Podcast Summary: The Promote Podcast

Episode: "A Condo Kingpin’s Next Act and Proptech Falls off the Wall"

Date: January 28, 2026
Host: Hiten Samtani (“Bard of CRE”)
Co-host: Will Krasne
Theme: Behind-the-scenes deep dive into the most dramatic developments and personalities shaping Commercial Real Estate (CRE) today.

Episode Overview

This episode offers high-energy, insider commentary on three defining stories in commercial real estate: a major comeback by a notorious New York condo developer, a reality check for the so-called PropTech revolution, and bite-sized dispatches on new market turmoil. Hosts Hiten Samtani and Will Krasne combine irreverent banter with deep domain knowledge, bringing context and color to CRE headlines for industry insiders.

Key Discussion Points and Insights

1. Quickfire CRE News Roundup (03:00–09:10)

• Scott Everett’s S2 REIT Scrambles for Capital

  • S2, known for creative deal structures, now must raise $70M in preferred equity at an eye-popping 18% return, under threat of fire-sale disposals.
    • "They basically need to raise about $70 million in pref. And they're promising 18% on that pref... if they didn't get this, they're going to have to sell stuff at a 5.5 cap, which wipes 60 to 75% of their equity." — Hiten (04:02)
  • LPs unsettled, with serious consequences for failure to recapitalize.

• Charles Cohen’s Legacy Properties in Crisis

  • Major Manhattan asset (750 Lex) turns over to US Bank for $1,000 — a public mark-down for a storied owner.
    • “He’s got $187 million in personal guarantees... Fortress is not having it. They’re basically saying you’re not fit to sell your own assets because you’re not getting the prices that you should be.” — Will (05:26)

• Blackstone’s Willis (Sears) Tower: An Office Wobble

  • Once-iconic asset now hamstrung by $1.3B in debt, with buyers scarce and cash flow bifurcated by tourist “skydeck” revenue vs. traditional NOI.
  • Institutional sellers like Blackstone try to distance themselves: “So everyone knows, office is 2% of Blackstone's portfolio.” — Will (07:28)

• A Rare $300/PSF Lease at San Francisco’s Transamerica Pyramid

  • Michael Shvo lands a headline-grabbing lease, but at only 4,000 square feet in a 1.6M sf tower, highlighting the market’s ongoing struggles.
    • “It is just tremendous that this is leading everything. When it’s 4,000 square feet in a 1.6 million square foot building.” — Will (08:40)
  • Hosts gently rib the tendency to “spin” minor good news in tough times.

2. Zeil Feldman’s Wild Rise, Fall, and Reinvention (10:14–21:35)

• From Manhattan Alpha to Affordable Housing Silent Partner

  • Zeil Feldman, once king of New York’s luxury condo rush, endured a spectacular crash amid the 2020s downturn.
    • “Zeil was really one of those guys... the mid-2010s, when it was Asian capital flowing into New York like there was no tomorrow... he was really the guy who would pay insane prices.” — Will (11:01)
  • His ex-firm HFC crumbled in scandal:
    • Silver-tongued lieutenant Nir Meir’s crimes (fake wire codes, hiring actors to impersonate investors, investment-grade wine and gold bullion) led to fraud conviction and lurid headlines.
      • “People don’t fake wire transfer codes. They don’t hire people to, like, fake Korean accents.” — Will (14:03)
      • “He camps out in a $150,000 a month Miami beach rental. He’s going to ZZ’s club. He’s just living hard in Miami at this point.” — Will (15:27)
  • Notwithstanding the chaos, Zeil was never implicated; he reemerges, steering clear of limelight but strongly involved (through family and loyal ex-staff) with Good Homes, a nationwide affordable housing developer.

• Good Homes: A Contrarian Play

  • Target: Extended stays, distressed hotels, medical facilities; conversion to workforce housing (studios, one-beds targeting 60–120% AMI residents).
    • “Their buy box is essentially extended stays, distressed hotels and medical facilities... focused on converting those into multifamily which are targeted at folks making 60 to 120% of AMI.” — Will (17:14)
  • Exploits tax-exempt bonds and public-private structures, echoing prior Texas deal playbooks.
  • Notable: Feldman keeps his own name off the public docs, but daughter Leila and son Adam serve as front-facing principals.

• Memorable Metaphors:

  • “This is like when a heroin addict like finds religion and becomes a priest.” — Will (17:09)
  • “You’ve got to keep the flow of money going to create that illusion that everything is okay — as long as the money’s flowing all sins are forgiven in commercial real estate.” — Hiten (14:08)

3. PropTech Hits the Fundraising Wall — Fifth Wall’s Reckoning (22:40–33:50)

• What is PropTech and Why the Cold Shower?
  • PropTech (property technology) sold to VCs as “the next big thing,” historically billing real estate as ripe for technical disruption.
    • “A lot of LPs have been asking... what is proptech?” — Will (22:40)
  • Fifth Wall, sector rainmaker with $3B AUM, halts fundraising of latest $500M vehicle amid underwhelming investment outcomes (notably, a string of high-profile SPACs collapsing post-IPO).
    • “They raised a ton of money over a bunch of funds and at one point had pretty serious mark to market. They were huge in the SPAC.” — Will (25:34)
    • “Doma, Hippo, Opendoor... they were down 85, 85, 90, 95%. Smart Rent was at risk of being delisted, but hemorrhaged money for investors.” — Hiten (31:06)
  • Analysis: Tech can be more hype than substance in property operations due to thin margins, low owner adoption, and limited “right tail” outcomes.
    • “Real estate’s a shitty business. It is super capital intensive. Margins are not great, really low return on equity. And so every dollar that you’re spending on Domo, whatever that is, or Hippo... you have to get significant dollars back. And in a lot of cases you don’t.” — Will (27:06)
    • “If you’re a landlord, all you care about is: will it either make you more money, or save you money?” — Hiten (28:24)
  • Fifth Wall’s future: Now in “workout” mode, not actively fundraising. Host speculation on whether they can preserve any investor capital and rebuild their reputation.
    • Memorable: “It’s really easy to be on LinkedIn... flying all over, posting about your wins... It is really hard to sit there and make no money and just work and stare at it for two years, three years, four years, five years... If you can do that... people remember that and you can build a firm.” — Will (33:37)

Notable Quotes & Memorable Moments

• On Feldman’s Redemption Arc

  • “Whatever you do in life, you’ve got to attack it with full zeal. Even if you move from sexy condos to unsexy rundown hotels.” — Hiten (33:51)

• On CRE Survival

  • “This is not a great outcome, but you give him [Scott Everett] credit because he’s alive and that’s really hard. There’s a lot of people who aren’t.” — Will (04:29)

• On PropTech Realities

  • “The thing that’s gotten missed with PropTech is that real estate’s a shitty business… every dollar that you’re spending on Domo, or Hippo, or Smart locks, whatever… you have to get significant dollars back. And in a lot of cases you don’t like even think about something like Latch.” — Will (27:06)
  • Quoting Logan Roy: “There’s this fancy new business theory. It’s called: make more than you spend.” — Will (28:29)

• On Gimmicks in CRE Fraud

  • “You’ve got to keep the flow of money going to create that illusion that everything is okay, as long as the money’s flowing. All sins are forgiven in commercial real estate.” — Hiten (14:08)
  • “He [Nir Meir] camps out in a $150,000 a month Miami Beach rental... spending hundreds of thousands of dollars a month on wine, I believe. Sorry, it’s investment grade wine.” — Will (15:27, 15:45)

Topic Timestamps

• 03:00 — S2 REIT capital crisis and creative structures
• 04:59 — Charles Cohen’s $187M personal guarantees and 750 Lex return
• 05:55 — Willis (Sears) Tower: Blackstone’s struggle
• 07:51 — Michael Shvo’s $300/sf lease in Transamerica Pyramid
• 10:14 — Zeil Feldman’s career: high-flying days, HFC crash, NIR Meir saga
• 14:08 — NIR Meir’s fraudulent tactics (fake wires, actors)
• 15:27 — Meir’s “YOLO” lifestyle post-collapse
• 17:14 — Feldman’s move to affordable housing (Good Homes)
• 18:46 — Details on workforce housing, public financing
• 19:55 — Family involvement and old HFC crew reunited
• 22:40 — PropTech primer and Fifth Wall’s halted fundraising
• 25:34 — Fifth Wall’s VC approach and failed outcomes
• 27:06 — The economics of proptech for landlords
• 31:06 — PropTech’s post-SPAC losses
• 33:37 — Character of sponsors during hard times

Conclusion

This episode masterfully weaves together industry war stories, sharp analysis, and sarcastic banter, making it a must-listen for CRE insiders. The hosts shine a light on the reputational seesaw of legendary dealmakers, the myth-making of tech innovation in property, and the hard financial truths often glossed over by hype. Their frankness, humor, and deep connections deliver both entertainment and hard-won wisdom for listeners hungry to understand what’s really moving the market.