What actually determines whether a deal succeeds?

Most people focus on closing. In practice, the outcome is determined after.

In this episode, I speak with Michael Mintz, founder and CEO of MD Squared Property Group, an operating platform managing over 150 buildings and thousands of apartments.

The focus is on execution. What it takes to operate a property at scale, where value-add strategies tend to break down, and why many deals that look strong on paper struggle in reality.

One consistent theme is that execution is often underestimated. Costs are assumed. Timelines are compressed. Teams are expected to perform without being fully built.

As Michael pointed out, scaling a service business becomes more difficult as it grows because outcomes depend on people. Maintaining consistency is not automatic.

That same dynamic applies to real estate deals.

If the team is not in place, if the budget does not reflect real operating conditions, and if the right advisors are not involved early, the business plan starts to fail under real-world pressure.

Execution is not something that happens after closing. It is part of the deal from the beginning.

What are you building into your deals before closing that will actually hold up after?

Why Transactional Agents Cost You at the Closing Table

What actually breaks a deal?

Most people point to the market. In real transactions, it is usually something that was visible earlier and not addressed.

Mukul shared a situation where the lender recommended by the sponsor took the file and disappeared. This was two years into the deal, with a notice to close already issued and no financing in place. They had to scramble and take on a secondary mortgage at 16 percent just to get the deal done.

I have seen versions of this many times. Different structures, same pattern.

The deal keeps moving, but no one is really owning the outcome. The broker gets paid, the deal gets pushed across the line, and the risk stays with the buyer.

That is not a market issue. It is a representation issue.

Key insights:

• The difference between transactional and advisory brokerage

• Why access is no longer the value

• Why identifying risk early changes outcomes

• How early decisions show up at closing

• Why real advisors focus on what can go wrong

Sending listings is easy. Identifying what can go wrong early is what actually matters.

Most issues are visible earlier than people think. They just do not get addressed.

By the time you reach closing, you are not making decisions. You are dealing with what was already set in motion.

What are you allowing early that you will have to solve later?

What separates developers who successfully partner with nonprofits from those who never get past the first conversation?

In Episode 4 of Start With the Close in Mind, Dorian Lam speaks with Wayne Ho, President and CEO of CPC, about how mission-driven organizations evaluate partners before any deal is structured.

CPC serves nearly 80,000 New Yorkers and operates through complex layers of public and private funding.

That requires a different standard.

Wayne explains:

“We want to find partners that understand that we are committed to a mission.”

And adds:

“It’s not just about building a building… it’s about building and supporting and empowering a community together.”

We explore:

• How nonprofits evaluate alignment before execution

• Why mission understanding is critical early on

• What builds confidence in a partner’s ability to deliver

• How funding structures impact timelines

• Why partnerships extend beyond project completion

This is not transactional.

It is long-term alignment.

“It’s not just about a development project… we have to partner together on the operations.”

What does your approach communicate before you even introduce yourself?

What separates brokers who last decades from those who disappear after one cycle?

In this episode of Start With the Close in Mind, Dorian Lam speaks with Bob Knakal about what long-term success actually requires in a cyclical commercial real estate market.

With Manhattan turnover averaging 2.5% annually and average hold periods approaching 40 years, brokerage is not about constant transactions - it is about sustained positioning.

Bob shares lessons from multiple downturns, including:

“You can only sell a building once.”

“Instead of knowing something about everything, know everything about something.”

“It’s not who you know, it’s who knows you.”

We explore:

• Market cycles and how to survive them

• Why specialization creates leverage

• The discipline required to remain relevant

• How market presence directly benefits clients

• What separates transactional brokers from long-term operators

This conversation reframes brokerage as a long game.

If owners transact once in a generation, then the real advantage is not momentum - it is durability.

How are you building a strategy today that will still position you correctly when the next correction arrives?

From the Waldorf Astoria to New Heights: Ray Gu on Visionary Development.

As the Waldorf returns to the market, Dorian Lam speaks with Ray Gu about what it truly took to execute the landmark redevelopment. They discuss long term execution, navigating economic cycles, capital discipline, and how those lessons now shape Ray’s new development platform focused on conversions and strategic opportunities.

In this episode, Dorian Lam and Ed Lombardo examine how Local Law 97 is already affecting underwriting, valuation, and refinancing decisions across NYC real estate. Through real-world examples, they explain why treating Local Law 97 as a future issue creates present-day execution risk and how operators should be adjusting their deal assumptions now.

Storytelling is not optional when it comes to exits. It is foundational.

In this episode of Start With the Close in Mind, Dorian Lam sits down with Josh Wilson, founder of Smoothstone Capital, to break down how narrative, credibility, and media influence deal making long before a transaction closes.

Josh shares lessons from over 2,000 interviews and years in media, real estate, and investment banking, explaining why founders who ignore their story often lose leverage when it matters most.

This episode is about clarity, preparation, and understanding that perception, trust, and positioning all impact outcomes in capital markets.

Episode 12 | How NYC’s Smartest Brokers Win Deals Before They Even Hit the Market

Dorian sits down with Shimon Shkury of Ariel Property Advisors to discuss NYC commercial real estate - from capital markets to multifamily to the mindset needed to win long before the deal hits the table.

Perfect listen for:

1. Real estate pros who want insight into NYC’s evolving CRE landscape

2. Operators looking to improve deal preparation and optionality

3. Anyone building systems to scale their advisory or brokerage practice

🎙️ Full episode now streaming.