The Frum Fraudfather & Pied à Terre Purgatory

This week, we finally tackle the story of Mark Nussbaum – the real estate attorney who became the nexus of the underground Orthodox CRE dealmaking world, facilitating hundreds of millions of dollars in deals and "show capital" before it all collapsed spectacularly in a wave of lawsuits, criminal fraud allegations, and even the suicide of a close collaborator, Mendy Steiner. Nussbaum's tale is a lens into the gray economy of the frum, where huge deals are often done on a handshake and under the aegis of a close-knit community. We also explore New York's new push for a pied-a-terre tax, which has serious momentum with Mayor Zohran Mamdani and Gov. Kathy Hochul in lockstep. Finally, we look at how Dubai billionaire developer Hussain Sajwani's luxury condo at the site of the Surfside tragedy has yet to sell a single unit – a new development launch is like an IPO - you only get one shot at setting the narrative.Plus, our Punch List rundown of the newsiest industry happenings: SREIT's $1.7B refi, SL Green's Hyundai Tribeca rescue, more Stargate troubles and Ares' C-PACE bet.Sponsors:1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.comFor feedback: Write us at [email protected] And please rate us and write a review on Apple.To advertise: Reach out to [email protected] your CRE game:  Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Here's 10% off on annual subscriptions: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:The Nussbaum-Steiner Escrow TrailDealmacher Nussbaum Charged W/ Grand LarcenyHush MoneyNussbaum's Firms File Ch. 11(Ephraim) Diamond in the RoughThe Pied-à-Terre Tax Has Failed Before. Could This Year Be Different?Tax The Rich: A Brief New York HistoryHabibi Come to Dubai Miami‘Donald of Dubai’: real estate mogul rubbing shoulders with TrumpTupac vs Biggie, CRE EditionzArjHivBrm11JMbA3M3Jf434hzO95GHzDxr0iwTG