The Promote Podcast
Episode: Mailbag – CRE Casting Couch, Return-Immune Investing & Best Dumb-Guy Sectors
Host: Will Krasne (solo)
Date: December 5, 2025

Episode Overview

This episode features co-host Will Krasne solo as he tackles a listener mailbag—promising unfiltered, candid, and at times very “inside” takes on commercial real estate (CRE). The episode spans gossip on real estate dynasties, CRE reality TV casting, the best “dumb-guy” sectors, laundering through NIL versus condos, and infamous shady figures in the industry. Will’s signature mix of dry wit, deep market insight, and CRE war stories shines throughout, offering a blend of genuine industry analysis and playful banter for insiders.

Key Discussion Points & Insights

1. Stefan Soloviev and Real Estate Dynasties

(01:20–04:00)

• Will discusses the intrigue surrounding Stefan Soloviev, heir to the legendary Sheldon Solow.
• Key points:
  • Stefan is “enthralling,” with a complex relationship with his father and an unconventional, independent approach.
  • Inheritance complications: Selling assets—including legacy office buildings—to cover “astronomical” estate taxes.
  • Admiration for Stefan’s pivot: He’s now one of the largest landowners in Wichita, with major farming and grain trading operations, plus a significant presence in the North Fork winery scene.
• Quote:

  “He’s got cheaper by the dozen amount of kids. Also like pretty handsome, dashing, very charming in person. So really excited to see what he continues to do over the next coming decades.” — Will (03:23)

2. The Million Dollar Listing (CRE Edition) Casting Couch

(04:00–05:47)

• Will builds a fantasy cast for a hypothetical CRE reality show. Emphasis on drama, larger-than-life personalities, and regional coverage.
• Picks:
  • Aby Rosen (NYC): “He’s got everything. Nebulous amounts of money. On Instagram all the time. Doesn’t seem to actually be doing any real estate, but owns a lot of stuff. Definitely going to bring the drama.” (04:10)
  • Rick Caruso (LA): “Probably the most successful out of all these guys… you could film a lot of episodes at The Grove, at lunch, getting sloshed, throwing wine…” (04:35)
  • Ray Washburne (Dallas): “Big Texas guy… owns the Village…on TikTok talking about how he bought it in the recession. I think Ray would be a great stealth character who maybe steals the show.” (05:13)
  • Gil Dezer (Miami): “Hard to find a more entertaining guy… watched him on Instagram talking about a concrete pour, and it was riveting.” (05:49)
• Quote:

  “Wild card, bitches.” — Will (05:46)

3. CRE Investment in NY-Penn League Towns

(06:47–09:53)

• Listener asks: If you had to invest in one NY–Penn League town, which would it be (excluding Brooklyn)?
• Will’s take:
  • Weighs industrial in Aberdeen, retail in State College, but ultimately picks Hudson Valley for its “sexier” potential—suggesting an experiential 5-star hotel.
  • “Even though I think you probably do make the best risk-adjusted returns in Aberdeen, but sometimes you gotta really go for it.” (09:04)

4. The Worst Actors in Real Estate

(09:53–10:02)

• Responds to: “Who is the biggest piece of shit in the industry?”
• Will notes the seriousness of landlords who harm tenants — manipulating repairs, turning off heat, aggressively pushing vacancy decontrol for profit.
• Quote:

  “To really be like a giant piece of shit in real estate, you have to harm people in residential. It’s a huge responsibility providing homes for people…” — Will (09:56)

• [Mic briefly cut by co-host Hiten for legal reasons.]

5. If Returns Didn't Matter: The Dream Investment

(10:02–12:39)

• Q: If financial performance was irrelevant, what trophy asset would you buy?
• Will’s passion: Belmond Hotels, especially Splendido Mare in Portofino.
• Idolizes legendary hospitality, old-world glamour, Loro Piana sheets, and over-the-top service.
• Memorable story about a minor dinner complaint leading to the restaurant reopening just to serve them dessert.
• Quote:

  “To me, Belmond. And if I had to pick one specific asset, it would have to be Splendido Mare. We did our honeymoon there… everything is perfect. Like the sheets are incredible. God. What’s the brand of sheet? The homegood brand. Fuck. Hold on. Yeah. Loro Piana bed sheets.” — Will (11:19)

6. The "Dumb Guy" Sectors in CRE

(12:48–16:28)

• Which areas in real estate are “easiest for dumb guys to win”?
• Will’s take:
  • Any sector with massive liquidity and simple narratives attracts “dumb money” — previously industrial, now datacenter land.
  • Tenant rep brokerage: “You could have like three clients and it’s just like the best annuity… Just make like $2 million a year. No sweat. Did not have to be smart. You probably had to belong to a lot of golf clubs.” (13:36)
  • Land sales: High commissions, non-institutional sellers, deals take years, but a couple big ones can make a career.
• Balanced by acknowledging the interpersonal challenge: “Don’t underestimate how talented those types of guys are… being a person in the world—that is really difficult.” (14:50)
• Quote:

  “We got into real estate to avoid math.” (13:52)

7. Best Sector for Money Laundering: NIL vs. Condos

(16:28–16:57)

• Listener asks about UTEP’s rumored NIL-money laundering, and which is better—NIL or condos.
• Will: Condo projects are the clear winner for quietly moving large amounts of equity, with less scrutiny and more “vague” transactions. NIL will likely be regulated soon; condos fly under the radar.
• Quote:

  “With condos, you can put in a huge amount of equity, lose 20, $30 million in a project, like, no one’s going to notice.” (16:45)

8. Favorite “Questionable Motive” Manhattan Projects

(16:57–18:55)

• Will lightly ranks CRE projects likely done for capital movement, not profit.
• Top picks:
  • Baccarat Hotel: “There was economic basis for owning that, but really it was a way to just sort of get cash into the United States system. Not criminally, just from a logistics perspective.” (17:39)
  • “Look up and down 57th Street… none of these really made economic sense, you know, maybe 157 early on. Beyond that, I think all of those are sort of an excuse for folks to move cash.”
  • Equinox Hotel / Hudson Yards: “Makes absolutely no sense. That Starbucks is busy, I know, but… fully leased, that’s gotta be like a one cap, one and a half cap…” (18:23)
• Quote:

  “Every which way but loose is that. That’s a movie, right? Burt Reynolds.” (18:11)
  “Sorry Armano, it’s Clint Eastwood, not Burt Reynolds.” — Hiten (18:13)

Notable Quotes and Moments

• On the “dumb guy” premium:

  “We were smart, we’d be doing options or commodities or something more complicated. You get into real estate to avoid math.” (13:52)

• On CRE family drama:

  “It’s just funny to see what the next gen looks like in a lot of these cases. You’ve got some of these old families and they’re trying to live up to what dad did. And Stefan seems to be like, I’m going to do exactly the opposite.” (03:40)

• On hospitality dreams:

  “If you ask me what my goal is, it is to become wealthy enough to be a hotel investor myself.” (10:26)

Timestamps for Key Segments

• 00:57 — Will’s mailbag intro; anti-snail-mail rant
• 01:20 — Stefan Soloviev discussion
• 04:00 — CRE reality show casting
• 06:47 — NY-Penn League town investment picks
• 09:53 — “Biggest piece of shit” in CRE (with legal editing)
• 10:02 — Dream deal if returns didn’t matter (Belmond/Splendido Mare)
• 12:48 — Best “dumb-guy” sectors in CRE
• 16:28 — NIL vs condo projects for laundering
• 16:57 — “Favorite” cash-moving Manhattan projects
• 18:55 — Will’s sign-off and community shoutout

Overall Tone & Takeaway

Will Krasne delivers a fast-moving, tartly funny mailbag pod brimming with industry gossip, shrewd takes, and war stories, purpose-built for CRE insiders. The episode navigates between sharp-edged industry commentary and breezy, irreverent humor, offering equal parts legit advice and behind-the-curtain entertainment.

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