The Promote Podcast

This week, Northwind Group's Ran Eliasaf, one of the most active private lenders in New York real estate, gives us an inside look at the debt game – the returns, the structures and the nuances of funding some of the city's most high-profile projects. He walks us through the capital stack of the supertall condo tower at 125 Greenwich in particular, building on our discussion from last week. Will and Hiten also chop it up on Adam Neumann's latest venture, Flow, a multifamily operator that is bleeding money all over the place, but STILL manages to raise more venture capital. A big thank you to our sponsor for this episode, AirGarage – find out more about their full-service parking management solution at Airgarage.com/Promote

This week, we chat about a fascinating hospitality deal, Newbond swooping in to buy almost 9% of San Francisco's hotel stock in one megadeal. It’s one of the city's biggest hospitality real estate plays in a decade. We look at the aftermath of Carl Icahn's failed big short on malls, and his vendetta against special servicer Rialto. We then dive into a supertall capital stack – 125 Greenwich Street has seen New York's most famous and infamous names pile in. A big thank you to our sponsor for this episode, AirGarage – find out more about their full-service parking management solution at Airgarage.com/Promote 

Discover the booming trend of preferred equity deals in real estate and their implications for investors. Learn about Meridian Capital Group's recent revival after being sidelined by Fannie Mae and what it means for the brokerage's future. Dive into the repercussions of tariffs shaking up the CMBS market, causing chaos and transaction paralysis. Explore the evolving dynamics of financing and how market uncertainties challenge both investors and smaller tenants in today’s climate.

This week, we discuss the fear & loathing set off in the CRE markets by the Trump tariffs, looking at the impact both on fund managers and on developers – construction costs are "completely a swag" as co-host Will puts it. We then look at Miki Naftali's megabet on a Fifth Avenue condo site where he believes he can set a new high-water mark – $11,000 per square foot – on pricing. We touch upon Floyd Mayweather's shady Upper Manhattan deal, and finally, we chop it up on Starwood's latest land play. 

Explore the fascinating journey of Gary Barnett, from diamond dealer to mogul of Manhattan's Billionaires' Row. Discover how he transformed New York's luxury real estate scene with iconic projects like One57. Delve into high-stakes negotiations and creative financing strategies that define his career. Uncover family feuds in real estate and the legal complexities of co-ownership disputes. This narrative paints a vivid picture of the risks and rewards in the competitive world of Manhattan property development.

This week, we break down CrowdStreet playing the victim card in CRE's biggest-ever crowdfunding scam, perpetrated by Elie Schwartz. We riff on why CMBS is rearing its head in development deals, and how private equity reimagined life insurance as a perpetual source of capital for its private-credit bets. Plus: A Manhattan REIT's nepotism playbook. Further reading: https://ten31.beehiiv.com/p/crowdfunding-scam-highlights-the-goldman-mistress-back-channel#7-highlights-from-cr-es-biggest-cro https://www.wsj.com/finance/investing/missing-millions-and-a-rabbinical-arbitrator-real-estate-deal-gone-bad-hits-popular-crowd-funder-3555314fhttps://www.bisnow.com/national/news/capital-markets/crowdstreet-accused-of-raising-securities-without-a-license-in-class-action-128551?utm_source=ten31.beehiiv.com&utm_medium=referral&utm_campaign=s3-s-sizzle-silber-gets-off-easyhttps://ten31.beehiiv.com/p/pulte-s-purge-cmbs-development-ambitionshttps://ten31.beehiiv.com/p/kkr-s-surprise-sale-cushman-s-mayoral-menace#life-is-for-lendinghttps://americanaffairsjournal.org/2025/02/from-investment-to-savings-when-finance-feeds-on-itself/https://www.crainsnewyork.com/real-estate/paramount-group-paid-millions-outside-companies-owned-ceo-albert-behler 

This week, we discuss the rivalry between two mighty CRE brokerages, Eastdil Secured and Newmark, polar opposites in terms of culture and compensation model. We break down the bombshell lawsuit filed by Wells Fargo against JPMorgan, accusing the bank of financial chicanery in a mega-loan for the Chetrit Group. And we dive into Related's "heist" of Signature Bank's rent-stabilized loan portfolio, discussing how politics and connections can sometimes beat out a higher bidder. 

The struggles of the Chetrit family reveal the harsh realities of New York's real estate market under immense debt pressure. Innovative financing strategies for a resort amusement park highlight the evolving landscape of real estate investment. The complexities of personal guarantees in high-stakes financing create tension between developers and lenders. Exploring billionaire heirs' challenges underscores the need for proactive leadership in turbulent times. Plus, Reed Hastings' vision for a private ski resort adds a unique twist to the dynamic conversation about community development.

Dive into the intriguing world of commercial real estate as Bad Boy Guarantees reshape borrowing dynamics. Discover the high-stakes skirmish around Manhattan's skyscrapers, where titans clash for dominance. Delve into PIMCO's turbulent journey as it grapples with a tarnished reputation in private credit. Explore the pressures lenders impose on borrowers, and the evolving tactics to reclaim assets. Lastly, uncover how branding and 'aura' play vital roles in investment decisions, shaping perceptions and securing trust in a competitive landscape.