This week, we discuss the rivalry between two mighty CRE brokerages, Eastdil Secured and Newmark, polar opposites in terms of culture and compensation model. We break down the bombshell lawsuit filed by Wells Fargo against JPMorgan, accusing the bank of financial chicanery in a mega-loan for the Chetrit Group. And we dive into Related's "heist" of Signature Bank's rent-stabilized loan portfolio, discussing how politics and connections can sometimes beat out a higher bidder. 

This week on The Promote Podcast, we discuss cracks in the  property empire of the mighty Chetrit family, the merchant princes of New York real estate. We barrel down Powder Mountain to understand Netflix billionaire Reed Hastings' vision for a private ski haven, and we head to court to understand the mother of all Personal Guarantees in a case pitting scion Charles Cohen against the mighty debt fund Fortress. 

Resources

https://ten31.beehiiv.com/p/heat-on-chetrit-hud-in-the-mud#can-chetrit-beat-the-heat 

https://ten31.beehiiv.com/p/wall-street-s-new-aristocracy-reed-hastings-private-powder#reed-hastings-private-powder  

https://ten31.beehiiv.com/p/wall-street-s-new-aristocracy-reed-hastings-private-powder#security-blanket-for-construction-l 

https://ten31.beehiiv.com/p/eastdil-eyes-suitors-fortress-goes-full-paulie#fortress-to-cohen-no-more-talk-pay- 

In the first episode of The Promote Podcast, we’ve got quite the docket: Bad Boy Guarantees, which are suddenly everywhere in CRE loan disputes with multifamily syndicators. We have a classic Manhattan phallic skyscraper battle, pitting titan against titan at Worldwide Plaza. And we look at the loss of mojo at mighty investment manager PIMCO, which is suddenly finding itself a laggard in the cutthroat world of private credit.

https://ten31.beehiiv.com/p/nussbaum-s-hush-money-syndicator-bad-boy-carve-outs#baby-did-a-bad-bad-thing

https://ten31.beehiiv.com/p/nussbaum-s-hush-money-syndicator-bad-boy-carve-outs#hush-money 

https://ten31.beehiiv.com/p/an-ofer-he-can-t-refuse-and-the-private-credit-bazaar#a-pimco-exodus 

https://ten31.beehiiv.com/p/seagram-scores-mega-refi-a-fannie-freddie-privatization-push#worldwide-drama-nyc-style

https://www.wsj.com/articles/bill-gross-retiring-from-janus-11549287324

https://www.wsj.com/articles/american-realty-capitals-executive-chairman-schorsch-steps-down-1418651991