What happened with David Bren and the Bunker club scheme?

This week, we asked the taboo question about New York office to residential conversions. Do the numbers work? There's been enough distress from some of the OGs, including Nathan Berman, that it warrants that question amid all the private-credit billions flowing into the space. We then look at how a single man, Zara founder Amancio Ortega, can drive pricing across product types and markets – even though his buys may not really be pegged on real-world investment metrics. And finally, we go a little bit tabloid to talk about the case of David Bren, the embattled son of real estate tycoon Donald Bren – some real talk about fundraising and scions in there.

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/upgrade

Further reading:

Donald Bren - The Billionaire's Town: https://www.bloomberg.com/features/2025-irvine-california-housing-donald-bren/

A billionaire’s son sold investors on the ‘ultimate man cave.’ Was any of it real?: https://www.latimes.com/california/story/2025-10-06/david-bren-beverly-hills

The Follieri Charade: https://www.vanityfair.com/news/2008/10/follieri200810?srsltid=AfmBOorhtO3gFoiBk5pL3BXDzBXUyPfwoJ-SVNmXUDTBR6Y9h7X_rayD

Caveat Lender: https://www.thepromote.com/p/caveat-office-resi-lender-roosevelt-masala#caveat-lender

A Costly Rescue Recap: https://www.thepromote.com/p/inside-the-debt-fund-game-underwater-rescues#a-costly-rescue-recap