aby at Chrysler Immigration Crackdown Creating 'Havoc' For Some Apartment Owners Me, Myself & Apollo From Investment to Savings: When Finance Feeds on Itself

This week, we discuss second acts: Ziel Feldman has left the scandal-ridden past of his glitzy New York condo development firm HFZ Capital Group behind, and he's reinvented himself as an affordable housing player through his silent partnership in GoodHomes. We trace the wild arc of his career and his far more below-the-radar new game. Proptech's loudest voice and most prolific fundraiser Fifth Wall is now yelling into the fundraising void; we talk about how the firm's issues are emblematic of the broader sector. We also do a "Pardon the Interruption" style rundown of the biggest industry happenings: S2's REIT hiccups, Charles Cohen's latest foreclosure, Willis Tower woes, and Michael Shvo's media mastery.  Sponsors: 1) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com To advertise: Reach out to [email protected] For feedback: Write us at [email protected] And please rate us and write a review on Apple. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 Further reading/listening: Ziel Feldman's Next Act S2 REIT Makes Capital Call The Ugliest Divorce in Manhattan Real Estate How HFZ became the face of Manhattan’s condo woes Fifth Wall cuts staff, pauses fundraising Fifth Wall’s Brendan Wallace On What’s Next After Closing $866M Proptech Fund Proptech graveyard 🪦/infirmary 🤒: Running list Shvo Business 

This week, we discuss a redemption tour by GVA’s Alan Stalcup, Patient Zero of the Sunbelt multifamily boom/bust. He’s battling PGs, LPs and maybe even the SEC, but Stalcup is unapologetic. He sat down with Hiten for a pretty unplugged conversation, and we chat through our key takeaways. We then dive into the 24-6 world of dealmaking in Skilled Nursing Facilities, a totally undercovered corner of CRE with big numbers and some batshit maneuvering. The Genesis bankruptcy case is all anyone in that world can talk about right now. We also do a "Pardon the Interruption" style rundown of the biggest industry happenings: Soho House Take II, Marty Burger's redo, Summit's Pinnacle deal going through, and a nightmare condo buyout scenario in Miami. Sponsors: 1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com To advertise: Reach out to [email protected] For feedback: Write us at [email protected] And please rate us and write a review on Apple. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 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.com2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com To advertise: Reach out to [email protected] For feedback: Write us at [email protected] And please rate us and write a review on Apple. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 Further reading/listening: Taconic's Lab LeakSoho House’s $2.7 Billion Deal to Go Private Hits a Last-Minute Funding SnagDeathbed for life science incubator? Portal Innovations sues partner Beacon CapitalZohar Levy, the Man who Would be KingBidder For Pinnacle's 5,000-Unit Portfolio Has Ties To CEO Joel Wiener's Brother

This week, we talk Chicago – America’s Second City is now becoming top of mind for national multifamily players. We break down 2 significant deals: LaTerra’s monster AIMCO portfolio buy and S2’s debut. We then slip into our jerseys and look at the arcane world of stadium development – and all the freebies and surrounding action that comes with it. Finally, we schlep the streets of Brooklyn, where Carlyle & Greenbrook have pulled off a massive Freddie refi of their walk-up empire. Sponsor: This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com To advertise: Reach out to [email protected] For feedback: Write us at [email protected] And please rate us and write a review on Apple. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 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 [email protected] For feedback: Write us at [email protected] And please rate us and write a review on Apple. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 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 [email protected] For feedback: Write us at [email protected] And please rate us and write a review on Apple. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 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 [email protected] For feedback: Write us at [email protected] And please rate us and write a review on Apple. Follow our guest on LinkedIn: Ian Ross Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-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 [email protected] For feedback: Write us at [email protected] And please rate us and write a review on Apple. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 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 [email protected] For feedback: Write us at [email protected] And please rate us and write a review on Apple. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15

This week, we dive deep into the maverick career of Seattle skyscraper titan Martin Selig - a true man in full who at his pomp controlled more than a third of the city's downtown, but is now at risk of losing it all. As of this summer, Selig has lost 19 of his buildings to third-party managers or lenders. He’s been unable to make good on over $850 million in loans. We break down his meteoric rise, his ability to survive through cycles that ended the careers of lesser men, and why this time may truly be the end. To advertise: Reach out to [email protected] For feedback: Write us at [email protected] And please rate us and write a review on Apple. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 Further reading/listening: https://www.latimes.com/archives/la-xpm-1989-11-20-fi-194-story.htmlhttps://www.seattletimes.com/business/developer-seligs-one-man-show-plays-well-in-current-downturn/https://www.seattletimes.com/business/martin-selig-helped-shape-downtown-seattle-now-hes-the-face-of-its-office-woes/ https://www.nytimes.com/1986/06/29/realestate/focus-seattle-creating-an-office-empire.html https://www.seattletimes.com/seattle-news/developer-donates-922000-to-try-to-get-estate-tax-erased/ WAhttps://www.seattletimes.com/business/real-estate/another-piece-of-seligs-seattle-office-empire-sold-at-fire-sale-discount/Talking Tycoons: Tom Cousins  

This week, we explore why more multifamily REITs are offering themselves up at the altar - there just doesn’t seem to be a real path forward for many of these midsize players in this capital-markets environment. We then look at Marriott’s mercy killing of Sonder and the lessons to take away from yet another high-profile proptech implosion. And finally, the Mooch’s OZ fund was kinda like the Mooch’s White House tenure. Short and painful. To advertise: Reach out to [email protected] For feedback: Write us at [email protected] - we're taking questions for a special mailbag episode! And please rate us and write a review on Apple. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/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-saleSonder Winddown: https://investors.sonder.com/news-releases/news-release-details/sonder-holdings-inc-complete-immediate-wind-down-operationsCortland's PE Courtship: https://podcasts.apple.com/us/podcast/jpms-roosevelt-run-cortlands-pe-courtship/id1801355295?i=1000718664676

This week, we chat about 2 big events in the senior housing space: Blackstone’s fire sale of a $1.8B portfolio and the Sonida-CNL merger. It’s a pretty gnarly business to operate, but there’s lots of room for creative structuring. Next, we look at the behind-the-scenes wrangling at one of Brooklyn’s buzziest projects: Jonathan Landau is attempting to build Brooklyn Heights’ tallest condo, but has a quarter-billion dollar hole to fill. And finally, BXP (aka Boston Properties) is cashing in on legacy assets to fund its development pipeline. Supertalls ain’t cheap!  To advertise: Reach out to [email protected] For feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/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 [email protected] For feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/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 [email protected] For feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/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