

The Promote Podcast
ten31 Media
Your Commercial Real Estate Insider guide. From profiles of the biggest dealmakers to skyline-shaping transactions, we bring you the deals, breakdowns and war stories that move the market — for insiders, by insiders. From bad-boy guarantees to CMBS tranche warfare to syndicator sins, we cover it all.
Each week, The Promote Podcast explores three of the most interesting and consequential stories in CRE, taking you well beyond the headlines and into the heart of the action. Hosted by the award-winning “Bard of CRE,” Hiten Samtani, founder of ten31 media and author of The Promote newsletter, along with no-BS institutional insider Will Krasne. Also check out our 3x/week newsletter for industry insiders at https://www.thepromote.com/
Each week, The Promote Podcast explores three of the most interesting and consequential stories in CRE, taking you well beyond the headlines and into the heart of the action. Hosted by the award-winning “Bard of CRE,” Hiten Samtani, founder of ten31 media and author of The Promote newsletter, along with no-BS institutional insider Will Krasne. Also check out our 3x/week newsletter for industry insiders at https://www.thepromote.com/
Episodes
Mentioned books

Aug 27, 2025 • 33min
Soho House Postgame And Billion-Dollar Capstacks
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? Want to reach our audience of top CRE decision-makers? Reach out to partnerships@thepromote.com Further reading/listening:https://www.wsj.com/business/soho-house-members-club-nearing-a-deal-to-go-private-fcae011chttps://www.thepromote.com/p/postgame-manhattan-megabets-get-fundedhttps://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.htmlhttps://podcasts.apple.com/us/podcast/tariff-terror-%2411-000-psf-condos-starwoods-land-bets/id1801355295?i=1000703726323https://www.thepromote.com/p/no-yield-on-this-street-arbor-s-copper-coin#no-yield-on-this-street

6 snips
Aug 20, 2025 • 32min
Shvo Business & Multifamily's Antitrust Agita
Explore the tumultuous career of real estate mogul Michael Shvo, who made headlines with ambitious purchases but now faces turbulent partnerships. Delve into a crucial antitrust case impacting major landlords for alleged rent collusion through software like Yieldstar. The discussion also digs into the repercussions of these legal battles on the multifamily rental market. With insights into the evolving landscape of rental pricing and market dynamics, the episode uncovers the tension between innovative practices and regulatory scrutiny.

Aug 13, 2025 • 28min
Talking Tycoons: Tom Cousins & Jacob Chetrit
This week, we break down the outsized life & career of seminal Atlanta developer Tom Cousins: skyline-shaper, quail hunter, Ted Turner lender, Buffett buddy – an honest-to-goodness Man in Full. We trace his origins from selling tract homes to setting the stage for the modern Atlanta skyline, and examine his broader cultural impact on real estate. We then dive into the zany case of the late CRE mogul Jacob Chetrit, who left behind just $500K in cash but $800M in CRE stakes – that estate is now the focus of fierce litigation among name-brand NYC players from Richard Mack to Maverick.Further Reading:https://www.thepromote.com/p/bxp-s-vertical-limit-chetrit-s-800m-estate#postscript-tom-cousins-a-man-in-fulhttps://www.thepromote.com/p/bxp-s-vertical-limit-chetrit-s-800m-estate#what-did-jacob-chetrit-leave-behindhttps://www.thepromote.com/p/heat-on-chetrit-hud-in-the-mud#can-chetrit-beat-the-heathttps://www.ajc.com/news/2025/07/tom-cousins-seminal-atlanta-developer-and-philanthropist-dies/?utm_campaign=bxp-s-vertical-limit-chetrit-s-800m-estate&utm_medium=referral&utm_source=www.thepromote.com

Aug 6, 2025 • 30min
Megafunds Geezer-Chasing & A Miami Kingpin's Epic Aventura
This week, we dive into how private credit mega-managers such as Blackstone, KKR & Blue Owl have been setting the stage for a potentially huge new pool of capital: 401(k)s. With the Trump administration’s eagerness to push more retirement savings into PE, players have been forming alliances with the biggest 401(k) managers in a move that could mean a far bigger CRE private-credit war chest. We then dive into the singular life and career of Donald Soffer, the visionary behind Aventura and a serious man-about-town.Sponsor: This episode is sponsored by Vesto, which gives CRE players a single, clear point of access for all their bank accounts. Go to https://vesto.com/ to learn more. Further reading:https://www.bloomberg.com/news/articles/2025-07-24/private-credit-firms-from-kkr-to-blackstone-ready-for-401-k-win?utm_campaign=private-credit-s-old-gold-another-rabsky-riddle&utm_medium=referral&utm_source=www.thepromote.comhttps://www.thepromote.com/p/private-credit-s-old-gold-another-rabsky-riddle#old-is-private-credit-goldhttps://www.thepromote.com/p/landau-s-stalking-horse-dusty-dan-s-greystone-exit#insurance-juicing-private-credit-bohttps://www.vanityfair.com/news/1987/09/gary-hart-failed-presidential-campaign?srsltid=AfmBOoqQ3goufXX7T8B6NjVZJSKctEHacpKaJo0Y7pIUycKTgZV2FjLThttps://web.archive.org/web/20180326202536/http://www.biscaynetimes.com/index.php?option=com_content&id=1051%3Afamily-a-fortune&utm_campaign=nahla-s-raleigh-play-a-data-center-kingpin-s-exit&utm_medium=referral&utm_source=www.thepromote.com

Jul 30, 2025 • 28min
How to De-Risk a Megadeal: Related's Hudson Yards Masterclass
In this special episode of The Promote Podcast, we dive deep into Related Companies' de-risking playbook at its Hudson Yards megaproject. How they're pulling off a $25 billion, 18 million-square-foot undertaking in New York City while continuously taking chips off the table through creative financing structures, global capital sources, equity partners and tax breaks. We look at how Steve Ross spent 4 decades shoring up Related's balance sheet to take huge swings, and what other CRE hopefuls can learn from his approach to big-ticket development.Sponsor: This episode is sponsored by Vesto, which gives CRE players a single, clear point of access for all their bank accounts. Go to vesto.com to learn more.Further reading:https://fortune.com/2013/08/29/the-man-behind-the-largest-real-estate-project-in-u-s-history/https://www.amazon.ca/Other-Peoples-Money-Housing-Greatest/dp/0142180718Chris Hohn of TCI: https://www.judiciary.uk/wp-content/uploads/2014/12/hohn-judgment.pdfhttps://www.thepromote.com/p/the-promote-fbi-comes-at-arbor-steve-ross-hof-dealmaking#goat-exits-stage-southhttps://therealdeal.com/new-york/2013/08/16/anatomy-of-a-deal-inside-relatedoxfords-unusual-hudson-yards-financing/https://therealdeal.com/new-york/2025/07/01/how-related-companies-got-hudson-yards-approved-and-saved-2bhttps://www.economicpolicyresearch.org/images/docs/research/political_economy/Cost_of_Hudson_Yards_WP_11.5.18.pdfhttps://therealdeal.com/new-york/2016/08/24/inside-the-hudson-yards-financing-playbook/https://www.hudsonyardsnewyork.com/press-media/press-releases/related-companies-and-oxford-properties-group-close-on-nearly-1-4-billion-in-equity-and-debt-investments-for-hudson-yards

Jul 23, 2025 • 33min
JPM's Roosevelt Run & Cortland's PE Courtship
Discover JPMorgan's ambitious plan for a massive campus involving the historic Roosevelt Hotel in New York. Explore why multifamily giants Cortland and Bell Partners are on the hunt for partnerships. Get a quick take on the $2.2 billion acquisition deal between Starwood and Fundamental, examining the risks and rewards of high-yield properties. The complexities of renovating a major hotel, including financial hurdles and regulatory challenges, reveal the dynamic landscape of real estate investment.

Jul 16, 2025 • 34min
Attack of the Nepo Babies & A Manhattan Skyscraper Heist
This week, we discuss the great changing of the guard at real estate dynasties – the 2nd and 3rd gens are taking the helm of some of the industry's most prominent families and are doing their best to position themselves as serious people. We then head west for some California love – CEQA, the environmental law that was turned into a tool to torpedo new developments, has been gutted. And finally, we chronicle the taking of 625 Madison Ave, an office tower that became a battleground for some of New York's biggest titans, from Ben Ashkenazy to Related.Sponsor: This episode is sponsored by Vesto, which gives CRE players a single, clear point of access for all their bank accounts. Go to vesto.com to learn more. Further reading: CEQA: https://www.latimes.com/homeless-housing/story/2025-07-01/what-will-the-new-change-to-ceqa-do 625 Madison: https://www.thepromote.com/p/the-promote-arbor-responds-wire-fraud-nostalgia#the-taking-of-madison-six-two-fivehttps://www.wsj.com/real-estate/commercial/saudi-arabia-wealth-fund-nyc-midtown-tower-1b953d32Nepo Babies: https://www.thepromote.com/p/elliott-backing-rxr-megadeal-shvo-business-in-miami-beach#run-rudin-runhttps://therealdeal.com/magazine/june-2025/the-house-of-rudin/https://commercialobserver.com/2025/05/samantah-rudin-michael-rudin-100-years/

Jul 9, 2025 • 28min
Mamdani Fear Factor & Hyatt's Friends with Benefits
The podcast dives into the ripple effects of Zohran Mamdani's surprising victory in New York's mayoral primary, creating waves of fear in the real estate community. A major $2 billion hotel deal by Hyatt is scrutinized, revealing the complexities of hotel ownership and management. Additionally, the fierce competition for a coveted casino license in NYC showcases the high stakes involved and the unique proposals vying for attention. A blend of fear and opportunity in the market is discussed, highlighting the need for strong relationships in the evolving landscape.

Jul 2, 2025 • 31min
Carlyle Takes the Stairs, Drillman's Great Escape & the LVMH-Kering War
This week, we dive into Carlyle's attempt to stitch together an empire of Brooklyn walk-ups and how it illustrates the REPE giant's playbook. We then examine mortgage fraudster Barry Drillman's get-out-of-jail-free card, a feat of game theory and cooperation with the feds. We hit the real estate battlefields in the war between luxury leaders LVMH and Kering, looking at their race to snap up the world's most coveted corners (and hotel chains). Finally, we head north to the TSX to riff on Meyer Orbach & Josh Gotlib's attempt to IPO a prime Manhattan residential portfolio. Favors:1) Leave us a review: On Apple, Spotify, or wherever you get your pods2) Tell Scotty G about us: Go to ProfG's Reddit page and tell him he's gotta have us on to talk CRE: https://www.reddit.com/r/ScottGalloway/3) Tell your CRE junkie friends about usFurther reading:https://www.thepromote.com/p/madison-s-fannie-absolution-carlyle-s-walk-up-wonder#carlyles-walk-up-wonderhttps://www.thepromote.com/p/drillman-s-great-escape-the-magnificent-chapter-sevenhttps://www.thepromote.com/p/the-usual-suspectshttps://www.thepromote.com/p/the-promote-sutton-in-his-fifth-element-syndicators-in-default-city#sutton-in-his-fifth-elementhttps://www.wsj.com/real-estate/commercial/louis-vuitton-lvmh-real-estate-communities-47aa1d55?gaa_at=eafs&gaa_n=ASWzDAhyKkxce1gly_M_2dLfZa3eLrYtoIUQfyBH9nxqu-dwt-w0KBoOwgc5u-eo6Mc%3D&gaa_ts=6864d777&gaa_sig=LETuj6u5U5dynKdSfuWScyQUv4SZlE__W5l3whZ1vnuFjVt4r07yB_t5-U0knv-MRtPj-vCgxfBDByp3_mWpqA%3D%3Dhttps://www.thepromote.com/p/the-promote-multi-megabets-lvmh-s-re-weaponry#lvm-hs-real-estate-artilleryhttps://www.bloomberg.com/features/2024-lvmh-bernard-arnault/?srnd=homepage-americas&utm_campaign=multi-megabets-lvmh-s-re-weaponry&utm_medium=referral&utm_source=www.thepromote.comhttps://www.thepromote.com/p/orbach-gotlib-s-loonie-tunes-mamdani-s-comrade-capitalism#loonie-tunes-orbach-gotlib-head-to-

Jun 25, 2025 • 33min
Deconstructing Data Center Megadeals with DigitalBridge's Marc Ganzi
This week, data center pioneer and DigitalBridge CEO Marc Ganzi walks Will & Hiten through 2 defining transactions in the space: The $11B take-private of Switch, and the "metaphorical lockbox" financing for cloud-computing player CoreWeave, one of the largest-ever private debt financings. Ganzi gives us an insider look at the numbers, real estate intricacies and capital markets maneuvers that went into both deals – this is "how the sausage gets made" stuff in one of the fastest-growing and least-understood corners of the business.A shout-out to our sponsor for this episode, NYC-focused developer MADDPROJECT. They've launched a New York resi development fund open to accredited investors, and you can reach out to antonia@maddproject.com for more information on it.Further readinghttps://www.wsj.com/tech/ai/coreweave-raises-7-5-billion-in-debt-for-ai-computing-push-99fd2241https://www.datacenterdynamics.com/en/news/digitalbridges-switch-exploring-40-billion-ipo-report/https://www.digitalbridge.com/news/2022-12-06-digitalbridge-and-ifm-investors-complete-11-billion-take-private-of-switchhttps://therealdeal.com/new-york/2021/05/18/how-marc-ganzi-bet-colony-capitals-future-on-the-next-gen-economy/