No Cap by CRE Daily

Office Reinvention, Power Shortages, and New CRE Opportunities in 2026 w/ Jon Schultz

Season 4, Episode 12: Jack Stone and Alex Gornik sit down with Jon Schultz, Co-Founder and Managing Principal of Onyx Equities, one of the Northeast’s most active private real estate firms. Schultz—known for turning around complex office, industrial, and retail assets—shares how Onyx repositions properties, adapts across cycles, and captures value in a rapidly evolving market. From life sciences and medical office to AI-driven data centers, he breaks down the trends reshaping the tri-state region, the lessons learned from decades of leadership, and why success now depends on being “customer-obsessed.TOPICS00:00 – Introduction02:10 – Early Career and Founding Onyx Equities06:15 – Navigating Market Cycles and Value Creation09:30 – Office Market Shifts and Tenant Demand12:45 – Life Sciences and Medical Office Expansion17:40 – Inside the Data Center Gold Rush22:15 – Rates, Debt, and Opportunities Ahead27:48 – Tri-State vs. Sun Belt Market Dynamics34:05 – Leadership, Adaptability, and Lessons Learned42:30 – Building a Brand Tenants TrustShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

What It Takes to Modernize Commercial Real Estate Finance w/ Yaakov Zar, Lev

Season 4, Episode 11: Jack Stone and Alex Gornik sit down with Yaakov Zar, Founder & CEO of Lev, to unpack how a former tech entrepreneur is changing the way commercial real estate deals get done. Before launching Lev, Yaakov built and sold his first company, Dispatch, to Vista Equity Partners. Today, he’s at the center of CRE’s tech transformation—blending capital markets expertise with AI and automation to simplify how investors and developers secure financing. He shares the story behind Lev’s pivot from brokerage to software, what’s next for AI in real estate, and how data and design will define the next generation of real estate technology.TOPICS00:00 – Introduction03:00 – Startup Roots and Dispatch Exit08:44 – How Mortgage Frustration Became Lev’s Origin14:25 – Digitizing the Financing Experience19:45 – AI and the Future of CRE Software25:02 – How Lev Memo Is Changing Deal Execution31:10 – Agentic AI and Workflow Automation36:47 – Harnessing Data and Unstructured Information41:00 – Brokers, Efficiency and Industry Adoption45:18 – Building Great Software and Leading Through ChangeShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

He Built AREA15: Winston Fisher on the Future of Entertainment, Real Estate, and Las Vegas

Season 4, Episode 10: Jack Stone and Alex Gornik sit down with Winston Fisher, Partner at Fisher Brothers, one of New York’s most iconic private real estate firms with over 100 years of ownership, development, and management across the city skyline.Winston shares how he’s helping steer the fourth-generation firm into its next era. bridging tradition with technology and culture through projects like AREA15, the immersive entertainment destination in Las Vegas. He discusses innovation inside a legacy business, what it takes to keep a century-old brand relevant, and why experience is becoming real estate’s most valuable asset.TOPICS00:00 – Introduction02:18 – Growing Up in a Real Estate Legacy06:47 – Lessons From Family Leadership11:34 – Reinventing Fisher Brothers for the Future15:29 – The Story Behind AREA1521:02 – Real Estate Meets Experience and Culture26:48 – Why Creativity Drives Modern Development33:17 – Balancing Risk, Tradition, and Innovation39:10 – The Future of New York’s Urban Core45:26 – Leadership, Legacy, and Next-Gen VisionShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Seth Weissman On Building Urban Standard Capital: Relationships That Pay Dividends

Season 4, Episode 9: Jack Stone and Alex Gornik sit down with Seth Weissman, Founder and Managing Partner of Urban Standard Capital, to unpack how a former Goldman Sachs and Perry Capital investor built one of New York’s leading private-credit and development platforms. Weissman shares how his equity background shaped Urban Standard’s design-driven, relationship-first approach to lending—and why committed, discretionary capital wins in the middle market. He also reflects on his early West Chelsea bets, the transition from developer to lender, and how disciplined underwriting and creative structuring define USC’s edge today.TOPICS00:00 – Introduction05:04 – From Goldman Sachs to Perry Capital07:44 – First Deals and the West Chelsea Strategy13:32 – Raising Capital and Building Investor Confidence18:03 – Why Committed Capital Changes the Game21:59 – Inside the Middle-Market Lending Opportunity27:23 – Private Credit’s Rise and USC’s Playbook32:05 – Efficiency and Equity DNA in Underwriting35:11 – Market Volatility and the Case for Credit43:34 – Equity Returns with Credit Risk Protection47:32 – Culture, Partnerships, and Bean the Office DogShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Politics vs Housing: How NYC’s Mayoral Race Became a Battle for Affordability

Season 4, Episode 8: Jack Stone and Alex Gornik sit down with Alicia Glen, Founder of M Squared, former Deputy Mayor for Housing and Economic Development in NYC, and Co-Chair of the Gateway Development Commission, to unpack what it really takes to get housing and infrastructure built in America. Glen brings a rare insider view on how public and private sectors collide, the realities of financing affordable housing, and the lessons she learned managing the country’s most complex urban markets.She also shares how M Squared is reimagining capital to drive social impact while staying commercially disciplined, and what cities must do now to stay livable and competitive.TOPICS00:00 – Introduction02:10 – From Goldman Sachs to City Hall06:28 – Inside NYC’s Housing Agenda and Early Lessons10:15 – Building M Squared and Its Mission14:47 – Politics and Production of Affordable Housing18:59 – When Public and Private Sectors Collide23:40 – The Gateway Project and Federal Funding Realities28:22 – Market Constraints, Zoning Reform and Affordability33:31 – Structuring Capital for Impact and Scale38:26 – Lessons From City Hall and Cross-Sector Leadership47:51 – The Next Chapter for Cities and Urban DevelopmentShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Inside NMHC: The Fight to Build More Affordable Housing in the U.S.

Season 4, Episode 7: Jack Stone and Alex Gornik sit down with Sharon Wilson Géno, President of the National Multifamily Housing Council (NMHC), the leading voice for America’s apartment industry in Washington. She explains how NMHC is tackling today’s biggest issues—affordability, regulation, and capital—while separating signal from noise on rent control, tax policy, and the GSE debate. Expect practical policy ideas cities are using now (single-stair, fast-track permitting, Florida’s “Live Local”), why Section 8 modernization matters, and what’s really driving insurance and operating costs.TOPICS00:00 – Introduction01:12 – Career arc and why housing policy became the mission06:03 – What NMHC does and who it represents08:14 – NMHC–NAA partnership and three-level advocacy (federal/state/local)11:01 – Public perception, renters, and reframing the “American Dream”21:04 – Tax policy: carried interest context and a doubled LIHTC26:26 – Rent control myths and the Housing Solutions Coalition playbook33:06 – Real solutions: zoning fixes, single-stair, permitting, Live Local49:42 – GSE privatization chatter: constraints and market timing55:56 – Insurance, taxes, labor and the tech/industrialized construction edgeShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Cliff Booth on Building Westmount and Navigating 40 Years in Real Estate

Season 4, Episode 6: Jack Stone and Alex Gornik sit down with Cliff Booth, founder and chairman of Westmount Realty Capital, for a straight-talking look at four decades of success in industrial real estate. Cliff shares how he built one of the most resilient portfolios in the game and what it really takes to stay ahead when the market turns volatile. He reveals the lessons learned from navigating market cycles, rising interest rates, and fierce capital competition, all while avoiding the hype around single-tenant Amazon assets. Expect insider insights on cold storage, flexible industrial, and how relationships still matter in a crowded landscape.TOPICS0:00 Introduction4:15 From antiques in Montreal to Dallas industrial real estate9:45 Building Westmount before e-commerce15:30 Avoiding Amazon single-tenant hype22:10 Market cycles and rising rates28:55 Cold storage and infill industrial33:40 Capital flood and competition38:15 Relationships and integrity in deals43:00 Industrial market outlook and leadershipShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Special Feature: In The Loop – Green is the New Gold Standard with Jordan Goldstein

Today we’re featuring our friends at LoopNet’s In The Loop, a podcast spotlighting the people, ideas, and innovations shaping the future of work. Check them out wherever you listen to podcasts.

Behind Fundrise’s Vertical Integration Strategy In Real Estate

Season 4, Episode 5: Jack Stone and Alex Gornik sit down with Ben Miller, CEO and Co-Founder of Fundrise, to reveal how technology is transforming commercial real estate investing and changing how retail investors access private markets.Ben shares the story behind Fundrise’s rise to over $7 billion in real estate assets, why commercial real estate investing is all about macro trends now, and what drives the build-to-rent housing wave. He breaks down the latest on private credit, multifamily, and AI in real estate investment management. Plus, find out how Fundrise’s digital platform is making real estate crowdfunding accessible to millions.TOPICS00:00 Meet Ben Miller04:45 How Fundrise democratized real estate investing12:30 Macro trends driving commercial real estate returns19:55 Build-to-rent strategies and platform innovation26:40 Private credit and multifamily market shifts34:10 Securitization and institutional investor trends41:45 AI’s impact on CRE investment and management49:10 Fundrise’s outlook for private markets in 2025Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Is Traditional CRE Falling Behind Alternatives? w/ Brian Pieracci

Season 4, Episode 4: Jack Stone and Alex Gornik sit down with Brian Pieracci, Head of North American Private Real Estate Equity at Heitman, to examine why alternatives are reshaping commercial real estate portfolios and outperforming traditional core assets.Brian shares how Heitman pioneered allocations towards self-storage, medical offices, senior housing, and single-family rentals. He breaks down what drives demand in these sectors, the challenge facing office real estate, and how institutional investors are changing their strategies in response. Brian also explains Heitman’s global approach to alternative assets and the importance of diversification in today’s market. TOPICS00:00 Meet Brian Pieracci05:15 Early bets on alternatives13:00 Office real estate vs alternatives21:40 Self-storage and senior housing29:30 Strategies for global expansion into alternative sectors37:00 Balancing core, value-add, and alternative assets 44:30 What institutional investors demand from alternative investments52:10 The future of CRE beyond the officeShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.