The Promote Podcast

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Ross takes his talents to [West Palm] Beach & Barnett Prefs Up Sep 17, 2025

Show notes

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 HFC

To 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' Row
Inside Gary Barnett's Deer Valley Masterclass

Barnett Prefs Up
The Quiet Kings of Capital
Traveling HFCs: Backlash to the Backlash
The Mother of all Tax Loopholes

Tupac vs Biggie, CRE Edition Sep 10, 2025

Show notes

This week, it's Tupac vs Biggie, commercial real estate edition: We dive into a deal on each coast that brings together all the things that we think make CRE the greatest show on earth. Rapacious lenders, billion-dollar-dreams, broken capital stacks & creative financing. In New York, we look at the saga of 172 Madison Avenue, Yitzchak Tessler's moonshot condo project that ended in multiple bankruptcies. And in Beverly Hills, we look at the star-studded history of the One Beverly Hills site, and how a motley crew of billionaire Todd Boehly, "Russian James Bond" Vlad Doronin, and Beverly Hills wheeler-dealer Beny Alagem are putting together a $5B hospitality mecca.

Sponsor: This episode is sponsored by Bullpen, a talent shop solely dedicated to the commercial real estate industry. Bullpen can recruit trusted CRE pros at all levels, from analysts to C-suite, and can fill both fractional and full-time positions. Check them out atbullpenre.com to get started.

Which segment did you prefer – Tupac or Biggie? Write us at podcast@thepromote.com and let us know.

To advertise: Reach out to partnerships@thepromote.com

Further reading:

New Pacific's Beverly Hills coup: https://behindthedeals.com/2017/01/22/behind-the-deals-the-story-and-lessons-behind-new-pacific-realtys-acquisition-and-sale-of-the-beverly-hills-robinsons-may-for-a-450-million-profit/
Tale of the Tessler Tape: https://www.thepromote.com/p/tessler-tapes-drillman-s-sweet-16#tale-of-the-tessler-tape
Checkmating Tessler: https://www.thepromote.com/p/checkmating-tessler-a-brooklyn-bachur-s-office-feast
One Beverly Hills - a Capstack for the Ages: https://www.thepromote.com/p/meridian-s-nycb-burden-a-capstack-for-the-ages#a-capstack-for-the-ages
How a ‘Russian James Bond’ Conquered the World of Luxury Hotels
Hilton’s Waldorf Beverly Hills Used a Mole to Steal Secrets From Rival, Lawsuit Says

Mormon Money & Cardone Waterfalls Sep 03, 2025

Show notes

This week, we’re talking the Mormon real estate playbook – how the LDS church built a serious property portfolio and also run it like serious people. We then discuss syndicator Grant Cardone’s intricate plan to rescue a distressed Boca rental – with a Bitcoin twist. We also chop it up on how fund managers' courtship of retail money is leading to pushback from big institutional LPs.

Want to reach our audience of top CRE decision-makers? Reach out to partnerships@thepromote.com

Further reading:

https://www.thepromote.com/p/through-the-cardone-looking-glass#inside-cardones-boca-bankruptcy-bet
https://lrlfinancial.substack.com/p/101-via-mizner-bankruptcy-analysis
https://www.bloomberg.com/news/articles/2025-08-08/retail-investors-threaten-private-equity-s-aura-of-exclusivity
https://www.thepromote.com/p/private-credit-s-old-gold-another-rabsky-riddle#old-is-private-credit-gold
https://www.ft.com/content/f7387912-1079-43d4-a9a2-2308989400d4
https://www.thepromote.com/p/divine-dry-powder-regional-bank-wildcatting#divine-dry-powder

Soho House Postgame And Billion-Dollar Capstacks Aug 27, 2025

Show notes

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-fcae011c
https://www.thepromote.com/p/postgame-manhattan-megabets-get-funded
https://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.html
https://podcasts.apple.com/us/podcast/tariff-terror-%2411-000-psf-condos-starwoods-land-bets/id1801355295?i=1000703726323
https://www.thepromote.com/p/no-yield-on-this-street-arbor-s-copper-coin#no-yield-on-this-street

Shvo Business & Multifamily's Antitrust Agita Aug 20, 2025

Show notes

We dive into the singular life and multiple dramas of real estate impresario Michael Shvo, the luxury resi broker turned developer who went on one of the most epic commercial real estate buying sprees in the 2020s. Backed by German pension money, Shvo snapped up icons such as the Transamerica Pyramid in SF, Big Red in Chicago, and the sites of boutique ultra-luxury condo projects across gateway markets. Many of those deals are now in big trouble, and Shvo is tussling with his key equity partner. Next, we explore institutional multifamily's biggest legal headache: the federal antitrust case brought against RealPage and some of the country's biggest landlords. We look at how "Big Landlord" became a punching bag for Republican and Democratic lawmakers alike.

Want to reach our audience of top CRE decision-makers? Reach out to partnerships@thepromote.com
Further reading:

https://nymag.com/nymetro/realestate/features/11619/
https://www.bisnow.com/national/news/capital-markets/bavarian-state-parliament-investigates-bvk-as-german-investors-withdraw-from-the-us-126138
https://therealdeal.com/new-york/2020/09/17/shvo-to-hell-inside-the-ugly-dispute-between-michael-shvo-and-his-partner-pal/
https://www.thepromote.com/p/prime-piece-of-park-ave-in-play-a-record-on-rodeo#shvo-comes-at-key-german-backer
https://www.thepromote.com/p/the-promote-shvo-business-a-record-condo-financing#no-business-like-shvo-business
https://www.thepromote.com/p/doj-set-to-sue-megalandlords-the-miami-empire-that-asbestos-built#do-j-to-come-directly-at-megalandlo
https://www.thepromote.com/p/newpoint-s-unwanted-ride-or-die-a-bombshell-yardi-ruling?utm_campaign=doj-set-to-sue-megalandlords-the-miami-empire-that-asbestos-built&utm_medium=referral&utm_source=www.thepromote.com#yardi-ruling-gives-do-j-ammo-in-pri

Talking Tycoons: Tom Cousins & Jacob Chetrit Aug 13, 2025

Show notes

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-ful
https://www.thepromote.com/p/bxp-s-vertical-limit-chetrit-s-800m-estate#what-did-jacob-chetrit-leave-behind
https://www.thepromote.com/p/heat-on-chetrit-hud-in-the-mud#can-chetrit-beat-the-heat
https://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

Megafunds Geezer-Chasing & A Miami Kingpin's Epic Aventura Aug 06, 2025

Show notes

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.com

https://www.thepromote.com/p/private-credit-s-old-gold-another-rabsky-riddle#old-is-private-credit-gold

https://www.thepromote.com/p/landau-s-stalking-horse-dusty-dan-s-greystone-exit#insurance-juicing-private-credit-bo

https://www.vanityfair.com/news/1987/09/gary-hart-failed-presidential-campaign?srsltid=AfmBOoqQ3goufXX7T8B6NjVZJSKctEHacpKaJo0Y7pIUycKTgZV2FjLT

https://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

How to De-Risk a Megadeal: Related's Hudson Yards Masterclass Jul 30, 2025

Show notes

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/0142180718

Chris Hohn of TCI: https://www.judiciary.uk/wp-content/uploads/2014/12/hohn-judgment.pdf

https://www.thepromote.com/p/the-promote-fbi-comes-at-arbor-steve-ross-hof-dealmaking#goat-exits-stage-south

https://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-2b

https://www.economicpolicyresearch.org/images/docs/research/political_economy/Cost_of_Hudson_Yards_WP_11.5.18.pdf

https://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

JPM's Roosevelt Run & Cortland's PE Courtship Jul 23, 2025

Show notes

This week, we discuss JPMorgan's age of empires, its play for the Roosevelt Hotel as part of a potentially 7 million square foot campus in the heart of New York. We dive into why 2 multifamily giants, Cortland and Bell Partners, are shopping for suitors and explore the capital landscape for large apartment owners. Finally, we do a quick-and-dirty breakdown of the Starwood-Fundamental $2.2B deal, and why a NNN lease isn't always mailbox money.

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://www.thepromote.com/p/jpmorgan-s-roosevelt-play

https://www.thepromote.com/p/attack-of-the-nepo-babies-ballast-s-clean-up-crew#for-whom-the-bell-tolls

https://www.nytimes.com/2000/06/01/nyregion/judge-rules-against-milsteins-in-roosevelt-hotel-dispute.html

https://www.newyorker.com/magazine/2025/01/27/norman-foster-profile

https://www.bloomberg.com/news/articles/2025-07-16/starwood-strikes-2-2-billion-real-estate-deal-with-brookfield

Attack of the Nepo Babies & A Manhattan Skyscraper Heist Jul 16, 2025

Show notes

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-five
https://www.wsj.com/real-estate/commercial/saudi-arabia-wealth-fund-nyc-midtown-tower-1b953d32
Nepo Babies: https://www.thepromote.com/p/elliott-backing-rxr-megadeal-shvo-business-in-miami-beach#run-rudin-run
https://therealdeal.com/magazine/june-2025/the-house-of-rudin/
https://commercialobserver.com/2025/05/samantah-rudin-michael-rudin-100-years/

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