The Promote Podcast

Explore the troubling landscape of midsize multifamily REITs as many opt for privatization or liquidation. Dive into Marriott's shocking dissolution of its partnership with Sonder, reflecting on the rise and fall of this proptech company. Witness a riveting discussion on the Mooch's Opportunity Zone fund, mired in fundraising failures. From valuation struggles in New York's office REITs to the operational challenges faced by hotels, this conversation offers crucial insights into the current state of real estate and proptech.

The discussion dives into the chaotic world of senior housing, highlighting Blackstone's fire sale of a $1.8B portfolio and the challenges operators face. Brooklyn's skyline is at stake as Jonathan Landau attempts to raise funds for a new condo, navigating a complex cap stack amid high local prices. Meanwhile, Boston Properties is making moves, selling off legacy assets to finance high-end developments, positioning themselves for future success. Tune in for insights on these high-stakes real estate maneuvers!

Dive into the fascinating world of real estate with insights on Blackstone's Chad Pike's significant industrial takeover. Discover why major US developers, like Hines, are now rapidly expanding into the Gulf region, capitalizing on lucrative mega-projects. Plus, get the lowdown on why CRE secondaries are stealing the spotlight as new players emerge and traditional fund structures evolve. It's all about navigating capital flows and seizing opportunities in a shifting market!

Explosive mortgage fraud allegations shake two major regional banks, exposing vulnerabilities in the system. Meanwhile, Walmart embarks on an ambitious mall acquisition strategy, aiming to reshape retail experiences while sidestepping local opposition. On the skyscraper front, serious structural issues emerge at 432 Park Avenue, raising urgent questions about accountability in luxury condo development. The hosts delve into the intricate dynamics of financing, building supertalls, and the potential for regulatory changes to reshape the industry.

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.comFor 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/upgradeFurther reading:Jared Kushner profile - NYMAgBehind the record deal for 666 Fifth Avenue - TRD Jared Kushner, a Trump In-Law and Adviser, Chases a Chinese Deal - NYTKushners, Trump In-Laws, Weigh $400 Million Deal With Chinese Firm - NYTCharlie Kushner, Unfiltered- TRDDeal Gives Kushners Cash Infusion on 666 Fifth Avenue - NYT660 Reasons to Smile - The PromoteBanco Down to Brawl - The PromoteFlorida Supreme Court denies rehearing in condo buyout case- TRD 

Exploring the complexities of New York's office-to-residential conversions, hosts dive into the financial viability amidst current distress signals. They discuss how Amancio Ortega's purchases redefine market pricing, impacting various sectors. The conversation takes a sensational turn with the story of David Bren, examining his controversial fundraising and the challenges of leveraging family credibility in real estate. Insights on how tax incentives affect investment incentives add another layer to this intriguing discussion.

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 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/upgradeFurther reading:https://www.thepromote.com/p/rxr-s-feeapalooza-sobrato-s-sv-sizzle#rx-rs-feeapaloozaBrookfield in talks to buy US landlord from Singapore’s GIC in $10bn deal

Discover how the Sobrato Organization thrived in the real estate boom fueled by Nvidia, amassing a massive portfolio through bold strategies. Learn why major developers like Toll Brothers are exiting multifamily projects amidst market pressures. Meanwhile, Harry Macklowe makes his return to Manhattan development, navigating challenges around landmark regulations and community opposition for his new luxury project at 809 Madison Avenue. Tune in for insights on the evolving landscape of commercial real estate financing and development!

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