We break down the puzzling $2.7B take-private of Soho House – what do Apollo, MCR, Ron Burkle and Ashton Kutcher think they can pull off by revitalizing the famed member's club? The discussion touches on everything from select-service hotels to Tyler Morse's start as "Barry's guy" to the perils of the hospitality business. We then break down the capital stacks on two closely watched Manhattan megadeals: RXR's purchase of 590 Madison Avenue and Miki Naftali's ultra-luxury condo play at 800 Fifth Avenue. Finally, we explore Yieldstreet's latest debacle and ask: Is real estate crowdfunding doomed by design?

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Further reading/listening:

https://www.wsj.com/business/soho-house-members-club-nearing-a-deal-to-go-private-fcae011c
https://www.thepromote.com/p/postgame-manhattan-megabets-get-funded
https://therealdeal.com/new-york/2025/08/15/paramount-group-ceo-pushed-for-no-bid-contract/
https://www.cnbc.com/2025/08/18/yieldstreet-real-estate-bets-customer-losses.html
https://podcasts.apple.com/us/podcast/tariff-terror-%2411-000-psf-condos-starwoods-land-bets/id1801355295?i=1000703726323
https://www.thepromote.com/p/no-yield-on-this-street-arbor-s-copper-coin#no-yield-on-this-street

Soho House Postgame And Billion-Dollar Capstacks