The Promote Podcast

We're technically off this week. BUT, Business Insider dropped a banger of a read on Floyd Mayweather's tangled financial web, and somewhere at the center of that web is a character of great interest to The Promote Cinematic Universe: Jona Rechnitz was a New York real estate developer who was caught up in a massive NYPD corruption scandal before heading to LA and reinventing himself as a diamond dealer and Mayweather whisperer.  Rechnitz is the archetype of a netherworld character who somehow keeps popping up in real estate: the hustler with the incredible Rolodex and fuzzy origin story, someone who manages to whip up controversy wherever he goes but keeps escaping any real consequences. In May, we dove deep into his fascinating story, and we're re-upping that episode here. In the episode,  we also take a look at "structural corruption" in the development of supertalls, focused on a dispute at 432 Park Avenue.NOTE: This is a re-run of an episode that originally aired on 5/14/2025 Episode sponsor:  AirGarage – find out more about their full-service parking management solution at Airgarage.comTo advertise: Reach out to partnerships@thepromote.comFor feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple.Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading: Inside Floyd 'Money' Mayweather's lavish, debt-filled post-boxing lifeJona Rechnitz Atavist profile and The Promote's CRE-focused summaryHarry Macklowe profile:432 Park lawsuit: Downside to life in a supertall: 

This week, we talk illiquid death – the Bluerock listing debacle says so much about the mark-to-magic happening in the nontraded REIT market. We then head to Hollywood where showbiz is turning into badbiz for Hackman Capital, HPP and others who went all-in on soundstages. And finally, we head to Charm City to check in on Kevin Plank & Goldman Sachs' Baltimore Peninsula megaproject – MAG is out, Hines is in, and Bank OZK is pissed. To advertise: Reach out to partnerships@thepromote.comFor feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple.Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Bluerock Total Income Plus - Accredited InsightWhen Your Private Fund Turns $1 Into 60 CentsThis Hollywood Property Mogul Stands to Lose No Matter Who Wins WarnerHines in, MAG at Baltimore peninsula Steve Ross takes his talents to West Palm Beach 

Ian Ross, managing partner at SomeraRoad, shares his insights on the burgeoning world of aviation infrastructure, highlighting how recent tax incentives are fueling institutional interest. He discusses the increasing demand for private hangars and the challenges of navigating a fragmented market. The conversation then shifts to Taconic's ambitious yet faltering $2B venture into NYC's life sciences sector, exploring the mismatches between supply and demand, and the hurdles faced in creating a thriving ecosystem. Ross's expertise sheds light on these intriguing real estate niches.

This week, we look back at the skyline-shaping impact of 2 starchitects who’ve just left us – Robert A.M. Stern and Frank Gehry – and then jump into a broader discussion about the pros & cons of name-brand architects. We dive into the industrial deal of the year, EQT’s 9M sf sale to Aum gobbler Artemis. And we have an exclusive tick-tock of a hotel megadeal in San Francisco, Newbond & Conversant's heist of 3,000 rooms in one fell swoop – it's a great window of what it takes to get a distressed CMBS trade across the finish line.To advertise: Reach out to partnerships@thepromote.comFor feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple.Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Hiten on Bloomberg's Odd Lots discussing the ultra-luxury marketInside the Hotel Heist of the YearSixth Street's AUM GobblingPostscript: Robert A.M. Stern, the Limestone JesusPostscript: Frank Gehry

In our special mailbag episode, co-host Will Krasne tackles your most unhinged CRE questions: who'd be the dream cast of a CRE version of Million Dollar Listing, the best projects through which to launder funds, and which industry niches are IQ-optional.To advertise: Reach out to partnerships@thepromote.comFor feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple.Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15

Explore the dramatic rise and fall of Martin Selig, a titan of Seattle's skyline. His early life and bold entrance into real estate reveal a maverick spirit. Discover how clever zoning laws and high-stakes construction loans fueled his empire. Learn about his aggressive leasing tactics and risk appetite that shaped his career. The pandemic's impact on empty towers leads to a valuation crisis, highlighting structural shifts in office demand. Will legacy and succession plans save him from losing it all?

Explore the troubling landscape of midsize multifamily REITs as many opt for privatization or liquidation. Dive into Marriott's shocking dissolution of its partnership with Sonder, reflecting on the rise and fall of this proptech company. Witness a riveting discussion on the Mooch's Opportunity Zone fund, mired in fundraising failures. From valuation struggles in New York's office REITs to the operational challenges faced by hotels, this conversation offers crucial insights into the current state of real estate and proptech.

The discussion dives into the chaotic world of senior housing, highlighting Blackstone's fire sale of a $1.8B portfolio and the challenges operators face. Brooklyn's skyline is at stake as Jonathan Landau attempts to raise funds for a new condo, navigating a complex cap stack amid high local prices. Meanwhile, Boston Properties is making moves, selling off legacy assets to finance high-end developments, positioning themselves for future success. Tune in for insights on these high-stakes real estate maneuvers!

Dive into the fascinating world of real estate with insights on Blackstone's Chad Pike's significant industrial takeover. Discover why major US developers, like Hines, are now rapidly expanding into the Gulf region, capitalizing on lucrative mega-projects. Plus, get the lowdown on why CRE secondaries are stealing the spotlight as new players emerge and traditional fund structures evolve. It's all about navigating capital flows and seizing opportunities in a shifting market!

Explosive mortgage fraud allegations shake two major regional banks, exposing vulnerabilities in the system. Meanwhile, Walmart embarks on an ambitious mall acquisition strategy, aiming to reshape retail experiences while sidestepping local opposition. On the skyscraper front, serious structural issues emerge at 432 Park Avenue, raising urgent questions about accountability in luxury condo development. The hosts delve into the intricate dynamics of financing, building supertalls, and the potential for regulatory changes to reshape the industry.