President-elect Donald Trump's campaign promises look to be a mixed bag for commercial real estate. Extended tax cuts would be a boon for dealmaking; tariffs could spark inflation and push the Federal Reserve to throw the cutting cycle in reverse. Deconstruct sits down with NYU Schack Institute of Real Estate Associate Dean Marc Norman and partners at Holland & Knight Joe Guay and Joel Roberson to parse the impact on investors and developers in 2025. Do you have guests you want to hear from?...
Dec 02, 2024•16 min
Matthew Mannion is auctioneer to the stars of New York City real estate. He handled the Flatiron Building's two-parter, the Times Square Margaritaville's flameout and most recently the UCC auction of Cohen Realty Enterprises' interest in a potpourri of assets. As foreclosure filings keep ticking up, Mannion shares stories from the courthouse steps and the inside scoop on how auctions get done.
Nov 25, 2024•23 min
Arnaud Karsenti, the head of Miami-based 13th Floor Investments, has a whopping dozen multifamily projects underway in a city set to break another record for deliveries in 2024. Does Miami have the tenants to meet that supply? Karsenti talks in-migration, demand for housing near public transit and the pros and cons of public-private partnerships at The Real Deal's South Florida Real Estate Forum.
Nov 18, 2024•28 min
Ranches have long been at the beating heart of Texas — first, as working plots; then, as legacy land. During the pandemic, the properties acquired a new sheen, attracting city-weary Texans and would-be cowboys willing to spend tens of millions of dollars for some peace and quiet and peace of mind. Four years later, demand has come roaring back. TRD's Joe Lovinger talks with one of the state's prolific ranch brokers to find out what's drawing all of that dollar volume to the desert.
Nov 11, 2024•22 min
Election 2024 has been a wild ride for real estate. Housing stole the spotlight as an unlikely bipartisan issue, and the industry’s top donors are allotting dollars based on more than the business. As the nation readies for Tuesday’s vote, TRD Senior Reporter Kathryn Brenzel explains why an “unsexy” voter issue will drive votes, and who big names are backing.
Nov 04, 2024•19 min
In the latest episode of Deconstruct, TRD's Suzannah Cavanaugh finds out how loan specialists fix bad debt – or at least try to – by talking with loan workout specialists Rob Verrone and Job Warshaw of Iron Hound. Verrone works with sponsors to hash out modifications for distressed CMBS debt, and Warshaw brings perspective from the other side of the table — he spent three decades heading up negotiations for special servicer LNR Partners.
Oct 28, 2024•30 min
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.
Oct 21, 2024•30 min
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.
Oct 14, 2024•20 min
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.
Oct 07, 2024•18 min
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.
Sep 30, 2024•49 min
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.
Jul 01, 2024•32 min
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.
Jun 24, 2024•18 min
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 Florid...
Jun 17, 2024•16 min
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.
Jun 10, 2024•21 min
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.
Jun 03, 2024•27 min
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 ret...
May 28, 2024•28 min
Last month, Gov. Kathy Hochul passed a bombshell housing deal that extended the 421a tax abatement and introduced a new tax break for apartment projects: 485x. Developer Sam Charney of Charney Companies talks the profit potential of 485x compared to 421a, demand for sites eligible for the extension and when rental construction will ramp back up.
May 20, 2024•27 min
It's Deconstruct Live! at The Real Deal's New York Forum. Fortress' Steve Stuart, Benefit Street Partners' Mike Comparato and Urban Standard Capital's Seth Weissman talk bank failures, distressed note buying and lending demand in a live taping of Deconstruct.
May 13, 2024•30 min
Last week, the U.S. Drug Enforcement Administration said it would move toward reclassifying marijuana as a less dangerous drug — Schedule III instead of Schedule I. The move has big implications for the intersection of cannabis and real estate. Founder and CEO of cannabis REIT NewLake Capital Partners Anthony Coniglio talks tax relief and opportunity for state-licensed operators and capital providers like NewLake.
May 06, 2024•22 min
It's not just tax credits. It's not just zoning by right. To make office-to-residential conversion projects work, developers need all of the above, says Bobby Fijan of Philadelphia-based Form Developers. TRD's Deconstruct chatted with Fijan about some of the legislation, policies, subsidies and programs across the country that have helped push these conversions forward.
Apr 29, 2024•33 min
Note: This episode was recorded before the state finalized a housing deal. For a detailed break down of what passed check out Senior Reporter Kathryn Brenzel's story here (https://therealdeal.com/new-york/2024/04/20/housing-deal-finally-passes-here-are-the-key-details/): After years of negotiations, Albany has finally fleshed out the framework for a housing deal. Tenants call it a give away to developers. Landlords have their own gripes with an intended boon for rent-stabilized owners. Deconstru...
Apr 22, 2024•20 min
Lew Horne thought he was going to run a pet store business. Then, he thought he’d sell computerized systems to wholesale grocers. Neither panned out. Instead, Horne runs CBRE’s operations across Los Angeles, Orange County and the Inland Empire, leading advisory services, property and project management and capital markets teams. And in L.A., developers, brokers and brokerage heads have no shortage of hurdles — a stagnant office market, new transfer taxes on sales over $5 million, homelessness an...
Apr 15, 2024•36 min
The foretold wall of CMBS maturities has hit and early data on office loans signals the fears around repayments — that troubled owners won't be able to swing it — are being realized. Deconstruct talks with Moody's Analytics Senior Director and Head of CRE Economic Analysis Kevin Fagan and Director of CRE Economics Matt Reidy.
Apr 08, 2024•21 min
For the most part, construction lending has dried up across the country, with more and more regional banks pulling back from financing ground-up real estate projects. But Kennedy Wilson, a lender based out of Los Angeles, sees opportunity in that. With more lenders on the sidelines, Kennedy Wilson can take advantage of lending to what it determines are the best borrowers and the best projects. And by being active, it can help take some construction loans off regional banks' balance sheets. The R...
Apr 01, 2024•25 min
When the National Association of Realtors announced it had proposed to settle a landmark antitrust suit over real estate agent commissions for $418 million, everyone had questions. The Real Deal's Deconstruct breaks down what is changing — and what is not. TRD reporters Sheridan Wall and Harrison Connery discuss NAR's new rule prohibiting broker compensation offers on the MLS, or multiple listing service, and what this means for agents and homebuyers going forward. Deconstruct also chatted with ...
Mar 25, 2024•17 min
In December, Democrats in Congress introduced a bill that would put an end to hedge fund ownership of single-family homes. As demand for single-family rentals continues to grow, developers specializing in build-to-rent claim they'll get burnt. Deconstruct breaks down who's in the crosshairs and the likelihood that legislation can rein in the investment giants.
Mar 18, 2024•17 min
From Chicago to San Francisco, office buildings continue to trade at astonishing discounts and reappraisals show value declines as high as 80 percent. But is there further left to fall? The Real Deal's Chicago Bureau Chief Sam Lounsberry and West Coast Bureau Chief Isabella Farr weigh in.
Mar 11, 2024•28 min
Gil Dezer knows how to build branded condos. From the Porsche Design Tower to the Armani Residences in South Florida, Dezer is now focused on building the Bentley Residences. Despite growing up in New York City, Dezer is now Miami through and through and remains bullish about the city and South Florida in general — and believes people will keep shelling out big bucks to live there. Deconstruct chatted with Dezer about pre-sales at the Bentley Residences, how he's thinking about a construction lo...
Mar 04, 2024•25 min
If you're on RETwit (now Real Estate X), you've probably read Don Tepman's posts. You just didn't know it. Tepman, who heads University Avenue Partners, is StripMallGuy, the once anonymous X account that amassed over 200k followers since 2021. Tepman, now unmasked, sits down with Deconstruct to talk why he went public and of course, what's next for strip malls.
Feb 26, 2024•17 min
For the last six months, Arbor Realty Trust has been the target of a prominent short seller, Viceroy Research, which claims that a huge chunk of its collateralized loan obligation, or CLO, portfolio is in trouble. Arbor, though it denies the short seller's numbers, said it is experiencing challenges and delinquencies are set to rise. And the company is not afraid to go after non-performing borrowers. Deconstruct sat down with Gabriel Bernarde, one of the individuals behind Viceroy, to chat about...
Feb 19, 2024•29 min
