The Promote Podcast

Like a lot of older guys, Steve Ross moved to Florida. Unlike them, however, the billionaire real estate developer didn't go there to retire, but instead to take on an even more audacious skyline-shaping challenge: West Palm Beach. This week, we trace Ross' whirlwind of big-ticket dealmaking down south that combines real estate, private equity, education, sport, and glamour – much to take away for the aspiring city shaper. We then look at Gary Barnett's latest financing coup: a $1.2B pref commitment for a range of development projects. And finally, we explore the legal challenge to the "nuclear" bill that killed off Texas' most controversial property-tax loophole: The Traveling HFCTo advertise: Reach out to partnerships@thepromote.com  Further reading/listening:Can This Developer Make West Palm Beach Into the Hottest City in America?Goat Exits Stage South Billionaire Stephen Ross Believes in South Florida—and Is Spending Big to Transform It Gary Barnett: The Father of Billionaires' RowInside Gary Barnett's Deer Valley MasterclassBarnett Prefs UpThe Quiet Kings of CapitalTraveling HFCs: Backlash to the BacklashThe Mother of all Tax Loopholes

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.

Dive into the Mormon Church's savvy real estate strategies that built an impressive property portfolio. Discover Grant Cardone's ambitious plan to rescue a rental property with a Bitcoin twist. The conversation also highlights the tension between retail and institutional investors in real estate markets, showcasing the growing influence of individual investors. Plus, explore how the principles of tithing enhance the financial success of the Church's investment arm. It's a mix of finance, faith, and unexpected investment insights!

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

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.

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

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

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

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.

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/