Shows
TFTC: A Bitcoin PodcastTen31 Timestamp: Fast Takeoffs And Hard LandingsWorld War 3 is heating up and most people are missing the bigger strategic picture. What just went down in Iran and why anthropic got blacklisted by the Pentagon.
đź”— https://bitcoinproducts.com
In this episode:
US-Iran conflict as part of broader China decoupling strategy
Pentagon vs Anthropic: The AI Patriot Act moment
Why this administration is acting on wartime footing
Bitcoin's surprisingly strong response to geopolitical chaos
10-year Treasury signals and what they mean for monetary policy
Block's massive AI-driven layoffs and implications for the future
TIMESTAMPS:\
00:00:00 - World War 3 is upon us\
00:01:31 - Ira...
2026-03-0228 min
The Promote PodcastTimes Square Trainwreck, Royal Renters and Blue Owl Bytes the DustThis week, we look at the tragicomedy that is TSX Broadway, the Maefield/L&L/Fortress Times Square megadevelopment that came undone and left hundreds of foreign investors in the lurch. We discuss how complex ground-up projects can lay waste to capital stacks, and what can happen between partners under pressure. We then look at the latest alarm bells ringing in the high-octane world of data center development – Blue Owl is staring down a multibillion-dollar void, and OpenAI’s marquee Stargate project has had major challenges powering up. Finally, we explore the rise of the rich renter – a trend that’s...
2026-02-2539 min
TFTC: A Bitcoin PodcastTen31 Timestamp: The Die Is CastReality distortion fields aren't just for Steve Jobs anymore - they're everywhere in our sclerotic institutions, and the latest examples show just how disconnected official narratives are from what's actually happening.
đź”— https://bitcoinproducts.com
In this episode:
- Supreme Court blocks Trump's IEEPA tariff authority, but multiple alternative paths remain
- Fed minutes show rate hike discussions while Treasury assumes massive ongoing RMP purchases
- Bitcoin's recent performance amid changing liquidity conditions and institutional crosswinds
- Hash rate recovers 14.6% after winter storm, debunking quantum and AI pivot the...
2026-02-2327 minThe Promote PodcastLimit-Up Hotel Kamikazes & AI's Brokerage RoutThis week, we dive deep into the story of Anbang Insurance, the Chinese insurer that went on an epic US trophy real estate buying spree, but flew too close to the sun. We trace the origins of Anbang's founder Wu Xiaohui, his multibillion-dollar acquisition of top US hotels include NYC's Waldorf-Astoria, and Anbang's eventual collapse and government takeover. We then talk about a rare RICO case against a notorious DC landlord, Ali "Sam" Razjooyan, and how such extreme incidents can shape landlord-tenant policy. Finally, we look at why the big CRE brokerages are seeing their stocks getting hammered by...
2026-02-1835 min
TFTC: A Bitcoin PodcastTen31 Timestamp: Bitcoin Fixes the Energy ProblemThe AI revolution is accelerating faster than most people realize, but major institutions aren't accounting for it in their economic projections. While the CBO just added $1.4 trillion to this decade's deficit forecast, they completely missed the potential disruption from artificial intelligence.
đź”— https://bitcoinproducts.com
In this episode:
- The viral "something big is happening" AI post and what it missed
- Why institutional adoption of AI tools faces massive inertia despite breakthrough capabilities
- How the managerial class creates friction against disruptive technologies
- CBO deficit projections ign...
2026-02-1628 minThe Promote PodcastHouse of Brookfield, Wholesale Shopping and a Condo Buyout CoupThis week, we discuss the House of Brookfield’s new overlord: Connor Teskey has a modest target – double AUM to $2 trillion. We talk about the labyrinth that is Brookfield’s corporate structure – Bruce Flatt's not going away – and what CRE’s role in the ramp-up will be. We then look at the flurry of REIT take-privates, from Peakstone to Plymouth. And finally, we slip into resort casual and discuss a princely condo buyout payoff in West Palm Beach – the goat Steve Ross makes an appearance.  We also do a "Punch List" rundown of the newsiest industry happenings: Michael Shvo's b...
2026-02-1137 min
TFTC: A Bitcoin PodcastTen31 Timestamp: The Fundamental Haven't ChangedBitcoin's price hit the 50s this week, but the fundamentals tell a different story. As AI investment explodes above $600 billion annually, agents are already using Bitcoin as internet-native money.
đź”— https://bitcoinproducts.com
In this episode:
Why the fear and greed index hit historic lows (lower than COVID and FTX)
How AI agents are using Bitcoin Lightning wallets and signing into websites
$600+ billion hyperscaler CapEx spend creating fundamental Bitcoin tailwinds
Hash rate difficulty adjustment working as designed (11.15% downward adjustment)
Why Bitcoin isn't a hedge yet but is building toward becoming one
TIMESTAMPS: 00:00:00 - Price vol...
2026-02-0928 minThe Promote PodcastApollo's Sister Act, ICE Age & the Doomed Tower of PowerThis week, we discuss how the Chrysler Building has laid waste to the best-laid plans of so many global titans. With Tishman Speyer reportedly coming back for another go at the Art Deco icon, we trace its rich and rollicking deal history, from Jack Kent Cooke to Abu Dhabi. We then discuss how the ICE immigration crackdown is putting another big question mark on the Sunbelt multifamily market and leaving landlords in limbo. And finally, we discuss Apollo's sister act: REIT ARI is selling its $9B loan book to insurance arm Athene, and patting itself on the back for...
2026-02-0430 minThe Promote PodcastA Condo Kingpin’s Next Act and Proptech Falls off the WallThis week, we discuss second acts: Ziel Feldman has left the scandal-ridden past of his glitzy New York condo development firm HFZ Capital Group behind, and he's reinvented himself as an affordable housing player through his silent partnership in GoodHomes. We trace the wild arc of his career and his far more below-the-radar new game. Proptech's loudest voice and most prolific fundraiser Fifth Wall is now yelling into the fundraising void; we talk about how the firm's issues are emblematic of the broader sector. We also do a "Pardon the Interruption" style rundown of the biggest industry happenings: S2...
2026-01-2834 minThe Promote PodcastSNFing out Megadeals and Syndicator Patient ZeroThis week, we discuss a redemption tour by GVA’s Alan Stalcup, Patient Zero of the Sunbelt multifamily boom/bust. He’s battling PGs, LPs and maybe even the SEC, but Stalcup is unapologetic. He sat down with Hiten for a pretty unplugged conversation, and we chat through our key takeaways. We then dive into the 24-6 world of dealmaking in Skilled Nursing Facilities, a totally undercovered corner of CRE with big numbers and some batshit maneuvering. The Genesis bankruptcy case is all anyone in that world can talk about right now. We also do a "Pardon the Interruption" styl...
2026-01-2134 minThe Promote PodcastPinnacle's Bankruptcy Summit & Life Sci's Midlife CrisisThis week, we’re talking a glitch in the Morse code: MCR has failed to come up with the cash to consummate the take-private of Soho House, setting off a mad scramble. There’s more bad chemistry in the life-sciences space, with the venerable Beacon Capital Partners battling its operating partner and lenders in the space losing patience. And finally, we dive into the most closely-watched CRE bankruptcy auction in the country: The Pinnacle rent-stabilized portfolio in New York. Sponsors: 1) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, inst...
2026-01-1431 min
No Vacancy with Taylor AvakianHe's Exposing The Biggest Real Estate Secrets | Hiten SamtaniUncovering the Hidden Power Structures in Commercial Real Estate with Hiten Samtani (Founder of Ten31 Media)Deep-dive conversation with Hiten Samtani, former Editorial Director at The Real Deal and founder of Ten31 Media, on the unseen forces driving commercial real estate in America's biggest markets.From long-term family dynasties and low-basis empires to cultural niches quietly controlling billions in Los Angeles and New York, political leverage in mega-projects, the surge of private credit and insurance capital, and the evolving role of insider-focused media in an opaque industry.Essential for commercial real estate investors, brokers, developers, lenders, operators, and professionals...
2026-01-101h 15The Promote PodcastWindy City Tailwinds & Stadium ArcadiumThis week, we talk Chicago – America’s Second City is now becoming top of mind for national multifamily players. We break down 2 significant deals: LaTerra’s monster AIMCO portfolio buy and S2’s debut. We then slip into our jerseys and look at the arcane world of stadium development – and all the freebies and surrounding action that comes with it. Finally, we schlep the streets of Brooklyn, where Carlyle & Greenbrook have pulled off a massive Freddie refi of their walk-up empire. Sponsor: This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant ca...
2026-01-0727 minThe Promote PodcastThe Mayweather Whisperer: Jona Rechnitz (Rerun)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 w...
2025-12-3134 minThe Promote PodcastBluerock's Liquid Death, Soundstage Flops and OZK Walks the PlankThis 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. To advertise: Reach out to partnerships@thepromote.comFor feedback: Write us at podcast@thepromote.com And please rate us and write...
2025-12-2430 minThe Promote PodcastExotic Alts (w/ SomeraRoad's Ian Ross) & Taconic's Lab LeakThis 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. To advertise: Reach out to partnerships@thepromote.comFor feedback: Write us at podc...
2025-12-1733 min
Citadel DispatchCD186: JOHN ARNOLD - TEN31 MARKET UPDATEJohn Arnold is a colleague of mine at Ten31, we are five man team focused on investing in and supporting the best bitcoin businesses globally. This is our third quarterly update where we cover current market dynamics and our outlook.More info on Ten31: https://www.ten31.xyzQuantum: https://www.ten31.xyz/insights/quantum-computing-bitcoin-securityNote: AnchorWatch does not use taproot. I was mistaken.John on Nostr: https://primal.net/johnJohn on X: https://x.com/JohnArnoldTen31Ten31 on X: https://x.com/ten31fundsEPISODE: 186
2025-12-121h 46
Rob Wallace | Bitcoin News5 Years in Prison for Writing Code (Bitcoin Privacy Under Attack) | Marty BentWas 2025 the Top? Marty Bent on 'Plebslop', Treasury Companies, & The DOJ
Rob Wallace sits down with Marty Bent, founder of TFTC and managing partner at Ten31, to unpack Bitcoin the pivotal year that was 2025. Marty holds nothing back, delivering his candid take on the Samourai Dev case, the biggest tech breakthroughs, and naming the Villain of the Year.
Key Takeaways:
Cycle Top Analysis: Why Marty believes 2025 was NOT the cycle top, citing a lack of retail exuberance and healthy consolidation.
Word & Bitcoiner of the Year: The definition of "plebslop" and why Jack Dorsey/Block...
2025-12-101h 09The Promote PodcastStarchitects, Swedish Whales & an SF Hotel HeistThis 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.To advertise: Reach out...
2025-12-1033 min
Treasury Orange - Bitcoin PodcastMatt Odell: ”Saylor Kept Diluting You” is The REAL Reason MSTR Crashed 70%🔥 $200M Bitcoin VC Matt Odell reveals why Saylor kept diluting MSTR shareholders - and why treasury companies without cash flow are dead (except Strategy).
In this Treasury Orange exclusive, the partner at Ten31 who's deployed over $200 million to Bitcoin businesses reveals:
âś… Why Saylor kept hitting the common even after saying he'd stop (FOMO runs deep)
đź’° "Treasury companies without cash flow won't be the winners" - Block vs Strategy model
đź“Š Bitcoin-backed loans are "the best terms you'll get out of all lending" in 5-10 years
2025-12-0640 minThe Promote PodcastMailbag: CRE Casting Couch, Return-Immune Investing & Best Dumb-Guy SectorsIn 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.To advertise: Reach out to partnerships@thepromote.comFor feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple.Up your CRE game: Â Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this l...
2025-12-0520 min
The Promote PodcastSleepless in Seattle: The Martin Selig StoryThis 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. ...
2025-12-0329 minThe Promote PodcastSonder's Mercy Killing and the Mooch's OZ MisadventureThis 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.To advertise: Reach out to partnerships@thepromote.comFor feedback: Write us at podcast@thepromote.com - we're tak...
2025-11-1931 minThe Promote PodcastReston Peace, Senioritis & A Capstack CrisisThis 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! To advertise: Reach out to partne...
2025-11-1232 minCitadel DispatchCD183: NVK - COINKITE AND COLDCARDNVK is CoFounder of Coinkite, the makers of Coldcard. Coldcards are designed to help users securely use bitcoin offline. We discuss the variety of features that Coldcards provide users and the tradeoffs present when choosing how to best secure bitcoin.Disclosure: Ten31 is the exclusive investor in Coinkite.my easy coldcard guide: https://werunbtc.com/coldcardNVK on Nostr: https://primal.net/nvkNVK on X: https://x.com/nvkCoinkite:Â https://coinkite.com/Ten31: https://www.ten31.xyz/Cove Wallet: https://covebitcoinwallet.com/Sparrow Wallet: https://s...
2025-11-111h 45The Promote PodcastBlackstone Cubs, Secondaries Sizzle & Hines of ArabiaIn 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...
2025-11-0532 minThe Promote PodcastFugazi First Positions & Cracking Billionaires' RowThis 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 adverti...
2025-10-2930 min
The Promote PodcastThe Skyscraper That Broke AmericaThis week, we have a special episode diving deep into the skyscraper that encapsulates our political and financial age: 666 Fifth Avenue. Now known as 660 Fifth Avenue, this tower brings together a dizzying array of characters – from Jared and Charlie Kushner to the former finance minister of Qatar and an imprisoned Chinese mogul – and elements such as cocky scions, insane appraisals, overheated CMBS, hardball pref, media wars, White House wildcards, and so much more. We trace the history of the building from being Jared Kushner's splashy and later disastrous buy to the Brookfield bailout and ultimate redemption. Next, we look at a...
2025-10-2236 minThe Promote PodcastFathers, Sons & Fast Fashion Tax ShieldsThis week, we asked the taboo question about New York office to residential conversions. Do the numbers work? There's been enough distress from some of the OGs, including Nathan Berman, that it warrants that question amid all the private-credit billions flowing into the space. We then look at how a single man, Zara founder Amancio Ortega, can drive pricing across product types and markets – even though his buys may not really be pegged on real-world investment metrics. And finally, we go a little bit tabloid to talk about the case of David Bren, the embattled son of real estate ty...
2025-10-1530 minCitadel DispatchIMAGINE IF: MAKE FREEDOM PROFITABLE KEYNOTEMy keynote presentation at the Imagine If conference in Nashville focused on how i think about scaling freedom tech.Date: September 20, 2025OpenSats: https://opensats.orgTen31: https://ten31.xyzImagine If: https://bitcoinpark.com/imagineif(01:02) ODELL takes the stage(01:23) Diagnosing the problem(02:35) Ad driven surveillance and addictive platforms(03:04) Open source and open protocols(03:49) Scaling open source: incentives and funding(04:26) OpenSats and Bitcoin powered grants(05:25) Email, an open protocol, and Gmails predatory model(06:42) Make freedom profitable: align...
2025-10-1410 minThe Promote PodcastSF Apartment Therapy & the Short King of Data CentersThis week, we discuss an intriguing deal in the data-center space – TeraWulf is raising $3B in debt to build data centers for Google, in an intertwined transaction that's becoming a prototype for getting these massive developments going. We dive into the maverick mogul behind Terawulf, Paul Prager, who's using his heft to turn Maryland's Eastern Shore into the new Hamptons. We then take stock of the carnage in San Francisco's multifamily market, where the biggest players are winning and losing thousands of units all at once – and leaving their lenders in the lurch. Finally, we explore why institutional investors are...
2025-10-0831 minThe Promote PodcastBrookfield's $10B YES! & RXR's OPM MasterclassThis week, we dive into Brookfield's $10B mega-acquisition of manufactured-home player YES! Communities, and how it's emblematic of the next frontier of institutional CRE investing – we chop it up on the liquid debt markets for affordable housing, putting money to work at scale and Stockbridge's FAT upcoming promote. We then examine RXR's OPM masterclass in Manhattan with Gemini, a $3.5B office vehicle that is making splashy buys and generating even splashier fees in the process. We then visit the modest environs of Wilmington, DE, where Buccini Pollin is in the midst of an intriguing office-resi bet.To ad...
2025-10-0133 minThe Promote PodcastSobrato's Silicon Sizzle & Macklowe UnfurledThis week, we take a closer look at one of the biggest winners from Nvidia's Silicon Valley real estate rampage: The Sobrato Organization amassed a 12M sf portfolio through a combination of guts, vision and HEAVY leverage, and are now reaping the rewards as Nvidia goes shopping. We then look at how some big players, including Toll Brothers, are bowing out of multifamily development, and explore who's stepping into the void. Finally, with his adventures on the high seas on pause, Harry Macklowe is back to adventuring on the Manhattan skyline: But who the hell wants to give the...
2025-09-2532 minThe Promote PodcastRoss takes his talents to [West Palm] Beach & Barnett Prefs UpLike a lot of older guys, Steve Ross moved to Florida. Unlike them, however, the billionaire real estate developer didn't go there to retire, but instead to take on an even more audacious skyline-shaping challenge: West Palm Beach. This week, we trace Ross' whirlwind of big-ticket dealmaking down south that combines real estate, private equity, education, sport, and glamour – much to take away for the aspiring city shaper. We then look at Gary Barnett's latest financing coup: a $1.2B pref commitment for a range of development projects. And finally, we explore the legal challenge to the "nuclear" bill that ki...
2025-09-1731 minThe Promote PodcastTupac vs Biggie, CRE EditionThis week, it's Tupac vs Biggie, commercial real estate edition: We dive into a deal on each coast that brings together all the things that we think make CRE the greatest show on earth. Rapacious lenders, billion-dollar-dreams, broken capital stacks & creative financing. In New York, we look at the saga of 172 Madison Avenue, Yitzchak Tessler's moonshot condo project that ended in multiple bankruptcies. And in Beverly Hills, we look at the star-studded history of the One Beverly Hills site, and how a motley crew of billionaire Todd Boehly, "Russian James Bond" Vlad Doronin, and Beverly Hills wheeler-dealer Beny Alagem...
2025-09-1038 minThe Promote PodcastMormon Money & Cardone WaterfallsThis week, we’re talking the Mormon real estate playbook – how the LDS church built a serious property portfolio and also run it like serious people. We then discuss syndicator Grant Cardone’s intricate plan to rescue a distressed Boca rental – with a Bitcoin twist. We also chop it up on how fund managers' courtship of retail money is leading to pushback from big institutional LPs.Want to reach our audience of top CRE decision-makers? Reach out to partnerships@thepromote.comFurther reading:https://www.thepromote.com/p/through-the-cardone-looking-glass#inside-cardones-boca-bankruptcy-bethttps://lrlfinancial.substack...
2025-09-0326 minThe Promote PodcastSoho House Postgame And Billion-Dollar CapstacksWe break down the puzzling $2.7B take-private of Soho House – what do Apollo, MCR, Ron Burkle and Ashton Kutcher think they can pull off by revitalizing the famed member's club? The discussion touches on everything from select-service hotels to Tyler Morse's start as "Barry's guy" to the perils of the hospitality business. We then break down the capital stacks on two closely watched Manhattan megadeals: RXR's purchase of 590 Madison Avenue and Miki Naftali's ultra-luxury condo play at 800 Fifth Avenue. Finally, we explore Yieldstreet's latest debacle and ask: Is real estate crowdfunding doomed by design? Want to reach ou...
2025-08-2733 minThe Promote PodcastShvo Business & Multifamily's Antitrust AgitaWe dive into the singular life and multiple dramas of real estate impresario Michael Shvo, the luxury resi broker turned developer who went on one of the most epic commercial real estate buying sprees in the 2020s. Backed by German pension money, Shvo snapped up icons such as the Transamerica Pyramid in SF, Big Red in Chicago, and the sites of boutique ultra-luxury condo projects across gateway markets. Many of those deals are now in big trouble, and Shvo is tussling with his key equity partner. Next, we explore institutional multifamily's biggest legal headache: the federal antitrust case brought...
2025-08-2032 minThe Promote PodcastTalking Tycoons: Tom Cousins & Jacob ChetritThis week, we break down the outsized life & career of seminal Atlanta developer Tom Cousins: skyline-shaper, quail hunter, Ted Turner lender, Buffett buddy – an honest-to-goodness Man in Full. We trace his origins from selling tract homes to setting the stage for the modern Atlanta skyline, and examine his broader cultural impact on real estate. We then dive into the zany case of the late CRE mogul Jacob Chetrit, who left behind just $500K in cash but $800M in CRE stakes – that estate is now the focus of fierce litigation among name-brand NYC players from Richard Mack to Maverick.Fu...
2025-08-1327 minCitadel DispatchCD173: JOHN ARNOLD - TEN31 QUARTERLY MARKET UPDATEJohn Arnold is a colleague of mine at Ten31, we are five man team focused on investing in and supporting the best bitcoin businesses globally. This is our second quarterly update where we cover current market dynamics and our outlook.More info on Ten31: https://www.ten31.xyzJohn on Nostr: https://primal.net/johnJohn on X: https://x.com/JohnArnoldTen31Ten31 on X: https://x.com/ten31fundsEPISODE: 173BLOCK: 909206PRICE: 858 sats per dollar(00:00:01) Bloomberg Intro(00:02:10) Happy Bitcoin Friday(00:04:08) Gold...
2025-08-081h 37The Promote PodcastMegafunds Geezer-Chasing & A Miami Kingpin's Epic AventuraThis week, we dive into how private credit mega-managers such as Blackstone, KKR & Blue Owl have been setting the stage for a potentially huge new pool of capital: 401(k)s. With the Trump administration’s eagerness to push more retirement savings into PE, players have been forming alliances with the biggest 401(k) managers in a move that could mean a far bigger CRE private-credit war chest. We then dive into the singular life and career of Donald Soffer, the visionary behind Aventura and a serious man-about-town.Sponsor: This episode is sponsored by Vesto, which gives CRE players a...
2025-08-0630 minThe Promote PodcastHow to De-Risk a Megadeal: Related's Hudson Yards MasterclassIn this special episode of The Promote Podcast, we dive deep into Related Companies' de-risking playbook at its Hudson Yards megaproject. How they're pulling off a $25 billion, 18 million-square-foot undertaking in New York City while continuously taking chips off the table through creative financing structures, global capital sources, equity partners and tax breaks. We look at how Steve Ross spent 4 decades shoring up Related's balance sheet to take huge swings, and what other CRE hopefuls can learn from his approach to big-ticket development.Sponsor: This episode is sponsored by Vesto, which gives CRE players a single, clear point...
2025-07-3027 minThe Promote PodcastJPM's Roosevelt Run & Cortland's PE CourtshipThis week, we discuss JPMorgan's age of empires, its play for the Roosevelt Hotel as part of a potentially 7 million square foot campus in the heart of New York. We dive into why 2 multifamily giants, Cortland and Bell Partners, are shopping for suitors and explore the capital landscape for large apartment owners. Finally, we do a quick-and-dirty breakdown of the Starwood-Fundamental $2.2B deal, and why a NNN lease isn't always mailbox money.Sponsor: This episode is sponsored by Vesto, which gives CRE players a single, clear point of access for all their bank accounts. Go to vesto...
2025-07-2332 minThe Promote PodcastAttack of the Nepo Babies & A Manhattan Skyscraper HeistThis week, we discuss the great changing of the guard at real estate dynasties – the 2nd and 3rd gens are taking the helm of some of the industry's most prominent families and are doing their best to position themselves as serious people. We then head west for some California love – CEQA, the environmental law that was turned into a tool to torpedo new developments, has been gutted. And finally, we chronicle the taking of 625 Madison Ave, an office tower that became a battleground for some of New York's biggest titans, from Ben Ashkenazy to Related.Sponsor: This epis...
2025-07-1634 minThe Promote PodcastMamdani Fear Factor & Hyatt's Friends with BenefitsWe break down CRE's fear & loathing stemming from Zohran Mamdani’s improbable win in the New York City mayoral primary. Players have pulled the plug on deals and are devising a "retreat & resist" strategy. We then dive into the mechanics of a particularly juicy offshore hotel transaction – Hyatt is selling Playa Properties in a $2 billion asset-light megadeal. And finally, we head back to New York: a coveted casino license is up for grabs, and developers are doing whatever they can to score it. Favors:1) Write us a review: On Apple, Spotify, or wherever you get your pods...
2025-07-0927 min
You're The Voice | by Efrat FenigsonEp. 83: Marty Bent - Freedom Tech vs. The StateMy guest today is Marty Bent, a writer, investor, and one of the most influential voices in the Bitcoin media ecosystem. As the founder of the popular podcast and newsletter TFTC (Truth for the Commoner) and managing partner at Ten31, a venture firm investing exclusively in Bitcoin infrastructure, Marty has helped shape the conversation around Bitcoin’s future for nearly a decade. In this episode, Marty walks us through his journey from unemployed blogger to leading Bitcoin commentator and how he's leveraging AI to scale his media output across platforms. We explore the impact of open protocols like Nostr, th...
2025-07-041h 00The Promote PodcastCarlyle Takes the Stairs, Drillman's Great Escape & the LVMH-Kering WarThis week, we dive into Carlyle's attempt to stitch together an empire of Brooklyn walk-ups and how it illustrates the REPE giant's playbook. We then examine mortgage fraudster Barry Drillman's get-out-of-jail-free card, a feat of game theory and cooperation with the feds. We hit the real estate battlefields in the war between luxury leaders LVMH and Kering, looking at their race to snap up the world's most coveted corners (and hotel chains). Finally, we head north to the TSX to riff on Meyer Orbach & Josh Gotlib's attempt to IPO a prime Manhattan residential portfolio. Favors:1) Leave...
2025-07-0230 min
Trust RevolutionS01E11 Matt O'Dell ‒ The past, present, and future of freedomtechMatt O'dell, Bitcoin OG and freedom tech advocate, joins Shawn to dissect trust in a world of surveillance and centralized control. From Bitcoin’s role as a beacon of financial agency to Signal's strides in secure communication, O'dell unpacks the tools reshaping money, identity, and expression. As co-founder of Bitcoin Park, OpenSats, and Ten31 Ventures, and host of Rabbit Hole Recap and Citadel Dispatch, he shares a decade of insights on building privacy-first businesses and communities. Recorded June 16, 2025, amid global tensions, this episode explores why open protocols matter, what’s thriving in 2025, and how to navigate a trust-minimized future.
2025-06-251h 11The Promote PodcastDeconstructing Data Center Megadeals with DigitalBridge's Marc GanziThis week, data center pioneer and DigitalBridge CEO Marc Ganzi walks Will & Hiten through 2 defining transactions in the space: The $11B take-private of Switch, and the "metaphorical lockbox" financing for cloud-computing player CoreWeave, one of the largest-ever private debt financings. Ganzi gives us an insider look at the numbers, real estate intricacies and capital markets maneuvers that went into both deals – this is "how the sausage gets made" stuff in one of the fastest-growing and least-understood corners of the business.A shout-out to our sponsor for this episode, NYC-focused developer MADDPROJECT. They've launched a New York resi de...
2025-06-2533 minThe Promote PodcastSixth Street's AUM Gobbling & SF's Basis BetsThis week, Will & Hiten dive deep into the movement of the moment: AUM gobbling ™️ We break down the Sixth Street/L+M transaction, and how allocator preferences are driving this wave of M&A in commercial real estate. We then look at restaurateur Greg Flynn’s 🌮 basis bets in the SF CRE market – a man w/ deep pockets ™️ taking advantage of the bargains by the Bay. And finally, we tackle the financialization of the American Dream – i.e. a new lender-assisted EB-5 vehicle. Favors:1) Leave us a review: On Apple, Spotify, or wherever you get your pods2) Tell S...
2025-06-1826 minThe Promote PodcastA Syndicator Lending Safari with Benefit Street's Mike ComparatoThis week, Hiten & Will are joined by Benefit Street Partners' Michael Comparato, who gives us an insider's look into the wild world of lending to multifamily syndicators. Comparato provides unvarnished, behind-the-scenes details on the conversations, numbers and battles that define lending in such a high-octane space – it's a level of candor and color that we rarely see from active lenders. He then walks us through BSP's headline-grabbing $425M acquisition of agency lender NewPoint, and the opportunities in that space. Favors:1) Leave us a review: On Apple, Spotify, or wherever you get your pods2) Tell Scotty G...
2025-06-1128 minThe Promote PodcastA Tale of Two Asset Classes: NYC Rent-Stabilized Carnage & Data Center ManiaThis week, we break down two asset classes on extreme ends of the fortune spectrum: The first, NYC rent-stabilized multifamily, which is facing a tidal wave of distress, with name-brand sponsors battling with lenders and very few investors willing to take the plunge. The second, massive data centers, which global investors cannot seem to stop throwing money at. We dive deep into both the carnage and opportunity in both sectors, as well as look at the players at the center of both. We tackle Pinnacle Group placing 5,000 units into bankruptcy protection in New York and Peter Hungerford's contrarian megabet...
2025-06-0433 minThe Promote PodcastThe Mother of all Tax Loopholes & Zeckendorf Bros. Downtown FunkThis week, we dive deep into one of the most extraordinary tax loopholes that the CRE market has ever witnessed: the Traveling HFC, a Texas property-tax absolving vehicle that's been adopted en masse by distressed syndicators, agency lenders and a cottage industry of consultants, nonprofits and attorneys. The most punitive version of a bill designed to torpedo it flew through the Texas Senate, and now the industry is grappling with a very rude and abrupt end to a too-good-to-be-true party. We're joined by Texas' own Barrett Linburg to discuss the HFC saga, the gold rush it set off and...
2025-05-2831 minThe Promote PodcastNYC Developer Ponzinomics & Tides Equities' Judgment DayThis week, we break down the sensational allegations made by the feds against former New York golden boy developer Josh Schuster – and why they are emblematic of the market. We dive into a big judgment over Personal Guarantees brought against multifamily mad lads Sean Kia and Ryan Andrade of Tides Equities – the case has important implications for syndicators. And we have a reprieve of sort on the tariffs- will it be enough to restore normalcy to the CRE markets? Sponsor: This episode is sponsored by AirGarage, the modern parking solution for real estate owners. Go to airgarage.com/p...
2025-05-2127 minCitadel DispatchCD170: JOHN ARNOLD - TEN31 AND BITCOIN MARKET DYNAMICSJohn is an integral part of our five person team at Ten31 and we dive deep into how we think about deploying funds throughout the ecosystem. We explore topics such as merchant adoption, bitcoin treasury companies such as MSTR, and other trends to watch going forward.John on Nostr: https://primal.net/johnTen31: https://ten31.xyz EPISODE: 160BLOCK: 897442PRICE: 954 sats per dollarVideo: https://primal.net/e/nevent1qqsvnz85zs4x8qfzvr67a2c64nurmc88lv6rcwhpgwj7wnxjts9pckq6gshsmsupport dispatch: https://citadeldispatch.com/donate...
2025-05-201h 59The Promote PodcastJona Rechnitz's Uncut Gems & Skyscraper Structural CorruptionThis week, we dive into the tangled web of Jona Rechnitz, 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 Floyd 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 whereever he goes but keeps escaping any real consequences. We also take a close look at a lawsuit that has cast a pall over B...
2025-05-1433 minThe Promote PodcastInside the Lending Game with Ran Eliasaf & Adam Neumann's Divine FlowThis week, Northwind Group's Ran Eliasaf, one of the most active private lenders in New York real estate, gives us an inside look at the debt game – the returns, the structures and the nuances of funding some of the city's most high-profile projects. He walks us through the capital stack of the supertall condo tower at 125 Greenwich in particular, building on our discussion from last week. Will and Hiten also chop it up on Adam Neumann's latest venture, Flow, a multifamily operator that is bleeding money all over the place, but STILL manages to raise more venture capital. A bi...
2025-05-0727 minThe Promote PodcastInside a Supertall Capital Stack & Newbond's Hotel FlyerThis week, we chat about a fascinating hospitality deal, Newbond swooping in to buy almost 9% of San Francisco's hotel stock in one megadeal. It’s one of the city's biggest hospitality real estate plays in a decade. We look at the aftermath of Carl Icahn's failed big short on malls, and his vendetta against special servicer Rialto. We then dive into a supertall capital stack – 125 Greenwich Street has seen New York's most famous and infamous names pile in. A big thank you to our sponsor for this episode, AirGarage – find out more about their full-service parking management solution at Airgar...
2025-04-3026 minCitadel DispatchCD157: NVK - COINKITE AND SELF CUSTODYNVK is the cofounder of Coinkite, the leading bitcoin only hardware provider in the industry. Coinkite's Coldcards are the easiest way to secure bitcoin and provide users a variety of features depending on their personal situation. We discuss his product philosophy, the state of self custody bitcoin adoption, and future outlooks. Disclosure: Ten31 is the exclusive investor in Coinkite.NVK on Nostr: https://primal.net/nvkCoinkite: https://coinkite.com Ten31: https://ten31.xyz OpenSats: https://opensats.org EPISODE: 157BLOCK: 894522PRICE: 1050 sats per dollarVideo: https...
2025-04-301h 50The Promote PodcastThe Rise of Pref & Meridian Out of Agency JailThis week, The Promote dives into the proliferation of preferred-equity deals in the CRE market – why are they suddenly everywhere, and what investors need to think about before doing them. We then dive into Meridian Capital Group being cleared for business by Fannie Mae, ending a year-plus period on the ice with the agency. Where does the brokerage go from here? And finally, we look at the walloping the tariffs have given the formerly exuberant CMBS market.Â
2025-04-2326 minThe Promote PodcastTariff Terror, $11,000 psf condos & Starwood's land betsThis week, we discuss the fear & loathing set off in the CRE markets by the Trump tariffs, looking at the impact both on fund managers and on developers – construction costs are "completely a swag" as co-host Will puts it. We then look at Miki Naftali's megabet on a Fifth Avenue condo site where he believes he can set a new high-water mark – $11,000 per square foot – on pricing. We touch upon Floyd Mayweather's shady Upper Manhattan deal, and finally, we chop it up on Starwood's latest land play.Â
2025-04-1627 min
The Promote PodcastGary Barnett: The Father of Billionaires' RowIn this special edition of the Promote Podcast, we dive into the singular career of Gary Barnett, the diamond trader who birthed Manhattan's Billionaires' Row and has consistently pulled off the most audacious high-wire acts in the real estate development game. We trace Barnett's origins, from his days as a diamond dealer in Belgium to his early days in New York real estate. We then dive into 2 of his most iconic deals: the creation of One57, the luxury condo that kicked off Billionaires Row; and the Ring portfolio masterclass, the takeover of 1 million square feet of prime Manhattan office...
2025-04-0929 min
POWERS#382 - Hiten Samtani - Founder @ ten31 Media - CRE is the Ultimate Business BloodsportHiten Samtani is the founder and editorial director of ten31, a new media company focused on market-moving insider coverage of the most important and least understood industries. He is the author of The Promote, a newsletter that readers have likened to commercial real estate's answer to Matt Levine's "Money Stuff," and a publication that has built the most highly engaged audience in B2B media (open rate: 70%). Hiten founded ten31 after a decade at The Real Deal, where he ran the newsroom and shepherded coverage of the most important stories in real estate.Chris a...
2025-04-081h 07POWERS#382 - Hiten Samtani - Founder @ ten31 Media - CRE is the Ultimate Business BloodsportHiten Samtani is the founder and editorial director of ten31, a new media company focused on market-moving insider coverage of the most important and least understood industries. He is the author of The Promote, a newsletter that readers have likened to commercial real estate's answer to Matt Levine's "Money Stuff," and a publication that has built the most highly engaged audience in B2B media (open rate: 70%). Hiten founded ten31 after a decade at The Real Deal, where he ran the newsroom and shepherded coverage of the most important stories in real estate.Chris a...
2025-04-081h 07The Promote PodcastCrowd Comes for CrowdStreet & LifeCo Lenders RoarThis week, we break down CrowdStreet playing the victim card in CRE's biggest-ever crowdfunding scam, perpetrated by Elie Schwartz. We riff on why CMBS is rearing its head in development deals, and how private equity reimagined life insurance as a perpetual source of capital for its private-credit bets. Plus: A Manhattan REIT's nepotism playbook. Further reading: https://ten31.beehiiv.com/p/crowdfunding-scam-highlights-the-goldman-mistress-back-channel#7-highlights-from-cr-es-biggest-cro https://www.wsj.com/finance/investing/missing-millions-and-a-rabbinical-arbitrator-real-estate-deal-gone-bad-hits-popular-crowd-funder-3555314fhttps://www.bisnow.com/national/news/capital-markets/crowdstreet-accused-of-raising-securities-without-a-license-in-class-action-128551?utm_source=ten31.beehiiv.com&utm_medium=referral&utm_campaign=s3-s-sizzle-silber-gets-off-easy
2025-04-0219 min