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Artwork for No Cap by CRE Daily

No Cap by CRE Daily

CRE Daily
Commercial Real Estate
Real Estate
New York City
Multifamily Housing
Affordable Housing
Senior Housing
Investment Strategies
Multifamily
Private Credit
Real Estate Development
Self-Storage
Multifamily Real Estate
Hospitality
Dallas
Demographics
Office Space
Multifamily Investing
Private Equity
Artificial Intelligence
Adaptive Reuse

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 ent... more

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Artwork for No Cap by CRE Daily

Latest Episodes

Season 10, Episode 1:

Two multifamily operators with very different ways of raising capital agree on one rule: don't flip.

Bob Nicolls owns Monarch Investment and Management Group, a Midwest-based operator of mostly B and C apartments funded by ind... more

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... more

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 manageme... more

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 Bo... more

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Recent Guests

Bob Nicolls
Founder of Monarch Investment and Management Group, a Midwest multifamily operator
Monarch Investment and Management Group
Episode: Operators vs. Dealmakers, the Bid-Ask Gap & Why Affordable Housing Can't Be Built w/ Monarch and TGM
John Gochberg
President and CEO of TGM Associates, a multifamily investment manager
TGM Associates
Episode: Operators vs. Dealmakers, the Bid-Ask Gap & Why Affordable Housing Can't Be Built w/ Monarch and TGM
Bob Knakal
Renowned NYC investment sales broker, former co-founder of Massey & Knakal
Massey & Knakal (legacy)
Episode: Encore: Bob Knakal - What It Takes To Be A Successful Broker In NYC
Todd Henderson
Executive at DWS Reef business, interviewed on the show
DWS Reef (Deutsche Bank real estate arm)
Episode: Five Cycles In: DWS's Todd Henderson on What Comes Next for CRE
Anthony Scavo
Founder/CEO of Basis (Basis properties focused on Small Bay Industrial)
Basis
Episode: Small Bay, Big Potential: Commercial Real Estate’s Most Resilient Asset Class w/ Anthony Scavo
Bart Mitchell
President and CEO of The Community Builders
The Community Builders
Episode: Inside Affordable Housing's Biggest Tax Credit, With Bart Mitchell of The Community Builders
Ray Lawler
Head of the Americas at Hines
Hines
Episode: Hines' Ray Lawler: 'Don't Pray For Cap Rate Compression'
Jared Fleisher
CEO of Bedrock, real estate development executive
Bedrock
Episode: From Bankruptcy to Renaissance: Bedrock's $1B Plan for Detroit w/ Jared Fleisher
Jim Corl
Executive Vice President and Head of Private Real Estate at Cohen & Steers
Cohen & Steers
Episode: Where REITs and Private Real Estate Meet: Inside Cohen & Steers' $94B Strategy

Hosts

Jack Stone
Host of No Cap by CRE Daily; CRE Daily affiliate; widely recognized CRE host.
Alex Gornik
Co-host of No Cap by CRE Daily; frequent author and commentator on CRE trends.

Reviews

4.8 out of 5 stars from 105 ratings
  • Stop interrupting guests

    Great pod with very knowledgeable people but for the love of god the hosts need to learn to stop interrupting their guests. It creates such whiplash for the listener that it would only be enjoyable if you were extremely ADD or hopped up on adderall. Sad!

    Apple Podcasts
    3
    John burns 123
    United States5 months ago
  • Such a great podcast!

    Entertaining and informative. It’s the perfect show for anyone in commercial real estate.

    Apple Podcasts
    5
    Pattycakecre
    United States5 months ago
  • Best podcast on CRE!!

    Actionable insight that will actually spark your interest, Jack and Alex keep your attention for the full show & waiting for next weeks to come out.

    Apple Podcasts
    5
    FreshDesignGroup
    United States5 months ago
  • i LOVE this podcast

    As a young professional coming into the industry this podcast has been a great resource to hear established CRE professionals have high level conversations about various topics in the industry. I always have great takeaways from every episode.

    Apple Podcasts
    5
    Zanderschmidt
    United States6 months ago
  • Must listen show!

    Jack and Alex do an incredible job going deep into A list investors’ background and perspective giving tremendous insight.

    Apple Podcasts
    5
    #jamesnelsonnyc
    United States9 months ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Clear-eyed CRE insights with practical takeaways for deals and capital decisions.
Guest roster reads like a who's who of real estate finance and development.
Energetic hosts balance data, stories, and humor, making dense topics approachable.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts
#144
United States/Business/Investing
Apple Podcasts
#59
Denmark/Business/Investing
Apple Podcasts
#229
Denmark/Business

Talking Points

Recent interactions between the hosts and their guests.

Operators vs. Dealmakers, the Bid-Ask Gap & Why Affordable Housing Can't Be Built w/ Monarch and TGM
Q: Is now a good time to buy? Is this the time to be buying?
Nicolls says higher rates can still support attractive purchases when buyers achieve their yield requirements at higher cap rates. Gochberg describes a slow market with few motivated sellers, a substantial bid-ask gap, and concern that some deals trading near yesterday's prices could be bubbles.
Operators vs. Dealmakers, the Bid-Ask Gap & Why Affordable Housing Can't Be Built w/ Monarch and TGM
Q: What's the problem right now? What's missing in creating more affordable housing in the multi-space?
Nicolls says construction costs make it difficult to build affordable apartments without luxury-level rents. He argues that LIHTC does little to solve the problem and suggests interest-rate breaks for affordable-housing owners who accept vouchers could help use existing housing stock.
Small Bay, Big Potential: Commercial Real Estate’s Most Resilient Asset Class w/ Anthony Scavo
Q: What makes Small Bay attractive compared to traditional asset classes?
Small Bay sits between multifamily and larger industrial; it offers stickier tenants, potential for positive leverage day one, and addresses gaps where tenancy is driven by local needs and services, making it more resilient in downturns.
Small Bay, Big Potential: Commercial Real Estate’s Most Resilient Asset Class w/ Anthony Scavo
Q: What led you to Basis and how did you shift from self-storage into Small Bay Industrial?
The move came through a recruiter who saw potential in running development for a South Florida-based company; I joined to build self-storage initially and then helped pivot into Small Bay as we realized the efficiency and resilience of multi-tenant industrial spaces.
Small Bay, Big Potential: Commercial Real Estate’s Most Resilient Asset Class w/ Anthony Scavo
Q: Can you give us a little bit about your background and how you ended up getting into the business?
I grew up in Brooklyn and started at Lefrak, moving through construction and development, then transitioned to Red Apple before joining Basis to lead self-storage development and eventually focus on Small Bay Industrial.

Audience Metrics

Listeners, social reach, demographics and more for this podcast.

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Frequently Asked Questions About No Cap by CRE Daily

What is No Cap by CRE Daily about and what kind of topics does it cover?

No Cap by CRE Daily covers commercial real estate through interviews with top industry leaders and practitioners. Episodes center on capital markets, investment cycles, development strategies, and asset-class specifics like hospitality, multifamily, seniors housing, and industrial. The show blends macro market context with actionable deal-level insights, often including practical takeaways for capital allocation, risk management, and leadership in real estate platforms. Noteworthy are deep dives into niche sectors (e.g., Small Bay Industrial, LIHTC, DSTs) and city-scale pivots (e.g., Detroit's urban renewal, Sun Belt growth), all delivered with candid storytelling and data-backed analysis. Listeners are likely looking for actionable CRE sig... more

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1. The Promote Podcast
2. The TreppWire Podcast: A Commercial Real Estate Show
3. The Weekly Take from CBRE
4. The Rent Roll with Jay Parsons
5. Walker Webcast

How many episodes of No Cap by CRE Daily are there?

No Cap by CRE Daily launched 2 years ago and published 86 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on No Cap by CRE Daily?

Recent guests on No Cap by CRE Daily include:

1. Bob Nicolls
2. John Gochberg
3. Bob Knakal
4. Todd Henderson
5. Anthony Scavo
6. Bart Mitchell
7. Ray Lawler
8. Jared Fleisher

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