The Promote Podcast

Latest Episodes:

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

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:

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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Multifamily's Icarus: Alan Stalcup On the Record Apr 15, 2026

Show notes

"Property management companies made my spreadsheets lie."
"We're gonna move the pref to a 17. Okay, okay, Tom. You're fucking me right now. You know that, right?"

This week, we break protocol to bring you a no-holds-barred interview with the poster child of the Sunbelt syndicator boom/bust, Alan Stalcup of GVA Management. Fueled by OPM, ZIRP, and an insatiable appetite for deals, Stalcup rode to the very top of the multifamily mountaintop, amassing 30,000 units in an acquisition spree for the ages. When rates turned, however, his firm became one of the highest-profile casualties, setting off a wave of defaults, investor & lender lawsuits, and explosive allegations of fraud.

In this unplugged conversation with The Promote, Stalcup talks through his rise – how a software salesman became one of the biggest landlords in the country through savvy fundraising, rapid acquisitions and fast exits – his butting heads with the likes of Fortress Investment Group and his lenders, and the aftermath of GVA's collapse. We talk through property management, syndicator raises and what happens when you become Patient Zero of a much broader reckoning.

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

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

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. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15

Further reading/listening:

The Alan Stalcup Interview

Apartment Landlords Bleeding Cash Imperil $47 Billion of Loans

Real Estate Investors Are Wiped Out in Bets Fueled by Wall Street Loans

Austin real estate owner under federal investigation as lawsuits allege $100M fraud

GVA and Alan Stalcup “cooking the books,” lawsuit alleges

Mass Alt-luence & There's Something About Rabsky Apr 08, 2026

Show notes

This week, we chop it up on how God is Smiling Upon Alts: The federal govt has put forward much-anticipated regulation that creates a smorgasbord of investment options for retirees – with major implications for CRE. Next, we discuss how Manhattan office has broken the $300 a foot barrier – twice in a month! And finally, we bust out our Marley Slims and head to Brooklyn, where Orthodox dealmaker Simon Dushinsky's unorthodox playbook at the Rabsky Group is dominating the development landscape.

Plus, our "Punch List" rundown of the newsiest industry happenings: New York real estate succession with Andrew Chung coming in to lead Extell; the Q of federal govt. usage of its real estate footprint; DHS' in-limbo $38B warehouse purchase plan; and RXR's recap of a prominent office-resi project.

Sponsors:

To advertise: Reach out to partnerships@thepromote.com

For 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 Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15

Further reading/listening:

Dept. of Labor proposes landmark rule to democratize access to alternative investments in 401(k) plans
Jon Gray Is Reshaping Blackstone Into Everybody's Investing Megastore
Not-So-Private Equity’s Retail Push Irks Traditional Clients

Single-Malt Buildings
Record-Breaking Lease at Soloviev Group's 9 West 57th Street

The Rabsky Riddle

From BSDs to DSTs & a Lakewood Lad's SNF Summit Apr 01, 2026

Show notes

This week, we talk some takeaways from institutional real estate’s March Madness, the PREA conference – we’ve got the latest on what the industry's biggest allocators & fund managers are thinking about. Then, we SNF around that quirky asset class’ latest megadeal - Chuny Herzka’s $1.7B acquisition of the Centers healthcare portfolio. And finally, the changing of the guard at Camden Property Trust and BGO's takeover of Bell Partners are great excuses to discuss 2 of our favorite themes – AUM Gobbling & the private-leaning shift in the capital markets.

Plus, our "Punch List" rundown of the newsiest industry happenings: Apollo HQ2; tenants pouncing on distressed buildings dies; and the Dubai real estate scene.

Sponsors:

To advertise: Reach out to partnerships@thepromote.com

For 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 Insider to unlock access to expert CRE breakdowns, behind-the-deal stories, scoops, discounted swag and events and more. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15

Further reading/listening:

Ethan Penner on the changing nature of the CRE capital markets

Hiten on Bloomberg's Odd Lots podcast chatting about Dubai real estate and the GCC allocator Q

The New Distress Play: Buy Your Own Building

Apollo Teases HQ 2

Meet the AUM Gobblers

Podcast: Sixth Street's AUM Gobbling

Nursing Home Power Roster

Podcast: SNFing out Megadeals

Podcast: Talking Tycoons: Tom Cousins

Reubens on Rye and Apollo's Divine NNNtervention Mar 25, 2026

Show notes

This week, we dive into the life & times of two quintessential Men with Deep Pockets: Billionaire British Brothers David & Simon Reuben have become some of the most aggressive buyers of trophy hotel and retail assets across the country – many of them in various states of undress & distress. We then look at Apollo’s new NNN partnership with Realty Income - an alliance that says much about how both AUM Gobblers and vanilla REITs are saying they’ve got what the other needs. And finally, failed mega-retailer JCPenney is now the scene of a bruising battle with a jilted would-be buyer.

Plus, our "Punch List" rundown of the newsiest industry happenings: retail titan David Simon dies; Fannie & Freddie stocks freefall; Iran conflict raises questions about the Middle East's biggest CRE allocators.

Sponsors:

To advertise: Reach out to partnerships@thepromote.com

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

Further reading/listening:

You May Never See Us Again: The Barclay Dynasty:
The Reuben Brothers’ self-described “black sheep” steps up
Pack up your roubles ...
Inside Reuben Brothers’ NYC shopping spree
Apollo To Invest $1B In 500 Realty Income Single-Tenant Properties
Private Credit’s Manifest Destiny
From Investment to Savings: When Finance Feeds on Itself
Bill Ackman Solved the Wrong Problem
Gary Barnett: The Father of Billionaires' Row

Savills Gobbles Eastdil & Ray Washburne's Second Helpings Mar 18, 2026

Show notes

This week, we dive deep into the M&A deal that's all anyone in institutional CRE can talk about. Savills – yes Savills! – is buying Eastdil Secured for $1.1B. That gives the Brits some serious capital-markets firepower stateside, but the devil lies in the details of the golden handcuffs. Next, we strap on our Lucchese boots and head to Dallas, where legendary dealmaker Ray Washburne has grand plans for a convention center. We discuss his HoF deal for Highland Park Village and how he's part of a dying breed of CRE cowboy we’re obsessed with.

Plus, our "Punch List" rundown of the newsiest industry happenings: JPM marking down private-credit portfolios; BTR neutering bill passes Senate; chaos at US Attorney's office hampers mortgage-fraud investigations; and Ben Ashkenazy's big LA deal.
Sponsors:

To advertise: Reach out to partnerships@thepromote.com

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

Further reading/listening:

The Savills-Eastdil Postgame
Paper Chasers on Top
Roy March Leading Voices Interview
The Liar's Ball
King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone

The New Emperor of Highland Park Village
Ray Washburne on the Highland Park Deal

Wartime Allocators & Rialto's Double Agent Mar 11, 2026

Show notes

This week, we have no choice but to tackle the topic of war. The conflict with Iran continues to roil markets and CRE's biggest allocators are in sixes and sevens. Fewer young people are going to college, which puts a big question mark on what's historically been one of the biggest drivers of real estate activity. And finally, with special servicers like Rialto continuing to play an outsized role in the market, some of their more exotic strategies are coming under a pretty harsh spotlight.

Sponsors:

To advertise: Reach out to partnerships@thepromote.com

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

Further reading/listening:

Real Estate Lobby Sounds Alarm Over Forced Sale Provision In Housing Bill

What’s in the 21st Century ROAD to Housing Act?

Games Lenders Play

How Jeffrey Epstein secretly backed star-studded NoMad condo project

Larry's White Whale & Jamestown Puckers Up Mar 04, 2026

Show notes

In Ep. 50 (!), we trace Larry Silverstein's odyssey with the World Trade Center redevelopment, analyzing the new blockbuster Amex deal and the insurance, legal and financing battles that the developer has fought since 9/11. Next, we jump on our Zambonis and check out Jamestown’s push for a hockey team in Atlanta. And finally, Blackstone has a data center offering that it wants to share with the universe - of retail investors, that is.

We also do a "Punch List" rundown of the newsiest industry happenings: CRE players' outsized roles in the Iran attacks; Hudson Pacific's billion-dollar losing streak; the Mamdani-Trump Sunnyside Yards bromance; and the Korein family going to the mat with Steve Roth's Vornado.

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 And download their new SNF snapshot at https://bravocapital.com/the-silver-wave/
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

To advertise: Reach out to partnerships@thepromote.com

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

Further reading/listening:

Power at Ground Zero: Politics, Money, and the Remaking of Lower Manhattan

More Deets on 2 WTC Deal

Jamestown Joins Bid To Lure NHL Team To North Point Mall

Stadium Arcadium

Blue Owl Bytes the Dust

Jon Gray Is Reshaping Blackstone Into Everybody's Investing Megastore

Times Square Trainwreck, Royal Renters and Blue Owl Bytes the Dust Feb 25, 2026

Show notes

This week, we look at the tragicomedy that is TSX Broadway, the Maefield/L&L/Fortress Times Square megadevelopment that came undone and left hundreds of foreign investors in the lurch. We discuss how complex ground-up projects can lay waste to capital stacks, and what can happen between partners under pressure. We then look at the latest alarm bells ringing in the high-octane world of data center development – Blue Owl is staring down a multibillion-dollar void, and OpenAI’s marquee Stargate project has had major challenges powering up. Finally, we explore the rise of the rich renter – a trend that’s reshaping the multifamily – and condo markets.

We also do a "Punch List" rundown of the newsiest industry happenings: Shvo selling Transamerica Pyramid in SF; the Kushner battle over Veris Residential; Witkoff's Roosevelt Hotel cameo; ICE's $38B warehouse shopping spree; and Stonepeak's marina moves.

Sponsors:

To advertise: Reach out to partnerships@thepromote.com

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

Further reading/listening:

Tragicomedy in Times Square

Lawsuit claims Fortress, L&L owe USIF $890M

Steve Witkoff’s Nine Lives

Blue Owl shopped debt for a CoreWeave data center. Lenders weren't sold.

Inside OpenAI’s Scramble to Get Computing Power After Stargate Stalled

Meet the AUM Gobblers

Limit-Up Hotel Kamikazes & AI's Brokerage Rout Feb 18, 2026

Show notes

This week, we dive deep into the story of Anbang Insurance, the Chinese insurer that went on an epic US trophy real estate buying spree, but flew too close to the sun. We trace the origins of Anbang's founder Wu Xiaohui, his multibillion-dollar acquisition of top US hotels include NYC's Waldorf-Astoria, and Anbang's eventual collapse and government takeover. We then talk about a rare RICO case against a notorious DC landlord, Ali "Sam" Razjooyan, and how such extreme incidents can shape landlord-tenant policy. Finally, we look at why the big CRE brokerages are seeing their stocks getting hammered by the AI question.

We also do a "Punch List" rundown of the newsiest industry happenings: Sumitomo Forestry's Tri-Pointe take-private; Nuveen buying Schroeder's; Kimco's unwanted assets; Fannie looking to wet its beak on license sales; and Adam Neumann invoking the wrath of his Miami neighbors.

Sponsors:

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

Further reading/listening:

Chinese Shop Trophy Hotels After Decade of Pain

Rise of Wu Xiaohui, Anbang’s low-profile, high-octane chairman

The Waldorf’s Makeover Went a Billion Over Budget—and China Is Footing the Bill

D.C. Attorney General Targets D.C. Slumlord With RICO Lawsuit

How “Landlord” Became a Bad Word

AI Scare Trade Wipes Out Billions From Commercial Real Estate Stocks