Deconstruct

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.

WeWork emerged from Chapter 11 bankruptcy last month after a herculean effort to cut costs. The task demanded the cooperation of hundreds of landlords and their lenders. Peter Greenspan, the coworking firm’s Global Head of Real Estate, brings Deconstruct to those negotiating tables for a look at how WeWork addressed 500 leases worldwide, and offers listeners a preview of the firm’s next chapter.

Don't expect interest rates to drop back to zero. But your floating-rate loan may be a bit less painful by year's end. The Real Deal's Deconstruct chatted with BGO's Chief Economist Ryan Severino about when rate cuts will come, the data that shows a cooling economy and what risks the Federal Reserve runs if it cuts too little, too late.

Last week, The Real Deal broke the news that top broker Oren Alexander and his twin brother, Alon, had been accused of rape and sexual assault by at least two women. The complaints detail events that allegedly took place more than a decade ago. But the lawsuits and the nearly 30 people who came forward alleging similar incidents after the story published, according to an attorney representing the two women, speak to a pattern of alleged gender-based violence. Deconstruct speaks with South Florida Bureau Chief Katherine Kallergis, Reporter Sheridan Wall and Senior Editor Ellen Cranley about what we know so far.

_Warning: This episode includes descriptions of alleged sexual assault.

_This episode was recorded Friday, June 14; this is a developing story.

Katherine Kallergis can be reached at [email protected]. Sheridan Wall can be reached at [email protected]. Editor Ellen Cranley can be reached at [email protected].

Real estate attorney Isaac Kodsi nabbed Arbor Residences out of foreclosure in late 2023 with two goals: revive the dead condo project and return deposits to former buyers. Not a year later, Kodsi says he nailed the latter goal and is on track to wrap construction by the end of 2024. South Florida Bureau Chief Katherine Kallergis interviewed Kodsi on how he paid back buyers and where sales, led by Sandra Masis of Cervera Real Estate, now stand.

Last month, Goldman Sachs announced it closed a new real estate credit fund, capable of handing out more than $7 billion. And with regional banks and other financial institutions reeling back their exposure to commercial real estate, Goldman Sachs sees this as the perfect time to get in on the action. Deconstruct chatted with Goldman Sachs' co-head of alternative capital formation, Jeff Fine, what asset classes it's excited about and the opportunity for private credit in real estate.

Aleksey Chernobelskiy has many pieces of advice for retail investors writing checks for syndicated real estate deals. But, one of the most important: you could lose it all. As many syndicators — firms that pool equity to buy property — grapple with distress, thanks to rising interes rates, investors have been stuck in the crosshairs trying to determine whether to pump more money into a struggling deal, or walk away.

Deconstruct chatted with Chernobelskiy about syndicator best practices, what retail investors should know about real estate investing, feeder funds tapping wealth for these deals and what LPs can do if everything goes wrong.