The Promote Podcast

Latest Episodes:

Texas Chainsaw Massacre & The Man Who Knew Jul 01, 2026

Show notes

This week, we take stock of the legacy of Alan Greenspan, the long-serving Fed Chair who has died at the ripe old age of 100. Greenspan’s moves, for better and for worse, shaped the CRE market as we know it today. Next, we visit the rapidly gentrifying swamp that is Gowanus, where Sam Charney is remaking the neighborhood with a little help from his friends. And finally, we dive back into one of The Promote’s pet topics – the fallout from the end of the Traveling HFC property-tax loophole in Texas. Plus, our Punch List rundown of the newsiest industry happenings: Charles Cohen v Fortress; BTR-killer bill; NYC freezes rent; World Cup takeaways.

Sponsors:
1) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums.

2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors.
3) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!

Further Reading/Listening

Trump Cancels Plan To Sign Bipartisan Housing Bill, Demanding Voter ID Law
Cohen's Fortress of Pain

The Man Who Knew: The Life and Times of Alan Greenspan

The Flying Walentases
Brooklyn Billionaire: How One Man Made A Fortune Rebuilding Dumbo

The Closing: Sam Charney
Meet CRE Finance’s Most Eccentric Investor
Gaffers of Gowanus

The Traveling HFC Hangover

Stern Ambition, Nuveen's Belly Flop & Private Credit's Gypsy King Jun 17, 2026

Show notes

This week, we load up on chips n' vinegar and take you with us on an extraordinary journey into British caravan country. Embattled mobile-home king Robert Bull's tale brings together gypsies, Norwegian beauty queens and New York financiers – and yes, it is very much a CRE story. Next, we slip into Dolce & Gabbana and ride to the branded-condo epicenter of Miami, where JDS’ Michael Stern is prepping a rescue recap of his latest development – Stern is a first-draft pick for a real estate pirate, and we get into the backstory. And finally, a strong example of returns not mattering in institutional CRE – Nuveen has disclosed a string of meaty losses on its investing bets. Plus, our Punch List rundown of the newsiest industry happenings: a $1.3 billion arbitration award in an OC real estate dispute; Ken Griffin's empire-building; and Monty Bennett's pillaging of hotel REIT Braemar.

Sponsors:
1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors.
2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!
3) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums.

Further Reading/Listening

Michael Stern: the highs and lows of a New York skyscraper king
The Closing: Michael Stern
An Insider’s Guide to the Miami Branded Condo Game
Soffer to the rescue?
A Miami Kingpin's Epic Aventura
Nuveen's Loss Factor
Carl Icahn settles the Texaco/Getty Oil lawsuit
The Bankrupting of a Mobile Home Billionaire

Not Easy Being [SL] Green & TPG's Shelf Life Jun 10, 2026

Show notes

This week, we dive into the high-stakes, high-reward (not for shareholders tho) world of SL Green, the mighty REIT that is New York’s largest commercial landlord. From a deal junkie standpoint, SL Green is king of the hill, but no matter what it does, it can’t seem to get Wall Street to love it. Next, we convert our dollars to lek and head to Albania, where Jared Kushner is trying to create the next St. Barths. And finally, we load up those 10-cent bags and go shopping - for grocery anchored retail with TPG and friends. Plus, our "Punch List" rundown of the newsiest industry happenings: Brookfield's DC shutdown; Amancio Ortega's CRE fixer; Bears move to Indiana; LA mayoral race; and Paul Massey folds.

Sponsors:
1) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!
2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. And check out their must-read SNF primer here.
3) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums.

Further Reading/Listening

Inside the SL Green Playbook
Gold in Them Distressed Capstacks
SL Green Raises More Than $1 Billion for New NYC Debt Fund
Reset Basis

Albania’s Rama Backs Kushner Resort as Land Ownership Probed

TPG-Led Investor Group Acquires Grocery-Anchored Retail Leader ECHO Realty

Hail Caesar, CoStar's M&A Mania & a ZOMbie Developer Jun 03, 2026

Show notes

This week, we look at Texas billionaire Tilman Fertitta’s $18B megadeal for the Caesars entertainment empire - this is really an excuse for us to talk Tilman, one of the industries "C"haracters. Next, we dive into CoStar’s $800M acquisition of home-data firm Zonda – part of Andy Florance’s quest to control every piece of data in the real estate universe. And finally, it might be curtains for prominent multifamily developer ZOM Living, who we’re told is prepping a bankruptcy filing. Plus, our Punch List rundown of the newsiest industry news: NYC rips, S2's special servicing, Fisher Island fracas, Brookfield bombs again, and banks are back!

Sponsors:
1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. And check out their must-read SNF primer here.
2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!
3) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums.

Further Reading/Listening

Big Fish- Tilman Fertitta
An Interview With Tilman Fertitta on A Restaurant Empire During Covid
Tilman Fertitta’s Years-Long Pursuit of Caesars Is Paying Off
The Caesars Palace Coup: How A Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street

CoStar to acquire homebuilding data giant Zonda for $800 million—why it matters
Costar’s Crusade
Activist Dan Loeb dusts off his poison pen

ZOM Prepping Bankruptcy Filing After Legal Wallop

Enemy at the Rates, Mayweather Gets KO'd & Newmark Nepomania May 28, 2026

Show notes

This week, we talk fear and loathing in interest rates: The 10Y and 5Y are going haywire and threaten to knock CRE's recovery off-kilter. Next, we discuss nepo babies running the asylum at Newmark: Howie Lutnick’s son Kyle has decided it’s his time to shine. And finally, we have to revisit one of the strangest sagas we’ve discussed on here: Floyd Mayweather is now throwing haymakers at his former confidant Jona Rechnitz in an explosive $175M lawsuit. Plus, our Punch List rundown of the newsiest industry news: A syndicator wipeout, BTR back from the brink, CO Power 100, EQR-AVB mega-merger is official.

Sponsors:
1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. And check out their must-read SNF primer here.
2) This episode is supported by Pensford, the only interest-rate advisory focused exclusively on CRE. With over 10,000 rate caps under its belt, Pensford is your go-to partner to navigate rates.
3) This week's Punch List is brought to you by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform at RPCaptive.com to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums.

CRE's Paypal Mafia: The JMB Realty Story May 20, 2026

Show notes

In this special episode, we dive deep into the story of JMB Realty Corporation, one of the most influential firms in the modern history of CRE, with a playbook and an alumni network that continue to shape the industry today. You could argue that if JMB didn’t exist, real estate syndication would look very different today. M&A would look very different today. Hell, even the Heavenly Bed wouldn’t exist. From its humble beginnings as a glint in the eyes of Neil Bluhm, Judd Malkin and Robert Judelson, to its status as the powerhouse firm of the 80s and its legacy as the firm whose alum birthed Starwood, Blackstone Real Estate, Northwood and scores of other industry leaders, we explore it all. This is a must-listen both for industry vets and for up-and-comers looking to understand why the CRE industry looks the way it does today.

Sponsors:
1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. And check out their must-read SNF primer here.
2) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums.
3) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!

For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple.
For brand partnerships: Reach out to partnerships@thepromote.com
For podcast swag: Cop your CRE insider hats, hoodies, and pod swag at CRE's merch-ant bank.

Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Here's 10% off on annual subscriptions: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15

Further reading/listening:

How Deal of the Decade Undid Malkin and Bluhm
A Split for JMB Founders; Bluhm Starts Own Deal Fund
After Slide, Bluhm Is Blooming Again
In Starwood Hotels, Barry Sternlicht reprises his greatest role
JMB REALTY TO BUY CADILLAC FAIRVIEW
A REALTY CONCERN WITH A BIG APPETITE

S2's REIT Wipeout & A Lender's Extreme Show of Faith May 13, 2026

Show notes

This week, we dive into Sunbelt multifamily kingpin’s Scott Everett's (S2 Capital) audacious attempt to save his distressed portfolio via a private REIT – an attempt coming apart in real time. It's an opportunity for us to discuss the Sunbelt ZIRP-fueled boom/bust, the broader syndicator reckoning and how figuring out how to survive is sometimes all you can do. It’s then time to talk fathers and sons – a long-stalled FiDi site at 8 Carlisle may finally see salvation after lender Maxim Capital kept the faith in developer Grubb Properties after a decade-long debacle by the Ohebshaloms. And then it’s time to unpack the real estate legacy of a G-reat man,just-passed media mogul Ted Turner. Plus, our Punch List rundown of the newsiest industry happenings: A sextortion plot against Fortress founder Wes Edens; Gary Barnett's latest assemblage; La Caisse and EB-5 investors taking a bath in Brooklyn; and Soloviev's $526M windfall at a Manhattan office trophy.

Sponsors:
1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. And check out their must-read SNF primer here.
2) This episode is supported by Pensford, the only interest-rate advisory focused exclusively on CRE. With over 10,000 rate caps under its belt, Pensford is your go-to partner to navigate rates.
3) This week's Punch List is brought to you by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform at RPCaptive.com to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums.

Further reading/listening:

S2's REIT Reckoning
S2 Capital targets $1B for multifamily private REIT
The Alan Stalcup Interview
Multifamily's Icarus: Alan Stalcup On the Record

Fortress Co-Founder Allegedly Extorted by Sexual Partner

FiDi Telenovela Set For Happy Ending
Debt Fund Whac-A-Mole

Ted Turner - Atlanta Magazine Profile
Born to Be Wired - John Malone Memoir

Talking Tycoons: Tom Cousins

Mega-Marriage of Convenience and Miami’s Abuelagate May 06, 2026

Show notes

This week, we discuss multifamily’s mega-marriage of convenience: After getting no love from the Street for being merely huge, multifamily REITs Equity Residential and AvalonBay are considering a merger. Will overuses the word “tectonic,” but it really does apply here, so we’re going to dive in as deep as we can. We then leave the public markets behind for a telenovela playing out at an old-school Miami real estate family: major developer Terra Group’s David Martin is being accused of playing the part of a Bollywood villain. This is the exact kinda story lineup we love here at The Promote - a lil’ meat, a lil’ masala. Plus, our Punch List rundown of the newsiest industry happenings: KKR's data-center play; Alan Stalcup's Starwood PGs; Newmark's earnings; Aby Rosen battles German lender at Soho hotel; Anthropic's NYC leasing tear.

Sponsors:

1) This episode is supported by Pensford, the only interest-rate advisory focused exclusively on CRE. With over 10,000 rate caps under its belt, Pensford is your go-to partner to navigate rates.
2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. And check out their must-read SNF primer here.
3) This episode is supported by Cohorts, your go-to peer group of GPs going through the same challenges as you. Check them out at joincohorts.com

4) This week's Punch List is brought to you by DealNav, a map-first CRM and deal-tracking tool built by acquisition fiends for acquisition fiends. Our listeners get 50% off their first year by going to deal-nav.com and using code “ThePromote” at checkout.

For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple.
For brand partnerships: Reach out to partnerships@thepromote.com

Swag store is live! Cop your CRE insider hats, hoodies, and pod swag at CRE's merch-ant bank.

Further reading/listening:

Multi’s Marriage of Convenience
Am I Being Too Subtle?: Straight Talk From a Business Rebel
The Eccentric Genius of Trammell Crow
Multifamily on Hard Mode
Trammell Crow, Master Builder: The Story of America's Largest Real Estate Empire

Inside the Meruelo family schism
Sol Asylum

Aman’s Dirty Laundry & Atlanta’s Phantom Megaproject Apr 29, 2026

Show notes

This week, we have the this-is-too-weird-to-be-real tale of Forge Atlanta, a $3.8 billion megaproject with the most bizarro development team and history we’ve ever come across for a project of this scale. We know ground-up is smoke and mirrors even on a good day, but this is NEXT LEVEL. We then slip into linen trousers and head to the embattled sun-kissed shores of hospitality giant Aman, where the involvement of a mysterious international fugitive has caused all sorts of drama between Aman and key partners Cain International and PIF. And finally, a quick wardrobe change into earnings-call appropriate attire, as CBRE absolutely crushes the AI boom.

Sponsors:

1) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com
2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com
3) This week's Punch List is brought to you by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform at RPCaptive.com to tap into the same insurance framework used by the market’s biggest players.

For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple.
For brand partnerships: Reach out to partnerships@thepromote.com

Further reading/listening:

Mysterious Developer Is Pushing Billions In Georgia Megaprojects
Developer Defaults On Mortgage For Planned $3.8B Atlanta Megaproject
Webstar Seeks Tax Break For $750M Forge Atlanta Development

The Aman Infiltration: How a Global Money Laundering Kingpin Tainted a $3 Billion Hotel Brand
The Aman Connection: How a Transnational Fugitive Became a Pillar of Dubai’s Most Elite Address
Cain International Invests in Aman Group to Support Global Expansion Strategy
Pod: Behind the Deal - One Beverly Hills
Cain and Able
Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World

Meta partners with CBRE to train data center technicians
CBRE Profit Jumps 95%, Fueled By Data Centers

High Rise: How 1,000 Men and Women Worked Around the Clock for Five Years and Lost $200 Million Building a Skyscraper

The Frum Fraudfather & Pied à Terre Purgatory Apr 22, 2026

Show notes

This week, we finally tackle the story of Mark Nussbaum – the real estate attorney who became the nexus of the underground Orthodox CRE dealmaking world, facilitating hundreds of millions of dollars in deals and "show capital" before it all collapsed spectacularly in a wave of lawsuits, criminal fraud allegations, and even the suicide of a close collaborator, Mendy Steiner. Nussbaum's tale is a lens into the gray economy of the frum, where huge deals are often done on a handshake and under the aegis of a close-knit community. We also explore New York's new push for a pied-a-terre tax, which has serious momentum with Mayor Zohran Mamdani and Gov. Kathy Hochul in lockstep. Finally, we look at how Dubai billionaire developer Hussain Sajwani's luxury condo at the site of the Surfside tragedy has yet to sell a single unit – a new development launch is like an IPO - you only get one shot at setting the narrative.

Plus, our Punch List rundown of the newsiest industry happenings: SREIT's $1.7B refi, SL Green's Hyundai Tribeca rescue, more Stargate troubles and Ares' C-PACE bet.

Sponsors:

1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com
2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com

For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple.
To advertise: Reach out to partnerships@thepromote.com

Further reading/listening:

The Nussbaum-Steiner Escrow Trail
Dealmacher Nussbaum Charged W/ Grand Larceny
Hush Money
Nussbaum's Firms File Ch. 11
(Ephraim) Diamond in the Rough

The Pied-à-Terre Tax Has Failed Before. Could This Year Be Different?
Tax The Rich: A Brief New York History

Habibi Come to Dubai Miami
‘Donald of Dubai’: real estate mogul rubbing shoulders with Trump
Tupac vs Biggie, CRE Edition

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