AG

Real estate developer. Former hedge funder at BlackRock, Caxton. Ground up.

[AG @bondbasis]

@antonia_mdprjct @n6ls0n lol that was a good one. Should email that guy and check in 😂

[AG @bondbasis]

@Dirtdog 😂 flag football is the most heated of the 9yr old sports

[AG @bondbasis]

@PatCarino Starwood

[AG @bondbasis]

@DanielSLoeb1 @ADeermount lol I literally just opened this prospectus too. This one is a little more complicated than your typical demutualization but I’m excited to dig in.

[AG @bondbasis]

@aussieflya @antonia_mdprjct Funny !

[AG @bondbasis]

@antonia_mdprjct Can you reserve for my upcoming visit? 👍

[AG @bondbasis]

@realEstateTrent Wasn’t Walmart the tenant? Why is a broker even required in this transaction?

[AG @bondbasis]

@aussieflya @PatCarino Yeah I was wondering the same. But also, I’m sure he’s a billionaire.

[AG @bondbasis]

Gary Barnett just closed on yet another Midtown East site.

Extell paid $39M for 165 East 56th Street this week. This is another 75k-110k ft you can add to his previous purchases:

→ $19M for the Friars Club building at 57 East 55th Street
→ Under contract on 110 East 55th Street AND 111 East 54th Street
→ $36M in air rights over Saint Thomas Church at 678 Fifth Avenue

That's a billion+ $ bet on Midtown East.

The end game isn't public yet and won't be for awhile. But this is the same developer building a $1B office tower at 570 Fifth Ave, a 1,200-foot residential skyscraper on the former ABC campus, and a 70-story condo at 50 West 66th Street.

Manhattan is dead, they said. Mamdani is destroying the greatest city in the world, they said.

Someone forgot to tell Gary.

[AG @bondbasis]

@PerrySolem @PatCarino I think probably Pat just forgot to include revenue from basement storage units. Oh and the cable package should be at 50% gross margin, not 30%. Voilà!

[AG @bondbasis]

@hitsamty I think this one in particular was more about adjustable rate debt and expanded cap rates

[Antonia @antonia_mdprjct]

Proptech loves a productivity stat. "80% time savings," "64% more productivity," "10x faster processes." Nobody can show you the math on any of them, because they're manufactured primarily to raise capital.

Those stats also miss the focus of what software should actually do, which is one reason tools built for development and construction fail so often. Real estate is capital-intensive, and the cost of forcing a useless tool onto a live project is much higher here than in most industries. This is why new software adoption in the industry is so tough. If your team is depending on the software for cost management, wasted time isn't just an inconvenience.

Like a lot of work in development, cost management takes time. The point isn't speed, it's getting it right, and getting it right is what produces clean data, fewer surprises, and a team that doesn't get blindsided. Done well, it also ends up being faster.

That's more nuanced than what fits on a pitch deck slide.

About 80 people have joined the beta tester opt-in, which is more than we expected, and from a wide enough range of company types that it feels like a real cross-section of the development industry.

Large national shops, family-run companies that have been around for decades, emerging developers, and small but mighty teams.

Thank you to everyone who signed up. I'm genuinely excited that this many people are willing to give The BigACR a shot, and to see how it performs in the hands of teams beyond our own.

We're closing the beta tester opt-in tonight, and the first onboarding email goes out tomorrow.

The waitlist will stay open until launch, and joining it is the best way to hear from us as things move forward.

[AG @bondbasis]

Manhattan office rents just hit $340/sq ft.

The media keeps telling you that Manhattan is dead. Meanwhile, the market is quietly rewriting records.

In April 2026, 9 West 57th Street — home to Apollo Global Management, Chanel, and the Qatar Investment Authority — signed a lease at $340/sq ft.

And it's not a one-off:

→ 425 Park Avenue broke the $300 barrier back in 2022 when Citadel took occupancy

→ SL Green's One Vanderbilt is now in that same rarified tier

→ 3 leases over $300/sq ft have been signed since January 2025 alone

→ 2026 marks the first time NYC has seen TWO $300+ leases in a single year

The supply picture tells the real story. Trophy office availability in Manhattan has dropped from 18.4% to 8.3% in just four years. In the Plaza District? A staggering 3.3%. Only 4 new trophy buildings are scheduled to deliver before 2030 — and most of that space is already spoken for.

Financial firms, law firms, and AI companies are all competing for the same shrinking pool of elite space.

In 2021, $200/sq ft felt like a ceiling. Now it's not even noteworthy.

$350/sq ft is expected before the end of 2026. $400 is now entering the conversation.

The obituary for NYC office real estate was written way too soon.

[AG @bondbasis]

@hitsamty Yes but also when you’re that rich and have a huge ego you need your name/initails in the firm name

[AG @bondbasis]

@realEstateTrent lol I dunno if you are just trolling now but this is just categorical false for professional investors. If you’re talking about personal investing then yeah it’s very hard to move the needle on bonds unless you go to the derivatives market

[AG @bondbasis]

@antonia_mdprjct Reggae > reggaeton, don’t @ me

[AG @bondbasis]

@hitsamty Honestly you can probably extend that way past CRE loans. Natixis is infamous for seeding and/or owning hedge funds that blow up. 0 risk management.

[AG @bondbasis]

@antonia_mdprjct Let’s goooooooo

[AG @bondbasis]

Literally giving away some of the secret sauce.

Abundance theory in action.

[Antonia @antonia_mdprjct]

Blown away by the response to the announcement of the BigACR.

20+ people signed up within 36 hours to test the software. I wasn't expecting that much interest.

The most interesting thing about the folks who signed up, so far, is how many teams consistently run multiple $50mm+ projects with teams of <5.

A great reminder that most development shops are small businesses, and that professionalizing our shops is one of the best ways to derisk our operations.

This is why we built the software for MADDPROJECT.

We are leaving the beta tester sign up open for the next week and then reverting to waitlist only.

I will do my best to share often, so we can reach a few more people who are interested in participating.

Thank you all!