After a telenovela’s worth of barbs and posturing by the mayor, the developers and the country’s foremost edgy hedgie, the capstack for 350 Park Ave is beginning to come into focus: Vornado exercised its option to take its max 36% stake, KG will own 60% and the Rudins a 4% sliver. Citadel will anchor the tower w/ 1.05M sf, though we’d wager our entire Kalshi purse that it’ll eventually upsize – New York is still, and will always be, New York. Steve Roth says that the team’s lining up a $3.3B construction loan (53% LTC, $1,700/ 🦶 loan basis), and that both VNO and KG will call the shots. Roth’s also teasing a possible “club deal” to sell a 25% stake to FOs and such, which would allow the developers to take a few chips off the table at a nice mark-up. Given where Manhattan office rents are – firmly in the $200s/ 🦶 era for single-malt buildings ™ , w/ a handful of vanity spaces breaking the $300/ 🦶threshold – going all-out here was an opportunity too good to pass up.

A quiet man sought to make the canary sing. And it did, eventually, but at a cost so terrible that it brought down one of history’s greatest real estate empires. 🐦

The Promote’s trilogy on the family behind Olympia & York concludes with the megaproject that brought down the empire: London’s Canary Wharf. Everything that had brought the Reichmanns to these heights – the creative financing, the cinematic self-belief, the ability to convince others they could pull the impossible off – worked against them here. Featuring all-time characters like Kentucky hustler G. Ware Travelstead, Canadian pirate Robert Campeau and the Iron Lady herself, this is the climax of one of the most epic journeys in all business.

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

For those who came in late: Pt. I (Apple, Spotify, YT) Pt. II (Apple, Spotify, YT)

Controller: Josh. Need to figure out Cash.
Schuster: Where did the $600k go from last week?? I’ll be at the office shortly. We need that [Investor C] deal to close. - SEC complaint

Silverback Development’s Josh Schuster was sentenced to 4Y in federal prison Tuesday for defrauding investors in a multi-year Ponzi scheme. Schuster, per prosecutors, told investors that their funds would be equity/pref in his splashy Manhattan development projects, but funneled much of those monies into his own pockets. His strategy in court was to try to convince the judge that he had committed those crimes while battling drug & alcohol addiction (telling his wife he used coke to stay awake for investor calls in int’l time zones 🎱 ), but the judge, Valerie Caproni, didn’t go for it. “The issue with fraudsters is that it’s really hard to know whether you’re being sincere,” Caproni said, per TRD’s courtroom dispatch. We’ve podded on the case before because of how universal this story – young hotshot w/ undeniable fundraising talent betrays his investors to bankroll a YOLO lifestyle – feels.

Side hustle: We are a multigenerational owner of a Manhattan portfolio that spits out so much cash that our scions can go toe-to-toe in a champagne-off with a Malaysian playboy (now fugitive) in St. Tropez, and we also putz about in AI 🧠

Away from the harsh glow of Wall Street, one of the more audacious empire-building experiments in multifamily is underway: GO Residential, a REIT launched by Meyer Orbach & Josh Gotlib that raised $400M+ in an IPO on the TSX 🍁 , has been on an acquisition tear across New York since going public. And now, with many of its fellow REITs in all kinds of pain, it’s found an opportunity to shop wholesale in the Sunbelt. The announcement’s here, and the deets are worth detailing. Insiders, read on:👇 🔒