I used to sell units, I was happy to sell my units at the Armani Cosa for $1,500 a square foot and that was in 2020. And here we are four years later and we can't sell for 1,500 a foot. We'd be going backwards. That's where costs have changed and it's a new world and a lot of people have actually accepted the new world. And because there's a moment there where everybody gets stuck in the pricing of before and oh, I could have bought it for them, you could have, but you did. Or you did and you made money. You know, but look what you get yourself yours for now.

Good morning. This is deconstruct a podcast from the real deal. I'm Isabella Far.

I'm Susanna Kavanaugh and it's Monday, March 4th.

So today we're talking with Gil Dessert. He's the Miami based developer behind dessert development started by his father. He's really known for building these branded condo towers in South Florida, specifically the Porsche design tower and the residences by Armani. We chatted about some of his newest developments, how construction costs have ballooned, how it's difficult to find financing, but Miami is a little bit easier. And also his love for cars, which was fun. We haven't talked about cars on the show before.

OK, great. But first, the news. I'm going to immediately throw it back to you. So a huge court verdict out of Los Angeles this week. Tell us what happened there. Yes. So I'll give a little bit of background about the

suit and then we'll get into the verdict. But so the Jagani family, which owns about 17,000 apartments across LA San Fernando Valley. So the Jagani family has been embroiled in this 20 year court battle over their portfolio. There are five people who are in the city. They're portfolio. There are five brothers and three had claimed that one of the brothers, Hiresh had failed to abide by this oral agreement that split up interest in the portfolio equally. Earlier this week, a jury found that Hiresh did fail to abide by that oral agreement. So the jury ordered Hiresh to hand over billions in damages and a significant stake in the portfolio. Hiresh has to hand over $2.6 billion in cash damages for withholding stakes in the multifamily portfolio for years. Attorneys have valued the entire portfolio at $6 billion and one of the brothers was awarded a 50% stake in the portfolio plus $1.8 billion in damages. So there's billions at stake here and it's a huge reshuffling of one of, you know, the largest landlord portfolios in LA.