Afleveringen
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This week, The Promote dives into the proliferation of preferred-equity deals in the CRE market – why are they suddenly everywhere, and what investors need to think about before doing them. We then dive into Meridian Capital Group being cleared for business by Fannie Mae, ending a year-plus period on the ice with the agency. Where does the brokerage go from here? And finally, we look at the walloping the tariffs have given the formerly exuberant CMBS market.
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This week, we discuss the fear & loathing set off in the CRE markets by the Trump tariffs, looking at the impact both on fund managers and on developers – construction costs are "completely a swag" as co-host Will puts it. We then look at Miki Naftali's megabet on a Fifth Avenue condo site where he believes he can set a new high-water mark – $11,000 per square foot – on pricing. We touch upon Floyd Mayweather's shady Upper Manhattan deal, and finally, we chop it up on Starwood's latest land play.
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Zijn er afleveringen die ontbreken?
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In this special edition of the Promote Podcast, we dive into the singular career of Gary Barnett, the diamond trader who birthed Manhattan's Billionaires' Row and has consistently pulled off the most audacious high-wire acts in the real estate development game. We trace Barnett's origins, from his days as a diamond dealer in Belgium to his early days in New York real estate. We then dive into 2 of his most iconic deals: the creation of One57, the luxury condo that kicked off Billionaires Row; and the Ring portfolio masterclass, the takeover of 1 million square feet of prime Manhattan office space.
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This week, we break down CrowdStreet playing the victim card in CRE's biggest-ever crowdfunding scam, perpetrated by Elie Schwartz. We riff on why CMBS is rearing its head in development deals, and how private equity reimagined life insurance as a perpetual source of capital for its private-credit bets. Plus: A Manhattan REIT's nepotism playbook.
Further reading:
https://ten31.beehiiv.com/p/crowdfunding-scam-highlights-the-goldman-mistress-back-channel#7-highlights-from-cr-es-biggest-cro
https://www.wsj.com/finance/investing/missing-millions-and-a-rabbinical-arbitrator-real-estate-deal-gone-bad-hits-popular-crowd-funder-3555314f
https://www.bisnow.com/national/news/capital-markets/crowdstreet-accused-of-raising-securities-without-a-license-in-class-action-128551?utm_source=ten31.beehiiv.com&utm_medium=referral&utm_campaign=s3-s-sizzle-silber-gets-off-easy
https://ten31.beehiiv.com/p/pulte-s-purge-cmbs-development-ambitions
https://ten31.beehiiv.com/p/kkr-s-surprise-sale-cushman-s-mayoral-menace#life-is-for-lending
https://americanaffairsjournal.org/2025/02/from-investment-to-savings-when-finance-feeds-on-itself/
https://www.crainsnewyork.com/real-estate/paramount-group-paid-millions-outside-companies-owned-ceo-albert-behler
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This week, we discuss the rivalry between two mighty CRE brokerages, Eastdil Secured and Newmark, polar opposites in terms of culture and compensation model. We break down the bombshell lawsuit filed by Wells Fargo against JPMorgan, accusing the bank of financial chicanery in a mega-loan for the Chetrit Group. And we dive into Related's "heist" of Signature Bank's rent-stabilized loan portfolio, discussing how politics and connections can sometimes beat out a higher bidder.
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This week on The Promote Podcast, we discuss cracks in the property empire of the mighty Chetrit family, the merchant princes of New York real estate. We barrel down Powder Mountain to understand Netflix billionaire Reed Hastings' vision for a private ski haven, and we head to court to understand the mother of all Personal Guarantees in a case pitting scion Charles Cohen against the mighty debt fund Fortress.
Resourceshttps://ten31.beehiiv.com/p/heat-on-chetrit-hud-in-the-mud#can-chetrit-beat-the-heat
https://ten31.beehiiv.com/p/wall-street-s-new-aristocracy-reed-hastings-private-powder#reed-hastings-private-powder
https://ten31.beehiiv.com/p/wall-street-s-new-aristocracy-reed-hastings-private-powder#security-blanket-for-construction-l
https://ten31.beehiiv.com/p/eastdil-eyes-suitors-fortress-goes-full-paulie#fortress-to-cohen-no-more-talk-pay-
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In the first episode of The Promote Podcast, we’ve got quite the docket: Bad Boy Guarantees, which are suddenly everywhere in CRE loan disputes with multifamily syndicators. We have a classic Manhattan phallic skyscraper battle, pitting titan against titan at Worldwide Plaza. And we look at the loss of mojo at mighty investment manager PIMCO, which is suddenly finding itself a laggard in the cutthroat world of private credit.
https://ten31.beehiiv.com/p/nussbaum-s-hush-money-syndicator-bad-boy-carve-outs#baby-did-a-bad-bad-thing
https://ten31.beehiiv.com/p/nussbaum-s-hush-money-syndicator-bad-boy-carve-outs#hush-money
https://ten31.beehiiv.com/p/an-ofer-he-can-t-refuse-and-the-private-credit-bazaar#a-pimco-exodus
https://ten31.beehiiv.com/p/seagram-scores-mega-refi-a-fannie-freddie-privatization-push#worldwide-drama-nyc-style
https://www.wsj.com/articles/bill-gross-retiring-from-janus-11549287324
https://www.wsj.com/articles/american-realty-capitals-executive-chairman-schorsch-steps-down-1418651991
