News: Brokerage

Penman of M.J. Peterson named BERC interim pres.

According to mayor Byron Brown, Dennis Penman has agreed to serve as interim president of the Buffalo Economic Renaissance Corp. (BERC), which was unanimously approved by the board. "Dennis Penman is a respected, highly experienced and accomplished leader in our region's development community," said Brown. "I'm very pleased that he has agreed to serve as interim president of BERC and I'm confident he'll bring his widely admired professionalism and skill to this important leadership position. He knows well the development opportunities and challenges in Buffalo, particularly from the vantage point of small and medium-sized businesses, and he has a demonstrated an ability to achieve positive outcomes on a broad range of development projects." Penman is executive VP of M.J. Peterson real estate, LLC and has been responsible for the firm's new investment opportunities and he has coordinated financial aspects of construction and development projects throughout the region. The firm has no business currently before the city. He has also served two years as chair of the Erie County Development Agency and is vice chair of the Buffalo Urban Development Corp. "Operating as vice chair at BUDC under the leadership of mayor Brown, I expect to bring the same level of success to my new role at BERC," said Penman. "I am pleased to have the full support of the mayor and the BERC board to improve the agency's overall delivery of economic development services and to provide the much needed opportunity for job growth and investment in the city." In 2000, Penman was appointed to the Congressional Millennial Housing Commission, which between 2000 and 2002 worked with HUD and Congress to create a national housing strategy for the first decade of the 21st Century.
MORE FROM Brokerage

REALM, DelShah Capital and A.M. Properties acquire 377,000 s/f CitySpire office condominium

Manhattan, NY REALM, in partnership with DelShah Capital and A.M. Properties, acquired  CitySpire, a 377,000 s/f office condominium comprising 24 floors within the 70-story tower at 156 W 56th St. in Midtown. Adjacent to Central Park with transit access and amenities, CitySpire is a Class A office asset located in one of the city’s most sought-after office corridors.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
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,

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.
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
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