Deconstruct

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...

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...

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...

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...

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 p...

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.

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 : 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. Deconstr...

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...

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.

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...

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...

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.

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.

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 cha...

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.

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 borrowe...

After the 2008 financial crisis, investment managers came up with a new securitized product: the collateralized loan obligation, or CLO, for commercial real estate. It was designed to correct some of the risks that came with its predecessor, the collateralized debt obligation. But what exactly is the CRE CLO and how does it work? Deconstruct enlisted attorney and CLO expert Stewart McQueen at Dech...

New York Community Bank reported a surprise loss in the fourth quarter, took an axe to its dividend and socked away over $500 million for commercial real estate losses. The bank's stock sunk to a 23-year low and other regional lenders fell in response. Is NYCB a red flag or a one-off for CRE distress in the banking space? Deconstruct digs in.

Not many commercial brokers branch out to start their own brokerages. But in 2015, Kyle Matthews did. Today, his Nashville-based firm Matthews Real Estate has done more than $50 billion in deals and about 650 agents. Most of what Matthews is focused on is advising clients — helping buyers and sellers sort out investments and identify pockets of opportunity. At a time when some asset classes (hint:...

Heading into 2024, rate cuts are the silver lining on everyone’s mind. Still, Ron Dickerman, founder and president of private equity firm Madison International Realty, sees 2024 as a “transitional year.” As capital cautiously comes off the sidelines, Dickerman talks opportunity in the wall of maturities and which asset classes he’s eyeing. Hint: Cold storage is on the come-up