The Promote Podcast

We're technically off this week. BUT, Business Insider dropped a banger of a read on Floyd Mayweather's tangled financial web, and somewhere at the center of that web is a character of great interest to The Promote Cinematic Universe: Jona Rechnitz was a New York real estate developer who was caught up in a massive NYPD corruption scandal before heading to LA and reinventing himself as a diamond dealer and Mayweather whisperer.  Rechnitz is the archetype of a netherworld character who somehow keeps popping up in real estate: the hustler with the incredible Rolodex and fuzzy origin story, someone who manages to whip up controversy wherever he goes but keeps escaping any real consequences. In May, we dove deep into his fascinating story, and we're re-upping that episode here. In the episode,  we also take a look at "structural corruption" in the development of supertalls, focused on a dispute at 432 Park Avenue.

NOTE: This is a re-run of an episode that originally aired on 5/14/2025

Episode sponsor:  AirGarage – find out more about their full-service parking management solution at Airgarage.com

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Further reading:
 
Inside Floyd 'Money' Mayweather's lavish, debt-filled post-boxing life

Jona Rechnitz Atavist profile and The Promote's CRE-focused summary

Harry Macklowe profile:

432 Park lawsuit:

Downside to life in a supertall: 

This week, we talk illiquid death – the Bluerock listing debacle says so much about the mark-to-magic happening in the nontraded REIT market. We then head to Hollywood where showbiz is turning into badbiz for Hackman Capital, HPP and others who went all-in on soundstages. And finally, we head to Charm City to check in on Kevin Plank & Goldman Sachs' Baltimore Peninsula megaproject – MAG is out, Hines is in, and Bank OZK is pissed. 

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Further reading/listening:

Bluerock Total Income Plus - Accredited Insight

When Your Private Fund Turns $1 Into 60 Cents

This Hollywood Property Mogul Stands to Lose No Matter Who Wins Warner

Hines in, MAG at Baltimore peninsula

Steve Ross takes his talents to West Palm Beach
 

This week, we’re talking exotic alts – the far-flung corners of CRE that are starting to catch serious institutional interest. Think car washes, aviation hangars and the like. We're joined by Ian Ross, managing partner of SomeraRoad, to talk through the fascinating niche of aviation infrastructure and how it's been supercharged by the Big Beautiful Bill. Then, we walk through Taconic Partners' failed grand experiment with life science real estate in NYC – $2B deployed, not much to show for it. 

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Follow our guest on LinkedIn: Ian Ross

Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15

Further reading/listening:

Taconic Invested $2B To Be NYC's Leading Life Sciences Developer. Then The Market Froze

Bonus Depreciation Boom Times in Private Aviation

Net Leash Car Wash Sales Surge

AUM Gobbling, Explained

This week, we look back at the skyline-shaping impact of 2 starchitects who’ve just left us – Robert A.M. Stern and Frank Gehry – and then jump into a broader discussion about the pros & cons of name-brand architects. We dive into the industrial deal of the year, EQT’s 9M sf sale to Aum gobbler Artemis. And we have an exclusive tick-tock of a hotel megadeal in San Francisco, Newbond & Conversant's heist of 3,000 rooms in one fell swoop – it's a great window of what it takes to get a distressed CMBS trade across the finish line.

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For feedback: Write us at [email protected] And please rate us and write a review on Apple.

Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15

Further reading/listening:

Hiten on Bloomberg's Odd Lots discussing the ultra-luxury market

Inside the Hotel Heist of the Year

Sixth Street's AUM Gobbling

Postscript: Robert A.M. Stern, the Limestone Jesus

Postscript: Frank Gehry

In our special mailbag episode, co-host Will Krasne tackles your most unhinged CRE questions: who'd be the dream cast of a CRE version of Million Dollar Listing, the best projects through which to launder funds, and which industry niches are IQ-optional.

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For feedback: Write us at [email protected] And please rate us and write a review on Apple.

Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15

This week, we dive deep into the maverick career of Seattle skyscraper titan Martin Selig - a true man in full who at his pomp controlled more than a third of the city's downtown, but is now at risk of losing it all. As of this summer, Selig has lost 19 of his buildings to third-party managers or lenders. He’s been unable to make good on over $850 million in loans. We break down his meteoric rise, his ability to survive through cycles that ended the careers of lesser men, and why this time may truly be the end.

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For feedback: Write us at [email protected] And please rate us and write a review on Apple.

Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15

Further reading/listening:

• https://www.latimes.com/archives/la-xpm-1989-11-20-fi-194-story.html
• https://www.seattletimes.com/business/developer-seligs-one-man-show-plays-well-in-current-downturn/
• https://www.seattletimes.com/business/martin-selig-helped-shape-downtown-seattle-now-hes-the-face-of-its-office-woes/ 
• https://www.nytimes.com/1986/06/29/realestate/focus-seattle-creating-an-office-empire.html 
• https://www.seattletimes.com/seattle-news/developer-donates-922000-to-try-to-get-estate-tax-erased/ WA
• https://www.seattletimes.com/business/real-estate/another-piece-of-seligs-seattle-office-empire-sold-at-fire-sale-discount/
• Talking Tycoons: Tom Cousins

This week, we explore why more multifamily REITs are offering themselves up at the altar - there just doesn’t seem to be a real path forward for many of these midsize players in this capital-markets environment. We then look at Marriott’s mercy killing of Sonder and the lessons to take away from yet another high-profile proptech implosion. And finally, the Mooch’s OZ fund was kinda like the Mooch’s White House tenure. Short and painful.

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For feedback: Write us at [email protected] - we're taking questions for a special mailbag episode! And please rate us and write a review on Apple.

Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgrade

Programming Note: We're off for Thanksgiving Week. We'll see you back here week after that!

Further reading/listening:

Marriott-Sonder Deal: https://www.thepromote.com/p/the-promote-marriott-s-sonderlust-trimont-grabs-the-crown#inside-marriotts-sonderlust
Mooch OZ: https://www.bloomberg.com/news/articles/2025-11-13/scaramucci-s-opportunity-zone-bet-likely-to-be-zero-for-clients
Centerspace: https://www.bloomberg.com/news/articles/2025-11-11/apartment-landlord-centerspace-is-said-to-explore-potential-sale
Sonder Winddown: https://investors.sonder.com/news-releases/news-release-details/sonder-holdings-inc-complete-immediate-wind-down-operations
Cortland's PE Courtship: https://podcasts.apple.com/us/podcast/jpms-roosevelt-run-cortlands-pe-courtship/id1801355295?i=1000718664676

This week, we chat about 2 big events in the senior housing space: Blackstone’s fire sale of a $1.8B portfolio and the Sonida-CNL merger. It’s a pretty gnarly business to operate, but there’s lots of room for creative structuring. Next, we look at the behind-the-scenes wrangling at one of Brooklyn’s buzziest projects: Jonathan Landau is attempting to build Brooklyn Heights’ tallest condo, but has a quarter-billion dollar hole to fill. And finally, BXP (aka Boston Properties) is cashing in on legacy assets to fund its development pipeline. Supertalls ain’t cheap! 

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For feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify.

Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgrade

Further reading:

Inside the Capstack on Landau’s Brooklyn Moonshot: https://www.thepromote.com/p/inside-landau-s-brooklyn-capstack-bx-dst-deets

Blackstone Is Offloading a Flopped $1.8 Billion Investment in Senior Housing: https://www.wsj.com/articles/blackstone-is-offloading-a-flopped-1-8-billion-investment-in-senior-housing-4a7b85d9

The Nursing Home Power Roster: https://www.thepromote.com/p/nursing-home-power-roster-an-embezzlement-autopsy 

In a world awash with capital, it’s the same names who are vacuuming up increasing shares of it: We dive into Blackstone alpha cub Chad Pike's take-private megadeal for industrial REIT Plymouth, his most significant deal since being shunted to the BX sidelines. We then discuss how major US players such as Hines and Brookfield are now heading to the Gulf, not just to raise capital for US projects, but to build out those lucrative skylines. And finally, buying leftovers has never been sexier - CRE secondaries are the hottest game in town. 

To advertise: Reach out to [email protected]

For feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify.

Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgrade

Further reading:

Jon Gray profile Business Insider: https://www.businessinsider.com/jon-gray-blackstone-profile-succession-schwarzman-interview-ceo-bumble-oatly-2021-1

Behind Blackstone Cub's $1.25B Haul: https://www.thepromote.com/p/the-promote-dial-m-for-mortgage-fraud#behind-blackstone-cubs-125-b-haul

Property Giant Hines to Expand into Booming Saudi Arabian Market: https://www.bloomberg.com/news/articles/2025-10-24/property-giant-hines-to-expand-into-booming-saudi-arabian-market
 
Deep Dive- Inside the LPAC: https://www.perenews.com/deep-dive-inside-the-lpac/

This week, we look at explosive allegations of mortgage fraud that have caught up 2 prominent regional banks. Zions and Western Alliance woes stemming from shenanigans at a California CRE investor once again show how vital regional banks are to the industry’s capital markets – and how distress in that space can ruin the whole party. Next, we look at Walmart’s intriguing new playbook – the retail behemoth is on a mall shopping spree. And finally, there’s a LITERAL crackdown allegedly happening at one of the country’s most notable supertalls- Harry Macklowe and CIM Group's 432 Park Avenue.

To advertise: Reach out to [email protected]

For feedback: Write us at [email protected] and please rate us and write a review on Apple or Spotify.

Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgrade

Further reading:

Troubled Real Estate Firm at Center of Banks’ Latest Loan Pinch: https://www.bloomberg.com/news/articles/2025-10-17/troubled-real-estate-firm-at-center-of-banks-latest-loan-pinch

Why Did Walmart Just Buy a Shopping Mall?: https://www.nytimes.com/2025/10/06/business/walmart-shopping-malls.html?unlocked_article_code=1.u08.Zxzg.LSLcjr4T2Nsw&smid=url-share

A Tower on Billionaires’ Row Is Full of Cracks. Who’s to Blame?: https://www.nytimes.com/2025/10/19/nyregion/432-park-avenue-condo-tower.html

Age of Accountability for Supertalls: https://www.thepromote.com/p/supertall-retribution-ackman-s-baby-berkshire-playbook#age-of-accountability-for-supertall

Macklowe Case Study- the GM Building: https://mackloweproperties.com/pdfs/GMBuilding.pdf