Deconstruct

President-elect Donald Trump's campaign promises look to be a mixed bag for commercial real estate. Extended tax cuts would be a boon for dealmaking; tariffs could spark inflation and push the Federal Reserve to throw the cutting cycle in reverse. Deconstruct sits down with NYU Schack Institute of Real Estate Associate Dean Marc Norman and partners at Holland & Knight Joe Guay and Joel Roberson to parse the impact on investors and developers in 2025. Do you have guests you want to hear from? Topics you want explored? Questions, feedback, critiques? Write to us with "Deconstruct" in the subject line @ suzannah.cavanaugh@therealdeal.com. _

Matthew Mannion, a notable auctioneer from New York City, is renowned for handling real estate foreclosures and high-profile auctions. He shares riveting stories from the bustling courthouse steps, including a jaw-dropping $76 million bid. Mannion dives into the complexities of judicial versus UCC foreclosures, detailing the nuances of each process. He emphasizes the essential role of advertising in attracting bidders and discusses trends affecting co-op auctions. His journey from a Marine officer to a top auctioneer adds a unique flavor to the conversation.

Arnaud Karsenti, the head of Miami-based 13th Floor Investments, has a whopping dozen multifamily projects underway in a city set to break another record for deliveries in 2024. Does Miami have the tenants to meet that supply? Karsenti talks in-migration, demand for housing near public transit and the pros and cons of public-private partnerships at The Real Deal's South Florida Real Estate Forum.

Robert Dolnick, a seasoned ranch broker with over 25 years of experience, shares insights about the booming Texas ranch market. He discusses how the pandemic shifted interest from city life to sprawling ranchlands, revealing a new wave of buyers seeking tranquility. Dolnick highlights the evolving challenges for ranchers, such as competition from large cattle companies, and the increasing allure of luxury ranch properties. He also shares personal anecdotes on wildlife management and the cultural significance of ranches in Texas history.

Election 2024 has been a wild ride for real estate. Housing stole the spotlight as an unlikely bipartisan issue, and the industry’s top donors are allotting dollars based on more than the business. As the nation readies for Tuesday’s vote, TRD Senior Reporter Kathryn Brenzel explains why an “unsexy” voter issue will drive votes, and who big names are backing.

Rob Verrone, founder of Ironhound Management, specializes in loan workouts for distressed CMBS debt. He shares insights on navigating the complexities of loan modifications during defaults, shedding light on the dynamics between borrowers and servicers. The conversation reveals the challenges faced by struggling asset classes, like malls and offices, and the critical need for quick deal closures. Verrone also discusses how anticipated interest rate changes could impact refinancing strategies, emphasizing that not all market issues are resolved through cuts.

This month, two major hurricanes pummeled the southeastern U.S. As locals face the damage, the industry may be having its own reckoning with the existential threat severe weather poses to real estate. Or not. As developers respond to continued demand for high-risk real estate, and insurance premiums crush disaster-prone areas, Suzannah and Joe talk with South Florida reporters Katherine Kallergis and Kate Hinsche about the tension between the industry and Mother Nature.

In less than one cycle, New Jersey-based investor Shaya Prager went from total unknown to the owner of millions of square feet in suburban office properties across the country. Now, as the market turns, he's mixed up with allegations of fraud and at risk of losing much of his fast-grown portfolio. On the latest episode of Deconstruct, TRD's Suzannah Cavanaugh and Joe Lovinger talk with fellow reporters Jess Hardin and Sam Lounsberry to break down the curious case of Shaya Prager.

In the latest episode of Deconstruct... The Federal Reserve slashed interest rates 50 basis points last month to the euphoria of commercial real estate borrowers. One cut does little to move the needle. But the Fed is projecting more cuts to come. Deconstruct breaks down how three different scenarios could affect refinancings.

In the first episode of Deconstruct's fourth season, host Suzannah Cavanaugh and new co-host Joe Lovinger dive into the swelling concerns and a potential turning point for multifamily owners and operators. Listen for their analysis and Suzannah's conversation with Sean Kia and Ryan Andrade, principals of the fast-growing and oft-criticized Tides Equities.