News:
Brokerage
Posted: October 27, 2008
Mayor Jennings and Browning of True North hold ribbon cutting for $10.5 million TownePlace Suites
The TownePlace Suites by Marriott hotel has opened on 22 Holland. Ave. in the University heights section. Mayor Jerry Jennings and Lee Browing, president and owner of True North Development Group of Long Island, held the ribbon cutting on October 16th.
The hotel is owned by True North Albany Extended Stay LLC, and operated by Interstate Hotels and Resorts Inc.
The project cost was $10.5 million. The 106-room hotel is the second new hotel to open in the past 16 months the area.
In June 2007, a 129-room Hilton Garden Inn opened across from Albany Medical Center Hospital.
The building was formerly the Eden Park Nursing Home, which closed in September 2003. The Albany Industrial Development Agency provided financial assistance for the conversion of the nursing home into the hotel.
Tags:
Brokerage
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.
Columns and Thought Leadership
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
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
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
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
