The news that was telegraphed a year ago is finally official: Barry Gosin is stepping down as CEO of Newmark, ending a 45Y+ tenure atop a firm that he MacGyvered via M&A and talent acquisition into a proper contender. The 75 YO is getting his flowers on the way out – this piece reads like an eulogy – and will get the additional ceremonial tribute of being named chairman of Newmark’s opco when he steps down. Left mostly unsaid is that since Newmark went public in Dec. ‘17, its stock is basically flat, vastly underperforming bigger rivals such as CBRE and JLL as well as the S&P 500 (see chart after the jump). When you’re public, that’s the main yardstick investors care about.

So, what comes next? Newmark retained an exec search firm last summer, setting the stage for today’s announcement, and says it will announce a CEO successor by year’s end – it’s a tad curious that one’s not already lined up. The money up for grabs is likely to be substantial, w/ Gosin currently banking ≈$17.5M. The mandate, however, is fuzzy: Because despite the quarterly earnings and all the pomp & circumstance that comes w/ being publicly traded, Newmark at the core is a Lutnick family enterprise: Any CEO answers to Howie & Sons ™ .

Said one company insider of the situation: “It’s like Weekend at Bernie’s.” 👇

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As it stands, the firm runs day-to-day as a loose coalition of alpha dealmakers, rather than by the more management-driven playbook of its main rivals – this dramatic lawsuit filed against Newmark and its co-head of capital markets Rob Griffin showcases the downside of that dynamic.

Last May, Howard Lutnick, our current U.S. Secretary of Commerce, divested his interest in Cantor Fitzgerald, the holdco that effectively controls Newmark through Zuck-esque voting shares. He installed his sons Kyle & Brandon Lutnick as heirs-apparent, and the chatter at Newmark has since been about how extensive a role would the lads play. Installing Kyle as CEO of a pubco w/ real ambitions would have been blasphemous; he previously worked as a retail broker at Newmark and put in some time at Newmark-controlled co-working firm Knotel, hardly the resume of a Wall Street whisperer. So instead, in May, he was bequeathed the title of Chief Strategy Officer, a move that gets him into Newmark’s C-suite without inviting too much shareholder heat. His younger brother Brandon, who’s said to have more of Howie’s trademark swagger, chairs Cantor. Together, they represent a “my name’s on the door” dynamic that any incoming CEO would have to navigate.

If an exec is willing and able to do that, though, there is plenty to chew on: Newmark has stacked its roster w/ veteran rainmakers (Harmon, Spies, Goldmacher, Roeschlaub, Doneger etc. etc.) and many promising starlets (Scribani, Warin, etc.). and has been punching well above its weight in the 2 most important practices of the moment – debt advisory & data centers. In multifamily I-sales, too, the firm’s had a banner ‘26 so far, w/ REA reporting that it knocked CBRE off its perch for the first time ever in H1, largely on the strength of its senior-housing practice 👵 ( So much of investing is what you can get the institutional powers that be to bless, and REA noted that sr. housing’s inclusion in NCREIF’s primary property index in ‘24 made it kosher for pensions, insurers and megafunds.) Company-wide, the firm reported revenues of $884M in Q2, a new high. It’s been regularly picking up smaller firms to beef up its business lines – a management consulting business here, a development-advisory there. The overall vibe, emphasized by insiders, is that this is a scrappy firm that has the talent & desire to go upmarket and make something great happen – if the Lutnicks allow for it.

Also see: The Promote’s detailed breakdown of the Eastdil-Savills merger, and even more context on the pod

This week on the pod, it’s Pt. II of The Promote’s special episode on the family behind Olympia & York. We do a tick-tock of how the Reichmanns pulled off the CRE deal of the century (Insiders: Detailed written play-by-play here 🔒 ), buying 10M sf of prime Manhattan office space for just $33/ 🦶 Then, they go even bigger: the World Financial Center in Battery Park City is a showcase of their risk appetite, design savvy, and creative leverage coming together at scale. We also look at their legendary corporate-raiding alliance with the Bronfman family.
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1) Bravo Capital, a leading HUD and bridge lender.
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3) Real Property Captive, the first group captive insurance for mid-market owners.

Listen on Spotify here, YouTube here or Apple Podcasts here. Brands: To get in front of our obsessed audience of CRE insiders, reach out here.

We went in-depth last month on a big arbitration dispute at DigitalBridge (a soon-to-be SoftBank joint), half because CRE titan Tom Barrack’s high-profile ‘21 arrest featured prominently, and half because of how much it said about the always-germane issue of fund carry – who’s entitled to it, what it’s worth, and whether it can be taken away. The confirmed judgment ordered DigitalBridge to cough up monetary damages + award full carry to key Barrack lieutenant Jonathan Grunzweig, but, as we wrote: “A comprehensive judgment is one thing; getting paid quite another.” Now, the Marc Ganzi-led DigitalBridge has filed an undertaking on appeal, posting a $21M statutory bond (the required 1.5x monetary judgment) as part of the process – if the appeal fails, that money’s there to collect against. Quinn Emanuel’s now on the case for DigitalBridge, which reminds us: The world needs a Promote-style rundown of the CRE legal landscape. 💼

On Monday, we reported that Michael Stern’s JDS, w/ Jeff Soffer’s Fontainebleau now on board, was finalizing a ≈$1.3B financing package for the Mercedes-Benz branded-condo project in Brickell. Got a bit trigger-happy with the wording; should’ve made clear that that amount includes the equity. The debt stack, as it stands, is as follows – keep in mind that this is a live deal and stuff can change.

• $800M+ from JPMorgan - would set a new record for South Florida
• ≈$250M C-PACE from Nuveen Green Capital

Soffer is also in on Stern’s other branded-condo adventure in that market, the D&G at 888 Brickell, The Promote understands. Expect some news on that capstack soon.

Syndicator hangover: We’ll have more on this Monday, promise – def need a broader story on multi syndicators being pursued by lenders/fighting back. Lurin (Jon Venetos) is moving to block a foreclosure on a St. Petersburg complex by lender Bridge (an Apollo joint), filing a Ch. 11 petition. Pairs w/ FNMA/Stalcup PG action 🍷 🧀