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? Topics you want explored? Questions, feedback, critiques? Write to us with "Deconstruct" in the subject line @ suzannah.cavanaugh@therealdeal.com.
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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.
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.
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.
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.
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.
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 kk@therealdeal.com. Sheridan Wall can be reached at sheridan.wall@therealdeal.com. Editor Ellen Cranley can be reached at ellen.cranley@therealdeal.com.
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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.
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.
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.
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.
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.
