The Promote Podcast Tupac vs Biggie, CRE Edition
Sep 10, 2025
Dive into the thrilling world of commercial real estate with tales from both coasts. Discover the high-stakes drama of a moonshot condo project in New York that led to bankruptcies. Meanwhile, in Beverly Hills, a star-studded cast aims to create a $5 billion hospitality hub. Get an inside look at cutting-edge financing strategies, the competitive nature of the market, and the unpredictable journey of property transformations. It's a captivating blend of ambition, missteps, and luxury in the world of real estate.
AI Snips
Chapters
Transcript
Episode notes
From Diamonds To Manhattan Developer
- Yitzhak Tesler rose from diamond trading to Manhattan condo development and became a high-profile character in NYC real estate.
- Hosts describe his larger-than-life background trading diamonds in war zones to set up his later development ambitions.
Condo Development As Diamond Polishing
- Condo development mirrors diamond polishing: you buy raw product, refine it, and hope buyers pay a premium for the result.
- Both rely on leverage, brokers, and a risky final sale to realize returns.
Piragova's Madison Avenue Gamble
- Natalia Piragova bought the 33rd & Madison site for $33M aiming for a boutique hotel plus condos and secured a UBS loan.
- The 2008 recession stalled the project, UBS foreclosed, and the loan passed through distressed buyers before Tesler entered.