News: Brokerage

Costello of Anthony J. Costello appointed CEO of USAirports and new Property Management division

According to Anthony J. Costello, his son, Brett Costello, has been promoted to chief executive officer of USAirports and Anthony J. Costello & Son Property Management. Brett Costello succeeds his father as CEO of USAirports while assuming the title of the newly created entity called Anthony J. Costello & Son Development Property Management. Anthony Costello assumes the title of chairman of the newly created Costello Group while also continuing in his role as chairman and chief executive officer of Anthony J. Costello & Son Development. "This is one of the most significant announcements in our 30-year history serving the Rochester community and a very proud moment for me personally," Anthony Costello said. "There is no greater reward as a father and businessman than to promote your son to CEO of companies you founded after watching him learn every detail of both businesses." The Costello Group will focus on the development side of the family businesses which Anthony Costello started and has grown with Brett Costello to include properties throughout Monroe County. Projects currently under development include The Reserve on the Erie Canal, a 327-home residential community in Brighton, and CityGate, a 45-acre parcel in Rochester that will include retail and commercial space in addition to a hotel. Costco Wholesale Corporation (Costco) recently announced it has approved the site to locate its first Western New York warehouse club. The Costello Group also owns 82 additional acres in Brighton where it is proposing to build Clinton Crossings Corporate & Lifestyle Center - a mix of corporate, medical, restaurant and hotel space. Under the leadership of Brett Costello, USAirports will continue to operate as the Fixed Base Operator (FBO) at the Greater Rochester International Airport (GRIA) where the company is headquartered and serves both commercial and general aviation customers. USAirports also will continue to provide cargo handling services at Hartsfield-Jackson Atlanta International Airport. In his new role, Brett Costello will manage USAirports and Anthony J. Costello & Son Property Management and oversee the executive administration of both companies' real estate portfolios as well as USAirports, which provides fueling, de-icing, aircraft maintenance and general FBO services at the GRIA. "I appreciate the confidence my father has instilled in me and the opportunity to continue the growth of our organization, while nurturing our existing customers and employees," said Brett Costello, who has nearly 30 years experience developing and managing construction for both USAirports' and Anthony J. Costello & Son Development's commercial real estate portfolios. These properties include airport hangars and office space, the Medical Office Building (M.O.B.) at Rochester General Hospital and Clinton Crossings Medical Center, regarded as one of the premier and largest class A medical campuses in Western New York. All these properties join USAirports, Anthony J. Costello & Son Development, Anthony J. Costello & Son Property Management, The Reserve, CityGate and Clinton Crossings Corporate & Lifestyle Center to make up The Costello Group, headquartered in Brighton. Prior to joining USAirports and Anthony J. Costello & Son Development, Brett Costello studied Environmental Science at the State University of New York at Canton and graduated from Bishop Kearney High School. He holds leadership positions in several community organizations and has particular interest in promoting, developing and maintaining the Erie Canal as an economic development asset and historic treasure. Brett Costello also serves as chairman of Corn Hill Navigation, a nonprofit whose mission is to improve and sustain the Erie Canal and adjoining Genesee River for current and future generations through awareness, education and enjoyment. He is an active member of Peace of Christ Parish and Vistage International, a peer-to-peer membership organization for CEOs, business owners, and executives of small and mid-sized businesses. He is also an authority on the New Urbanism development movement and a member of both the Congress for New Urbanism and the Urban Land Institute. Brett Costello lives in Rochester with his wife, Christine, and four children.
MORE FROM Brokerage

NYSCAR June 2026 president’s message - by Mercedes Brien

As I write this letter, we are preparing to be at the Annual Conference being held at the Rivers Casino, Schenectady, New York. I look forward to reporting on the conference in my next letter. We have some great courses coming up via Zoom. Please be sure to keep watch on upcoming courses by visiting nyscar.org/resources and tools/professional development.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced