The Frum Fraudfather & Pied à Terre Purgatory

Skyscraper Triage & Data Center Power Struggle

This week, we ride up a rickety construction elevator to the 21st floor of the Pfizer Building, where a major scare threatens to consume New York’s signature office-resi conversion project. We do a 360-degree analysis, from the bricks n’ sticks to the financials and the all-important narrative, looking at the stakes for developers Nathan Berman & David Werner, lender Madison Realty Capital and city & state stakeholders. Then, we check in on a battle of hearts and minds in Virginia, where Blackstone has walked away from a data-center megaproject. The behemoth and many of its peers are grappling with a growing national discontent that has to be putting some investment question marks on this emerging asset class. Plus, our Punch List rundown of the newsiest industry happenings: Airbnb's NYC buy; Norges' retail JV'; SF developers walk; Charles Cohen gets off the mat. Sponsors: 1) This episode is supported by Real Property Captive [https://www.rpcaptive.com/], the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. 2) This episode is supported by Bravo Capital [https://bravocapital.com/], a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. 3) This episode is supported by LoanBoss [https://www.loanboss.com/], the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Further Reading/Listening Aby & Sons [https://www.thepromote.com/p/aby-sons] Charles Cohen revives West Palm office project [https://therealdeal.com/miami/2026/07/10/charles-cohen-restarts-downtown-west-palm-office-project/]  Dead mall back on market: Buyers walk away from distressed sale of San Francisco Centre [https://sfstandard.com/2026/07/08/san-francisco-centre-mall-falls-apart/] In San Francisco’s hot-again office market, you need a glow-up to succeed [https://sfstandard.com/2026/07/06/san-francisco-office-market-hot-stove-report/] Anatomy of a Buckle [https://www.thepromote.com/p/anatomy-of-a-buckle] Pfizer’s Bitter Pill [https://www.thepromote.com/p/multifamily-war-dogs-pfizer-s-bitter-pill#pfizers-bitter-pill] Apartments for Rent in a Former Office, but You Have to Live in Midtown [https://www.nytimes.com/2025/04/28/business/midtown-development-pfizer-headquarters.html?utm_campaign=anatomy-of-a-buckle&utm_medium=referral&utm_source=www.thepromote.com] Developer of Troubled Midtown High-Rise Had Tried to Avoid the Spotlight [https://www.nytimes.com/2026/07/11/nyregion/nathan-berman-metroloft-developer.html] Blackstone’s QTS Abandons Massive Data Center in Virginia [https://www.bloomberg.com/news/articles/2026-07-02/blackstone-s-qts-abandons-massive-data-center-in-virginia?srnd=phx-finance-real-estate-markets] Brookfield Bets on AI at Scale Never Tested Before in $50 Billion Push Brookfield’s Compass Bails on Massive Virginia Data Center AI’s Unlikely Benefactor: Blackstone’s 77-Year-Old CEO Steve Schwarzman Jon and Mindy Gray Bet on AI Science Research to Prevent Cancer [https://www.bloomberg.com/news/articles/2026-06-03/brookfield-rolls-out-new-ai-infrastructure-playbook?srnd=undefined]

S2pocalypse Now & Pimco's Puppet Master

This week, we wade into the underbelly of big-ticket restructuring, looking at Pimco’s $1.8B lifeline on its disastrous bet on the Columbia Property Trust office portfolio, and how the lenders that stepped in after the default have set themselves up for a massive payday. The whole journey is a valuable lens into the opportunities available deep in the nethers of the capstack. Next, we have to revisit the saga of S2 Capital's Scott Everett, the GP who’s now declared that his $400M multifamily fund is a total loss– we sensed this was coming, but it still hits. We dive into both the business and reputational aspects of the wipeout. Plus, our Punch List rundown of the newsiest industry happenings: RFR Realty succession; Sergey Brin's NYC rent-stabilized misadventure; Miami condo buyout aces; Kayne Anderson gobbled up. Sponsors: 1) This episode is supported by Bravo Capital [https://bravocapital.com/], a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. 2) This episode is supported by LoanBoss [https://www.loanboss.com/], the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Further Reading/Listening Aby & Sons [https://www.thepromote.com/p/aby-sons] Sergey Brin’s Steep Loss Highlights New York Landlords’ Pain [https://www.bloomberg.com/news/articles/2026-06-29/sergey-brin-s-steep-loss-highlights-new-york-landlords-pain] Kayne Anderson’s New Chief Says Real Estate in ‘Supercycle’ as Unit Is Sold [https://www.wsj.com/pro/private-equity/kayne-andersons-new-chief-says-real-estate-in-supercycle-as-unit-is-sold-b8237b76] The Terminator of Miami [https://www.thepromote.com/p/the-terminator-of-miami-s2-s-400m-wipeout] Reset Basis [https://www.thepromote.com/p/reset-basis-multifamily-s-icarus] FiDi Telenovela Set For Happy Ending [https://www.thepromote.com/p/fidi-telenovela-s-happy-ending-soloviev-s-526m-cash-crop] S2’s Reit Reckoning  [https://www.thepromote.com/p/s2-s-reit-reckoning-transamerica-s-prussian-war] Great Scott! S2 Wipes Out on $400M Fund [https://www.thepromote.com/p/the-terminator-of-miami-s2-s-400m-wipeout#great-scott-s-2-wipes-out-on-400-m-]

Texas Chainsaw Massacre & The Man Who Knew

This week, we take stock of the legacy of Alan Greenspan, the long-serving Fed Chair who has died at the ripe old age of 100. Greenspan’s moves, for better and for worse, shaped the CRE market as we know it today. Next, we visit the rapidly gentrifying swamp that is Gowanus, where Sam Charney is remaking the neighborhood with a little help from his friends. And finally, we dive back into one of The Promote’s pet topics – the fallout from the end of the Traveling HFC property-tax loophole in Texas. Plus, our Punch List rundown of the newsiest industry happenings: Charles Cohen v Fortress; BTR-killer bill; NYC freezes rent; World Cup takeaways. Sponsors: 1) This episode is supported by Real Property Captive [https://www.rpcaptive.com/], the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. 2) This episode is supported by Bravo Capital [https://bravocapital.com/], a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. 3) This episode is supported by LoanBoss [https://www.loanboss.com/], the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Further Reading/Listening Trump Cancels Plan To Sign Bipartisan Housing Bill, Demanding Voter ID Law [https://www.bisnow.com/national/news/commercial-real-estate/trump-road-to-housing-save-america-135147] Cohen's Fortress of Pain [https://podcasts.apple.com/us/podcast/heat-on-chetrit-cohens-fortress-of-pain/id1801355295?i=1000699456653] The Man Who Knew: The Life and Times of Alan Greenspan [https://www.amazon.com/dp/0143111094?lv=shuf&channelId=500&plpRedirect=mhFallback] The Flying Walentases [https://nymag.com/news/features/walentas-two-trees-management-company-2014-6/] Brooklyn Billionaire: How One Man Made A Fortune Rebuilding Dumbo [https://www.forbes.com/sites/calebmelby/2014/01/22/brooklyns-billionaire-how-one-man-made-a-fortune-rebuilding-dumbo-next-up-williamsburg/?sh=3c0d8c291f22&utm_campaign=the-promote-domino-s-dealmaker-billionaire-multifamily-fetish-nycb-s-world-of-hurt&utm_medium=referral&utm_source=www.thepromote.com] The Closing: Sam Charney [https://therealdeal.com/magazine/january-2025/the-closing-sam-charney/] Meet CRE Finance’s Most Eccentric Investor [https://www.thepromote.com/p/meet-cre-finance-s-most-eccentric-investor] Gaffers of Gowanus [https://www.thepromote.com/p/goldman-s-matryoshka-moolah-syndicator-loophole-flagged-to-ag#gaffers-of-gowanus]  The Traveling HFC Hangover [https://www.thepromote.com/p/traveling-hfc-hangover-windy-city-monopoly#the-traveling-hfc-hangover]

Stern Ambition, Nuveen's Belly Flop & Private Credit's Gypsy King

This week, we load up on chips n' vinegar and take you with us on an extraordinary journey into British caravan country. Embattled mobile-home king Robert Bull's tale brings together gypsies, Norwegian beauty queens and New York financiers – and yes, it is very much a CRE story. Next, we slip into Dolce & Gabbana and ride to the branded-condo epicenter of Miami, where JDS’ Michael Stern is prepping a rescue recap of his latest development – Stern is a first-draft pick for a real estate pirate, and we get into the backstory. And finally, a strong example of returns not mattering in institutional CRE – Nuveen has disclosed a string of meaty losses on its investing bets. Plus, our Punch List rundown of the newsiest industry happenings: a $1.3 billion arbitration award in an OC real estate dispute; Ken Griffin's empire-building; and Monty Bennett's pillaging of hotel REIT Braemar. Sponsors: 1) This episode is supported by Bravo Capital [https://bravocapital.com/], a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. 2) This episode is supported by LoanBoss [https://www.loanboss.com/], the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! 3) This episode is supported by Real Property Captive [https://www.rpcaptive.com/], the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. Further Reading/Listening Michael Stern: the highs and lows of a New York skyscraper king [https://www.ft.com/content/1f95c4fc-7eb0-11ea-8fdb-7ec06edeef84?syn-25a6b1a6=1] The Closing: Michael Stern [https://therealdeal.com/magazine/new-york-february-2016/the-closing-michael-stern/] An Insider’s Guide to the Miami Branded Condo Game [https://www.thepromote.com/p/the-promote-insider-s-guide-to-miami-branded-condos-avison-s-damage-control-tour-blackstone-s-headac] Soffer to the rescue? [https://therealdeal.com/miami/2026/06/11/jeff-soffer-jds-work-1-billion-mercedes-benz-miami-loan/] A Miami Kingpin's Epic Aventura [https://podcasts.apple.com/us/podcast/megafunds-geezer-chasing-a-miami-kingpins-epic-aventura/id1801355295?i=1000720878980] Nuveen's Loss Factor [https://www.thepromote.com/p/tiaa-s-loss-factor] Carl Icahn settles the Texaco/Getty Oil lawsuit [https://www.youtube.com/watch?v=UEc8Xzn1WqU] The Bankrupting of a Mobile Home Billionaire [https://www.bloomberg.com/news/features/2026-06-12/how-private-credit-lost-big-on-bob-bull-s-mobile-home-empire]

Not Easy Being [SL] Green & TPG's Shelf Life

This week, we dive into the high-stakes, high-reward (not for shareholders tho) world of SL Green, the mighty REIT that is New York’s largest commercial landlord. From a deal junkie standpoint, SL Green is king of the hill, but no matter what it does, it can’t seem to get Wall Street to love it. Next, we convert our dollars to lek and head to Albania, where Jared Kushner is trying to create the next St. Barths. And finally, we load up those 10-cent bags and go shopping - for grocery anchored retail with TPG and friends. Plus, our "Punch List" rundown of the newsiest industry happenings: Brookfield's DC shutdown; Amancio Ortega's CRE fixer; Bears move to Indiana; LA mayoral race; and Paul Massey folds. Sponsors: 1) This episode is supported by LoanBoss [https://www.loanboss.com/], the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! 2) This episode is supported by Bravo Capital [https://bravocapital.com/], a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. And check out their must-read SNF primer here [https://bravocapital.com/the-silver-wave/]. 3) This episode is supported by Real Property Captive [https://www.rpcaptive.com/], the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. Further Reading/Listening Inside the SL Green Playbook [https://www.thepromote.com/p/inside-the-sl-green-playbook] Gold in Them Distressed Capstacks [https://www.thepromote.com/p/gold-in-them-distressed-capstacks] SL Green Raises More Than $1 Billion for New NYC Debt Fund [https://www.bloomberg.com/news/articles/2025-07-17/sl-green-s-nyc-fund-surpasses-1-billion-with-latest-fundraising?utm_campaign=inside-the-sl-green-playbook&utm_medium=referral&utm_source=www.thepromote.com] Reset Basis [https://www.thepromote.com/p/reset-basis-multifamily-s-icarus#reset-basis] Albania’s Rama Backs Kushner Resort as Land Ownership Probed [https://www.bloomberg.com/news/articles/2026-06-01/kushner-resort-draws-albanian-leader-s-support-after-backlash] TPG-Led Investor Group Acquires Grocery-Anchored Retail Leader ECHO Realty [https://www.businesswire.com/news/home/20260604882009/en/TPG-Led-Investor-Group-Acquires-Grocery-Anchored-Retail-Leader-ECHO-Realty]