No Cap by CRE Daily

Commercial 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.

No Cap by CRE Daily is a business podcast hosted by CRE Daily, with 84 episodes on record and a Required Pod Score of 80.

CRE Daily hosts No Cap by CRE Daily, a business show with 84 episodes published.

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  Episode #15

  Encore: Bob Knakal - What It Takes To Be A Successful Broker In NYC

  Oct 4, 202652 min

  From the No Cap vault, we’re bringing back the episode that became our most-watched conversation ever. Bob Knakal had already closed more than 2,300 deals, built one of New York City’s dominant investment sales firms, and spent four decades studying what separated top brokers from everyone else. In this conversation, Bob broke down the habits behind his career, why specialization mattered, how deep market knowledge created a real competitive advantage, and why he was still targeting 100 prospecting conversations a week. We also covered New York development, assemblages and air rights, office-to-residential conversions, social media, AI in brokerage, and why Bob believed the individual broker mattered more than the logo on the business card. For brokers, investors, developers, and anyone building a career in CRE, this remained one of the most practical conversations we’ve had on No Cap. CHAPTERS: 0:00 - Introduction 3:00 - Bob’s Journey in Real Estate 7:30 - The Importance of Market Knowledge 12:00 - How to Stay on Top in a Competitive Market 15:45 - Building a Legacy in Investment Sales 20:30 - The Role of Social Media in Real Estate 25:00 - What Sets New York’s Real Estate Market Apart 30:00 - Current Trends and the Future of the Market 35:00 - Advice for Aspiring Brokers and Real Estate Professionals 40:00 - The Power of Specialization and Expertise If you enjoyed this conversation, don't forget to LIKE, COMMENT, and SUBSCRIBE for more deep dives into commercial real estate. More Episodes: For more episodes of No Cap Podcast by CRE Daily, visit our podcast page: https://www.credaily.com/podcast/ Get Smarter About What Matters Join 65,000+ industry leaders getting the latest market insights and trends delivered straight to their inbox. Sign up for the CRE Daily Newsletter today! https://www.credaily.com/newsletter-s... About No Cap Podcast No Cap by CRE Daily offers an unfiltered look into commercial real estate's biggest trends and the financial dynamics shaping the industry. Co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential figures in real estate. About CRE Daily CRE Daily empowers professionals with the knowledge they need to make smarter business decisions. Our flagship newsletter, read by over 65,000 investors, developers, brokers, and industry leaders, delivers concise, need-to-know trends, making us one of the fastest-growing media brands in commercial real estate. Podcast: https://www.credaily.com/podcast/ Facebook: / credaily Instagram: / thecredaily TikTok: / thecredaily X (Twitter): / thecredaily

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  Episode #6

  Five Cycles In: DWS's Todd Henderson on What Comes Next for CRE

  Sep 27, 202649 minS9

  Season 9, Episode 6: Todd Henderson has invested through five real estate cycles, and he thinks the one we're leaving set up the healthiest recovery he's seen. Henderson is Head of Real Estate for the Americas at DWS, Deutsche Bank's asset management arm, whose real estate business traces back to RREEF's founding in 1975. He began his career in the bad bank at First Gibraltar during the S&L crisis, spent a decade buying distressed loans at The J.E. Robert Company, and joined DWS in 2003. The tension worth tuning in for: values fell roughly 25% while property fundamentals held up, which Henderson says leaves real estate cheap relative to equities, gold, and private credit just as new supply dries up. Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses. CHAPTERS 00:00 - Todd Henderson and the History of DWS and RREEF 05:49 - Starting in Real Estate During the S&L Crisis 11:38 - Five CRE Cycles and the 25% Value Reset 16:58 - Why Institutional Capital Is Coming Back 21:09 - Private Credit and Real Estate Debt 24:13 - Why DWS Is Buying Sun Belt Multifamily 29:49 - Build-to-Rent and the Housing Shortage 32:35 - Why Grocery-Anchored Retail Keeps Winning 36:38 - Real Estate as the AI Immunity Trade 40:04 - What Past Cycles Say About the Next CRE Run For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial 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.

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  Episode #5

  Trinity Investments CEO on Buying Hotels Nobody Else Can Build

  Sep 20, 202649 minS9

  Season 9, Episode 5: Sean Hehir has spent nearly three decades turning Trinity Investments into a specialist hospitality investor, and he joins the show to explain why his firm only buys resorts it considers truly irreplaceable. Hehir grew up in Botswana, trained at hotel school in Switzerland and Cornell, and joined Trinity in 1998 before taking over as CEO in 2009 and steering the firm to focus solely on hospitality real estate. He now oversees a portfolio built with Hilton, Marriott, and Hyatt, and with mega private equity funds that lean on Trinity's hospitality expertise. The tension worth tuning in for: Trinity has walked away from cap-rate arbitrage and ultra-luxury boutiques alike, betting instead that scale, counterparty discipline, and genuinely irreplaceable real estate are what hold up when the market throws a curveball — which, as Hehir tells it, happens on nearly every deal. This episode was recorded on 7/21/26. Views, market conditions, and any figures or references discussed may have changed since recording and may not reflect current conditions at the time of release. Nothing in this podcast should be construed as investment, legal, or tax advice. Nothing in this episode is an offer to sell, or a solicitation of an offer to buy, any security or any interest in any fund or investment vehicle. Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses. CHAPTERS 00:00 - Introduction to Sean Hehir and Trinity Investments 04:14 - Why Hospitality Is Different From Other Real Estate 08:16 - Learning Hotels From the Ownership Side 13:38 - East Miami, Swire, and the Blackstone Exit 19:15 - Buying and Renovating The Diplomat Beach Resort 24:04 - Hotel Amenities That Actually Matter 29:04 - Why Nobody Is Building These Resorts Anymore 33:17 - The JW Marriott Marco Island Deal 39:04 - Picking Partners, Brands, and Lenders 44:10 - Why Trinity Likes Four-Star Resort Assets For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ DISCLAIMER: Nothing in this episode is an offer to sell, or a solicitation of an offer to buy, any security or any interest in any fund or investment vehicle. Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial 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.

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  Episode #4

  Small Bay, Big Potential: Commercial Real Estate’s Most Resilient Asset Class w/ Anthony Scavo

  Sep 13, 202654 minS9

  Small bay industrial has quietly become one of the most resilient corners of commercial real estate, and Anthony Scavo has built his entire business around it. As President and Managing Partner of Basis Industrial, he's grown the firm from three employees to over 50, assembling a multi-tenant small bay and self-storage portfolio that now tops 10 million square feet across Florida, Texas, Georgia, New York, and California. Anthony got his start at Lefrak before joining Basis in 2021 to build out its multi-tenant industrial platform. In this conversation, he breaks down why he believes small bay is safer than multifamily today, why new development doesn't pencil, and the wildest tenant stories from a decade in the business. Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses. CHAPTERS 00:00 - Introduction 03:05 - Defining Small Bay Industrial 05:16 - Anthony's Brooklyn Roots and Lefrak Beginnings 12:18 - Joining Basis Industrial in 2021 14:52 - From Self Storage to Small Bay 24:44 - Why Small Bay Is Safer Than Multifamily 34:36 - Why No One Is Building New Small Bay 41:04 - War Stories: Casinos, Man Caves, and Wild Tenants 50:42 - The Future of Small Bay Consolidation For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial 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.

  ListenShow Notes
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  Episode #3

  Inside Affordable Housing's Biggest Tax Credit, With Bart Mitchell of The Community Builders

  Sep 6, 202654 minS9

  Season 9, Episode 3: America is about 10 million homes short, and Bart Mitchell has spent more than three decades trying to close that gap. As President and CEO of The Community Builders, one of the country's largest nonprofit affordable-housing developers, he's helped turn a once-obscure federal tax credit into the backbone of how the U.S. finances low-income housing. Bart joined The Community Builders in 1989, six months before a recession, tasked with selling Wall Street on a brand-new program nobody understood. Since becoming CEO in 2012, he's grown the organization's footprint across New York, Boston, Chicago, and Virginia while carrying real financial risk along the way. In this conversation, Bart breaks down why zoning, not money, is the real bottleneck in solving the shortage, what it actually costs to carry a project through years of city and state approvals, and why most Americans have driven past affordable housing without ever realizing it. Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses. CHAPTERS 00:00 - Introduction to Bart Mitchell and The Community Builders 04:14 - How Bart Entered Affordable Housing 06:14 - The Early LIHTC Market 13:05 - How Low-Income Housing Tax Credits Work 15:21 - The Community Builders’ Origin Story 18:57 - Rebuilding Public Housing as Mixed-Income Communities 22:17 - Why America Is 10M Homes Short 29:10 - Zoning, Money, Speed, and Development Risk 38:36 - Nonprofit Versus For-Profit Affordable Housing 44:43 - What Bart Would Change About Housing Policy TOPICS 00:00 – Introduction to Fernando De Leon 07:00 – Early Real Estate Lessons on the Border 14:00 – Harvard, Mentors, and Long-Term Seeds 21:40 – Leaving Goldman and Optioning Texas Land 28:29 – Buying Distressed Loans After the GFC 37:07 – Why 2008 Won’t Repeat the Same Way 46:43 – AI, Data Centers, and Hidden Risk 52:48 – Building Operating Businesses 57:07 – Mental Health, Talent, and New Opportunities 01:04:00 – Mistakes, Stamina, and AI Disruption For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial 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.

  ListenShow Notes

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