Hello, I'm Ted Sides, and this is Capital Allocators.

This show is an open exploration of the people and process behind capital allocation.

Through conversations with leaders in the money game, we learn how these holders of the keys to the

kingdom allocate their time and their capital. You can join our mailing list and access premium

content at capital allocators.com. All opinions expressed by TED and podcast guests are solely

their own opinions and do not reflect the opinion of capital

allocators or their firms. This podcast is for informational purposes only and should not be relied upon

as a basis for investment decisions. Clients of capital allocators or podcast guests may maintain

positions and securities discussed on this podcast. On today's sponsored insight, we'll discuss

another empty room, an opportunity ignored by most

investors because they either don't want to or can't participate.

It's real estate NPLs in New York City, a niche opportunity requiring a high degree of

specialized expertise. My guest on today's show is Ted Martel, the co-founder

of Maverick Real Estate Partners, the leading investor in commercial real estate NPLs and

distressed loans in the New York City market. Maverick manages $500 million focusing on the

specialty since its launch in 2010.

Our conversation covers Ted and David Averham's path to bootstrapping the business,

the nature of the opportunity, and the blend of data science and analysis that makes it work.

We also discussed the wide open landscape of opportunities on the horizon in the New York City

commercial market. Before we get going, there's a lot of serious heavy stuff happening in the

world. Without making light of any of it, these spread the words are intentionally just the

opposite. They're my attempt to provide a little comic relief in what can be a very

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