The Promote Podcast Tupac vs Biggie, CRE Edition
Sep 10, 2025
Dive into the thrilling world of commercial real estate with tales from both coasts. Discover the high-stakes drama of a moonshot condo project in New York that led to bankruptcies. Meanwhile, in Beverly Hills, a star-studded cast aims to create a $5 billion hospitality hub. Get an inside look at cutting-edge financing strategies, the competitive nature of the market, and the unpredictable journey of property transformations. It's a captivating blend of ambition, missteps, and luxury in the world of real estate.
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Episode notes
Run Sales Like An IPO Roadshow
- Orchestrate new development sales like a roadshow: coordinate brokers, marketing, showings, and leaks to build momentum.
- Treat the sellout as an IPO where every detail and timing decision materially affects final prices.
Le Penthouse Flop And Price Cuts
- Tesler introduced a white-box 'Le Penthouse' strategy and later slashed prices after buyers rejected the offering.
- The mispriced, under-market sales led to lender defaults and subsequent refinancing struggles.
Bankruptcy Drama And Note Snipers
- In 2024 ARCPE bought the note and prepared foreclosure; Tesler filed bankruptcy minutes before the sale to stave off foreclosure.
- Multiple bankruptcies exposed ownership layers, and ARCPE ultimately won remaining units for resale.