The Promote Podcast Times Square Trainwreck, Royal Renters and Blue Owl Bytes the Dust
Feb 25, 2026
A close look at the Times Square megadevelopment that unraveled and the financing and partner fights behind it. A deep dive into data center strain, from a stalled multibillion-dollar project to wider lending caution. A spotlight on the rise of ultra‑wealthy renters reshaping multifamily and condo economics. Plus a rapid rundown of big CRE moves, from marquee asset sales to splashy institutional purchases.
AI Snips
Chapters
Transcript
Episode notes
Pull Property Management In House At Scale
- Consider vertical integration for property management at scale to cut costs and control operations.
- Will notes Blackstone may bring third‑party PMs in‑house using Air Communities tech to create a mega PM platform across tens of thousands of units.
Times Square Megaproject Turned Into Capital Sacrifice
- TSX Broadway became a sprawling development boondoggle that pooled EB-5, UBS club capital, Fortress, L&L and a $1.3B Goldman construction loan.
- Landmark constraints, a raised Palace Theater and cost overruns sank the $2.5B Tempo hotel and left EB-5 investors suing over alleged deed-in-lieu maneuvers.
Niche Mezz Capital Can Become First Casualty
- Niche capital sources like EB-5 sit as mezzanine and can be wiped out when seniors negotiate deeds in lieu to avoid transfer taxes.
- That maneuver triggered USIF's lawsuit claiming bad-boy guarantee exposure of ~$900M in principal plus interest.