POWERS Podcast #382: Hiten Samtani – CRE is the Ultimate Business Bloodsport
Guest: Hiten Samtani, Founder @ ten31 Media
Host: Chris Powers
Air Date: April 8, 2025
Episode Overview
In this episode, Chris Powers sits down with Hiten Samtani, founder of ten31 Media and writer of "The Promote," a popular newsletter that has become the go-to read for insiders in commercial real estate (CRE). They dive deep into why CRE is the “ultimate business bloodsport,” the journey from immigrant outsider to industry insider, building a specialized media company, and what it takes to capture and craft engaging stories that matter. The conversation is a blend of media strategy, industry dynamics, and personal grit, featuring tactics, war stories, and practical advice on building narrative and influence in a tough, insular business.
Main Themes & Purpose
- The evolution of commercial real estate journalism and media coverage
- Building niche, B2B media with genuine audience engagement
- The role of narrative, storytelling, and ‘gossip’ in CRE
- Lessons in entrepreneurship, risk, and personal transformation
- Practical playbooks for using—and working with—the media as an operator
- Reflections on the current and future state of CRE and business journalism
Key Discussion Points & Insights
Hiten’s Path into Media and CRE
- Immigrant perspective: Growing up in Dubai, where "you can't really say anything of note of any kind" (05:45), Hiten developed a deep appreciation for the US free press and set his sights on journalism.
- Serendipity in education: Hiten’s path to Columbia Journalism School was a result of happenstance—he missed a ride, visited the school on a whim, and was admitted soon after (05:45–08:24).
- Early career hustle: Landed at The Real Deal (TRD) due to visa constraints and dove into real estate journalism—a sector he described as initially “a backwater of journalism” but quickly realized its centrality to money, power, and influence in cities (08:51).
Lessons from The Real Deal and Defining the Audience
- Understanding CRE as the ‘center’: Real estate encompasses politics, finance, business, architecture, and urban development (08:51).
- Audience evolution: Shifted from broad-market reporting to hyper-focused, insider content:
"I realized all I wanted to do was speak to you guys, and so that requires a whole new language, a whole new patois, a whole new kind of zooming into things that matter, and importantly, ignoring things that don't matter." – Hiten (08:51)
- Key buckets: Core day-to-day operators (developers, lenders, brokers) and “capital M Money” (sovereign wealth funds, large allocators, major asset managers) (12:42).
The ‘Promote’ Newsletter – Formula for Success
- Engagement through voice: The newsletter balances "gossipy" insider details on deals and structures with real analysis and technical depth (11:21).
- Entertainment vs. utility: Readers are split: "Honestly, it's 50/50... people appreciate the storytelling" (14:14), and open rates are an astronomical 70% in B2B media—a testament to how deep the audience connection goes.
- "Ultimate business bloodsport": CRE is obsessed territory, more like Wall Street “with no rules.”
Expanding Specialist Business Media
- Vision for ten31 & The Promote: Build “the Ringer for B2B media,” replicating the model in other wild, wealthy, under-regulated industries (e.g., private equity, the art market, oil & gas) (17:07).
- Content model: Specialized, personality-driven, hyper-relevant, with scalable "sauce" that’s tough to delegate:
"Teaching someone the information is easy. Teaching someone the sauce is a lot harder." – Hiten (25:39)
From Idea to Launch – Entrepreneurship in Media
- Taking the leap: Took a year to build the courage to leave a comfortable job at The Real Deal.
“At some point I was like, I'm just cheating myself. And as a result, I'm cheating them.” – Hiten (20:04)
- Bootstrapping: Started with minimal resources, a laptop, and grit—helped by early angel investments via network connections (notably at a Reconvene conference) and the safety net provided by his wife's corporate job (21:11–23:06).
- Writing before video: Pivoted from an initial, video-centric idea—found traction fast with deep, bold, irreverent writing (23:54).
How the Sausage Is Made: Sourcing & Reporting
- Two main strategies:
- Aggregation: Curate and extract the “nugget” from the mass of existing coverage—invert the narrative to center what matters to insiders (28:00–29:54).
- Industry sourcing: Lean on a vast web of private, trusted industry sources (from the highly placed to the grunt-level insiders) via WhatsApp, calls, DMs (30:27):
"I'm working the phones all the time. I'm talking to the kind of the ignored people in a transaction..." – Hiten (30:27)
- Snapshot coverage: Connect micro-markets with national narratives by drawing out the universal drama and creativity in deal-making (31:33).
Media Tactics for Operators: Playing the Game
- How to get covered:
- Know your goal—reach lenders? LPs? Just want a trophy profile? Pick accordingly.
- Research the right reporter and publication for your story’s angle.
- Never use generic press releases—custom narrative is everything.
- Center the pitch on “the most interesting nugget,” not your firm (48:54–52:27).
- On/Off the Record:
- Always clarify with journalists if you’re "off the record" up front.
- Understand the modes: on the record (fully attributable), off the record (no attribution or use), on background (sourced as “familiar with the company”) (55:50–59:12).
Memorable Moments & Notable Quotes
- Journalism as bloodsport:
“Real estate is like Wall Street with no rules.” – Hiten (17:07)
- On responsibility and risk:
"Running away from the weight and gravity is like a recipe for a shitty life, I think, and a shitty business... But if you're going to be spicy...that comes with an element of high wire act... Fuck it. You have to do it." – Hiten (47:00)
- Best use of media:
“Castle Systems... created an artifact. They created something called the Back to Office Barometer… The media eats that up… Next thing you know, you’re in the news, you’re the first call on industrial stories. You become the industrial whisperer.” – Hiten (54:00–55:40)
Key Themes in CRE & 2025 Outlook
- Themes:
- Collapse of regional banks and new capital sources (debt funds, private equity)
- Creative and sometimes predatory deal structures in a distressed market (e.g., rescue pref, syndicator disruptions)
- Regulatory gaming and loopholes (e.g., HFC tax perks in Texas, EB-5 visa evolution) (33:47–39:03)
- Real consequences for fraud and misrepresentation, with forthcoming reckonings (62:39)
- Being in media during downturns:
“From a narrative perspective, carnage is always interesting… We kind of became that source… But when the markets stabilize, there's going to be so many interesting storylines that are not about blood and guts.” – Hiten (63:39–64:19)
Memorable Story: The Law Firm Bris
- [64:39] Hiten recounts being invited to a circumcision ceremony inside a high-powered NYC real estate law firm boardroom—a unique blend of culture, business, and networking.
“There’s a lawyer standing next to me... says, ‘Just another day at [Law Firm]. Someone’s getting their dick chopped off.’” – Hiten (65:51)
Pivotal Timestamps
| Timestamp | Segment / Quote | | ---------- | ---------------------------------------------------------------------------- | | 03:06 | Hiten on crossing 16,500 newsletter subs & solving for the “water cooler” | | 05:45 | On immigrating from Dubai, developing love for the free press | | 08:51 | The real education from The Real Deal: CRE at the nexus of power and money | | 11:21 | Defining and understanding his audience | | 14:14 | 50/50 split: Audience wants both info and entertainment | | 17:07 | CRE as Wall Street "with no rules"; vision for Ringer-for-B2B media | | 20:04 | How & why Hiten finally left the Real Deal to start his business | | 23:54 | Pivot from video to writing during existential crisis | | 25:39 | “Teaching the sauce is a lot harder…” – on the challenge of scaling | | 28:00 | Two keys: aggregation & inside sources, respecting readers’ time | | 37:00 | HFC tax loopholes: "It's as legal as can be… and people love to read about it"| | 47:00 | “Running away from the weight and gravity… shitty life, shitty business…” | | 48:54 | Media playbook: utility, audience, custom pitch, avoid press releases | | 52:37 | Best example of working the media: Gary Barnett’s ski resort masterclass | | 55:40 | “Back to Office Barometer” / Castle's media secret | | 55:50 | Golden rule: on/off the record, on background | | 59:30 | 2025 themes: new capital, fraud reckoning, blood, guts, and carnage | | 64:39 | The Law Firm Bris story |
Tone & Language
- Direct, irreverent, energetic, and insider-driven—matching the “spicy” flavor of Hiten’s writing.
- Candid, jargon-inclusive, but always translating the insider talk for broader practical lessons.
For Listeners Who Haven’t Heard the Episode
This conversation is a masterclass in the alchemy of niche business media, the real power dynamics of CRE, and how to turn narrative and expertise into defensible value. It’s both a frontline business and media entrepreneurship story, as well as a tactical toolkit for operators who want to use, shape, or star in their industry’s narrative. By the end, you’ll grasp why CRE is “the ultimate business bloodsport,” and what it takes to win in a world where reputation, narrative, and a well-placed anecdote can be worth more than a press release or even a capital stack.
For the aspiring founder, operator, or anyone interested in how market insiders really build trust and wield influence, this episode is essential listening.
Notable Quotes Index:
- [08:51] – On the nexus of CRE and city power
- [17:07] – "Real estate is Wall Street with no rules."
- [25:39] – "Teaching someone the sauce…"
- [29:00] – "It's a deeply systemic issue..." (on media disconnection)
- [33:47] – On how to pick which stories get covered, and why
- [37:00] – "It's as legal as can be" (on HFC tax breaks)
- [47:00] – "Running away from the weight and gravity..."