Deconstruct

After two and a half years of reporting, The Real Deal's investigation into the Alexander brothers has reached a major milestone: Tal, Oren and Alon Alexander have each been sentenced to 30 years in federal prison.

But the story isn't over. Senior reporter and South Florida bureau chief Katherine Kallergis, who broke the original story, joins Deconstruct to take listeners inside the sentencing hearing, discuss the victims' emotional statements and examine the unanswered questions surrounding the brothers' connections to some of luxury real estate's most powerful figures. Who else knew what was happening? And could more people face accountability?

Plus, Lilah and Hannah unpack allegations that Flagstar Bank ignored warning signs of a massive real estate fraud, a $2 million country club initiation fee in Coral Gables, the passage of a watered-down version of New York City's COPA legislation and the eye-popping $6 billion price tag for JPMorgan Chase's new Manhattan headquarters.

With the 2026 midterm elections approaching, real estate has a lot on the line. But which races will actually make a difference for developers, landlords and investors?

The Real Deal's national managing editor Jerry Sullivan joins Hannah Kramer and Lilah Burke to break down the elections worth watching, from the mayoral showdown between Karen Bass and Nithya Raman in Los Angeles to key races in Texas and a consequential property tax proposal in Florida. They discuss the growing political backlash against data centers, the evolution of the YIMBY movement and why the real estate industry has struggled to flex its political muscle.

Plus, a bizarre alleged brawl at Manhattan's ultra-exclusive Aman Club leaves two real estate players banned, South Florida developer Alirio Torrealba faces lawsuits from lenders seeking roughly $81 million, and New York's iconic Plaza Hotel prepares to close for four years.

New York City's retail market is making a comeback, but not everyone is benefiting. As restaurants, Pilates studios, coffee shops and wellness businesses expand across Manhattan, traditional retailers and mom-and-pop stores are facing an increasingly difficult environment.

This week on Deconstruct, hosts Hannah Kramer and Lilah Burke sit down with Michael Miller, a retail broker at TSCG, to discuss the changing landscape of New York retail. They explore which neighborhoods are commanding top rents, why Times Square continues to struggle, how consumer habits are reshaping retail demand and what happens to all those empty banks and pharmacies.

Plus, Ryan Serhant's expansion into Chicago is shaking up the city's residential brokerage industry, with agents reporting bruising battles over commissions and listings. The hosts also unpack the latest litigation surrounding Floyd Mayweather's real estate investments and an FBI raid at a Brooklyn residence connected to Bert I. Dweck, who faces civil allegations of escrow fraud.

Deconstruct is a weekly real estate news podcast from The Real Deal. Tune in Mondays at 5:00 AM for new episodes.

Wynwood was once best known for warehouses, murals and street art. Today, it’s attracting billions of dollars from some of the wealthiest investors in Miami.

The Real Deal’s Iman Elshahawi joins Hannah Kramer and Lilah Burke to unpack the neighborhood’s rapid evolution following Ken Griffin’s $1.1 billion purchase of part of the Mana Wynwood portfolio. They discuss the arrival of major office, residential and retail projects; investments tied to Amazon, Adam Neumann and other tech billionaires; and the zoning changes that helped turn Wynwood into one of Miami’s hottest development markets.

They also look at what could hold the neighborhood back — including a 36 percent Class A office vacancy rate and some surprisingly significant transportation and infrastructure gaps.

Later, Hannah and Lilah examine how New York’s pied-à-terre tax is complicating multimillion-dollar divorces, the latest twists in a New York real estate family dispute, Floyd Mayweather’s dropped lawsuit against Jona Rechnitz and a $47 million arbitration involving Michael Stern, Silverstein and the Brooklyn Tower.

Could Sunnyside Yard finally become one of New York City’s next great mega-developments?

This week on Deconstruct, The Real Deal’s Lilah Burke and guest co-host Jake Indursky speak with New York Building Congress President and CEO Carlo Scissura about the decades-old dream of building a new neighborhood over the Sunnyside rail yard in Queens.

The proposal could create roughly 12,000 homes, but first New York would need to construct a platform over the active rail yard at a cost measured in the tens of billions of dollars. Scissura explains why the engineering may actually be the easy part — and why bringing together the federal government, New York State, City Hall, the MTA, Amtrak, local elected officials and the surrounding community could prove far more complicated. He also discusses lessons from Hudson Yards and Pacific Park, how long a project of this scale could take and why early community involvement matters.

Later, Indursky explains the real estate paradox behind Brooklyn and Queens’ so-called “Commie Corridor”: neighborhoods that have produced enormous amounts of private housing while increasingly supporting politicians skeptical of the real estate industry.

Plus, the latest on Marty Burger’s return to dealmaking, Mitchell Kossoff’s release from prison and the upcoming sentencing of the Alexander brothers.

The multifamily syndicator boom promised everyday investors a piece of the real estate gold rush. Then interest rates rose — and some of the biggest players began to unravel.

This week on Deconstruct, The Real Deal’s Texas Bureau Chief Jess Hardin joins Hannah Kramer and Lilah Burke to explain the rise and fall of S2 Capital and its founder, Scott Everett. Once one of the fastest-growing private companies in the country, S2 amassed a massive apartment portfolio as Everett became one of the most recognizable figures of the real estate syndication boom.

Now, investors have seen equity wiped out, properties have faced foreclosure and S2 has pursued a series of increasingly complicated strategies to keep parts of its portfolio alive. Jess takes us inside the financial fallout — and describes what she found when she visited an S2 apartment complex in Dallas.

Plus, Hannah and Lilah discuss the still-unopened Chobani House in Manhattan, the Ritz-Carlton residences coming to Brooklyn Heights, the Trump Organization’s latest international branding deal and the approaching sentencing of the Alexander brothers.

This week on Deconstruct, The Real Deal columnist Erik Engquist joins Hannah Kramer and Lilah Burke to explain why renovating New York City’s aging apartment buildings has become increasingly difficult.

Engquist breaks down the complicated web of rules surrounding substantial rehabilitation, rent stabilization, good cause eviction and demolition — and why he argues that current housing policy can leave owners with little incentive to undertake major renovations. What happens when aging buildings need substantial investment, but the economics of fixing them no longer pencil out?

Plus, Hannah and Lilah dig into one of Miami’s biggest potential real estate deals: Citadel founder Ken Griffin is rumored to be pursuing Moishe Mana’s roughly 30-acre Wynwood portfolio for between $700 million and $1 billion, potentially setting the stage for a massive tech and AI campus.

Also this week: Charles Cohen plots a South Florida comeback, Hackman Capital loses the $160 million Sony campus in Culver City, and the hosts look back at the real estate industry’s stories from September 11.

New York’s luxury rental market is reaching astonishing new heights. SERHANT broker Peter Zaitzeff joins Deconstruct to explain who is paying as much as $150,000 a month for homes in Brooklyn and Manhattan, why tech and finance wealth is fueling demand, and how the city’s severe inventory shortage could push rents even higher.

Zaitzeff also argues that the luxury market does not exist in isolation: Record-breaking deals at the top can influence asking rents across the city, making an already expensive housing market even less affordable.

Later in the episode, hosts Hannah Kramer and Lilah Burke examine dramatic new depositions from developers Meyer and Joseph Chetrit, who are facing more than $160 million in personal judgments. The testimony depicts a real estate empire that has run out of money — although lenders may question whether the brothers are overstating their financial distress.

Plus, Florida considers a proposal that could eventually eliminate property taxes for homesteaded homes, and former New York governor Eliot Spitzer gets approval to advance his Fifth Avenue condo project after suing the state.

Data centers have quickly become one of commercial real estate’s hottest — and most capital-intensive — asset classes. This week, Hannah Kramer and Lilah Burke talk with Colliers data center expert Raul Saavedra about what’s driving the boom, how AI has accelerated demand and why the scale of new projects is creating major challenges around power, financing and community opposition.

Saavedra takes us inside the increasingly complicated process of getting a data center deal done, as campuses grow from tens of megawatts to hundreds and project costs climb from millions into the billions.

Then, Hannah and Lilah dig into some of the biggest real estate stories of the week: Compass’ push to pull listings from StreetEasy and embrace private marketing, S2 Capital founder Scott Everett’s latest effort to keep his multifamily empire alive, and the transformation of Hollywood real estate as studios, landlords and developers chase the $70 billion creator economy.

A massive fraud case at one of Florida’s largest homeowners associations exposed just how vulnerable HOAs can be to bad actors.

On this episode of Deconstruct, The Real Deal’s Hannah Kramer and Lilah Burke talk with South Florida reporter Lidia Dinkova about the scandal at the Hammocks, a sprawling Miami-Dade community with more than 18,000 residents. Prosecutors accused former board members of diverting roughly $2 million through bogus vendors and kickbacks, while residents say they spent years trying to sound the alarm. The case ultimately helped spur sweeping changes to Florida’s HOA laws — but experts and residents say fraud remains a serious problem.

Plus, Hannah breaks down the long-running battle over Manhattan’s Elizabeth Street Garden and what its preservation means for New York City’s struggle to build affordable housing. The hosts also look at which real estate heavyweights are putting money behind candidates in California’s governor’s race, New York City’s latest record rents and a bizarre Miami lawsuit involving a 100-year-old oak tree, a spec home developer and allegedly forged signatures.

Consumers need to trust their real estate agents — but as more agents work the market than ever before, stories of bad behavior ranging from unfair dealmaking to sexual harrasment abound. In this episode of Deconstruct, Compass agent and American Real Estate Association (ARA) founder Jason Haber joins Lilah Burke and Hannah Kramer of The Real Deal to break down what’s broken in residential brokerage and how to fix it.

We get into:

• Why there are 5 million agents chasing fewer than 3 million deals a year
• How low licensing standards and part-time agents hurt consumers and the industry’s reputation
• Jason’s early pushback against Kenny Purcell and the National Association of Realtors (NAR) over sexual harassment and abuse
• Why self-regulation has failed, and what smarter state licensing and renewal rules should look like
• The debate over private listings, NAR’s Clear Cooperation vs ARA’s Clear Collaboration policy
• How industry consolidation (including at Compass) affects small brokerages and consumer trust
• What political and policy changes could actually make housing more affordable in New York and beyond

In the second half of the episode, we turn to two huge real estate stories:

• The rise and unraveling of Joseph Makhani’s $83M deed theft empire in New York
• The political and PR mess created by the pied-à-terre tax rollout
• The collapse of Simad Holdings’ $200M summer camp empire, DOJ investigations, and what it means for bondholders and beloved camps

If you work in residential brokerage, follow housing policy, or just want to understand why trust in real estate is so low — and what real reform could look like — this episode is for you.

Listen to Deconstruct from The Real Deal every Monday for deep dives on real estate, politics, and power.

A summer camp empire that owns roughly 30 camps across the U.S. raised nearly $200 million from Israeli bondholders—and then spiraled into bankruptcy just months later. Reporter Keith Larsen joins Deconstruct to unpack one of the strangest real estate-adjacent stories of the year, including a controversial $34 million transfer, aggressive lenders, and what happens next for camp operators, investors and families.

Plus, Hannah Kramer and Lilah Burke discuss how wellness culture is transforming real estate, from Hamptons luxury homes packed with saunas and cold plunges to the rapid expansion of luxury gyms and wellness-focused retail.

They also break down RXR's effort to sell Manhattan's iconic Helmsley Building, a major brokerage shakeup involving Christie's International Real Estate affiliates, and the closely watched manslaughter trial of Miami broker George Pino.

Artificial intelligence is already reshaping real estate — from buyers using ChatGPT to challenge brokers, to AI startups transforming the office market.

On this episode of Deconstruct, Hannah Kramer and Lilah Burke break down The Real Deal's latest reporting on AI's impact on residential and commercial real estate. They discuss how buyers and sellers are using AI during negotiations, why office landlords are chasing AI tenants, and whether artificial intelligence could fundamentally alter demand for office space.

Plus: Hannah argues that the era of Billionaires' Row may be coming to an end as developers behind projects like 432 Park Avenue and 111 West 57th Street face financial and legal challenges.

Also discussed:
• Compass-Anywhere merger antitrust investigation
• Bill Pulte's move in Washington
• California political races and housing policy
• Moody's warning on NYC rent freezes and multifamily defaults

AI #RealEstate #ChatGPT #CommercialRealEstate #NYCRealEstate #BillionairesRow #Compass #OfficeMarket

On this week's episode of Deconstruct, Hannah Kramer and Lilah Burke break down one of the strangest real estate stories of the year: Floyd Mayweather's lawsuit against former advisor Jona Rechnitz, alleging the theft of $175 million in cash, jewelry and real estate investments.

The hosts trace Mayweather's rapid expansion into New York real estate, including deals involving multifamily properties, the Versace Mansion and major investment partnerships, and discuss the unanswered questions surrounding those transactions.

They also examine Mayor Zohran Mamdani's ambitious housing plan and what it could mean for landlords, developers and rent-stabilized buildings across New York City. Plus, a deep dive into the Red Awards, real estate's most unusual gala, where elevator contractors, developers and industry hustlers gather for a night of recognition and networking.

On this episode of Deconstruct, hosts Lilah Burke and Hannah Kramer break down how New York City’s latest budget, tax proposals, and one high-profile Upper East Side building are reshaping the city’s real estate market — from rent-stabilized apartments to ultra-luxury rentals.

First, they unpack Mayor Zoran Mamdani’s executive budget, including:

• Why City Hall says it closed the budget gap without a broad property tax hike
• How the proposed pied-à-terre tax is expected to plug a $500 million hole — and why the industry is starting to accept it
• What $4 billion for HPD and another $500 million for apartment construction in FY 2031 could mean for New York’s housing pipeline
• The future of the CityFHEPS voucher program, where the administration hopes to cut costs via “management protocols,” rent reasonableness, and broker fees

Then, they dive into the Rent Guidelines Board and what a 0–2% proposed increase for one-year leases could mean:

• Tenant advocates pushing for a rent freeze or even a “rent rollback”
• Why rent-stabilized landlords are alarmed about rising operating costs with little room to raise rents

Hannah and Lilah also explore key tax incentives:

• The push to expand J-51: increasing abatements up to 100% of renovation costs and raising the eligible assessed value per unit
• The national “One Big Beautiful Bill Act” incentive that makes owner-occupied commercial real estate more attractive — and why more companies are buying their own office space

In the main story, residential reporter Jake Indursky joins to talk about 800 Fifth Avenue, a classic Upper East Side rental building once owned by Eliot Spitzer and now controlled by Miki Naftali:

• Why it’s considered one of the best remaining development sites in New York City
• How more than 200 wealthy renters are being pushed out to make way for what could become some of the most expensive condos in NYC
• The surprising reality that even $8,000–$10,000-a-month renters are struggling to find comparable apartments on the prime Upper East Side
• How some are reluctantly buying co-ops, paying $175,000/month at luxury clubs like Fasano, or even considering hotels like The Pierre and The Sherry-Netherland
• Why this “world’s smallest violin” problem still mirrors the broader rental affordability crisis across the city

Finally, Lilah shares her wildest real estate-adjacent story of the week:
A federal sextortion case involving Fortress Investment Group co-founder and Milwaukee Bucks owner Wes Edens, alleged extortion attempts by Sophia Luo, and how a private dispute spilled into the public eye via an FBI investigation and federal indictment.

Topics covered: NYC budget, pied-à-terre tax, CityFHEPS, Rent Guidelines Board, J-51 tax break, owner-occupied office space, Upper East Side rental market, 800 Fifth Avenue, Naftali Group, luxury renters, co-ops, Fortress, Wes Edens, sextortion case.

On this week’s episode of Deconstruct, hosts Hannah Kramer and Lilah Burke dive into the increasingly political world of New York City real estate.

They break down the latest developments surrounding New York’s proposed Pied-à-Terre tax, including new details about how the state may determine which luxury second homes are taxed — and why the logistics could still derail the plan.

The episode also explores rising tensions between the real estate industry and the administration of Mayor Zohran Mamdani. At The Real Deal’s NYC Real Estate Forum, protesters interrupted a panel featuring Related Companies CEO Jeff Blau over Hudson Yards subsidies, while developers and city officials debated rent stabilization, housing incentives like 485x, and whether City Hall and the industry can still work together.

Plus:
• Why Japanese investors are pouring billions into NYC real estate
• The Mamdani administration’s $31 million judgment against a Bronx landlord
• Steve Roth’s controversial comments about “tax the rich” politics
• What industry leaders really think about the future of New York development

If you want to understand where NYC real estate, housing policy and politics are headed next, this episode is for you.

On this episode of Deconstruct, hosts Lilah Burke and Hannah Kramer unpack the growing challenges for the Chetrit Group, longtime players in New York City real estate now dealing with lawsuits, alleged mismanagement, and mounting lender pressure. The episode takes listeners inside a tense courtroom auction tied to a $132 million judgment, offering a rare glimpse into how distress is playing out in real time.

The show also covers major headlines shaping the market: Gary Barnett’s acquisition of the historic Friars Club and what it signals for his Midtown assemblage strategy; uncertainty around a $2 billion Hudson Yards platform deal as political priorities shift; and CoStar’s sharp stock decline following its expensive push into residential real estate.

Plus, the hosts dive into the high-profile clash between NYC Mayor Zohran Mamdani and billionaire Ken Griffin, exploring what a proposed tax on ultra-wealthy homeowners could mean for New York — and whether it could push capital elsewhere.

This week on Deconstruct, hosts Lilah Burke and Hannah Kramer break down Governor Kathy Hochul’s controversial pied-à-terre tax proposal on luxury second homes, what it could mean for the NYC housing market, and why brokers and developers are worried.

They also unpack the guilty verdict against former Vornado executive Jared Solomon in a years-long fraud scheme involving fake brokerages and stolen company funds. Plus: Is Manhattan’s Third Avenue office market making a comeback?

Then TRD reporter Liz Cryan joins the show for an exclusive look at New York City’s booming private club scene—from Soho House and Zero Bond to the new wave of family-friendly clubs reshaping office towers, condos, and luxury real estate. Are private members clubs the future of urban amenities—or headed for a correction?

This week on Deconstruct, top luxury broker Frances Katzen joins the podcast to discuss the New York City luxury real estate market as spring selling season begins. She shares insight on inventory shortages, buyer behavior, new developments, international demand, and what both buyers and sellers should expect in the months ahead.

The episode also covers major real estate headlines, including guilty pleas in the Omnibuild fraud case, Cushman & Wakefield’s lawsuit against Sotheby’s over a $10 million commission dispute, distressed office deals in New York and San Francisco, and Zara founder Amancio Ortega’s growing global real estate empire.

Deconstruct breaks down the latest news on the Flatiron Building, a record lease at 9 West 57th, and a foreclosure at a car-branded condo in Miami. Plus, politics reporter Kathryn Brenzel joins the podcast to cover how new NYC Mayor Zohran Mamdani has fared in his first 100 days in office.