News: Brokerage

Rochester's Cornerstone Group nears completion on $60 million Tri Veterans Housing rehab project

The $60 million acquisition Tri Veterans Housing rehab project which included extensive renovations of Fernwood Park at the intersection of Culver and Waring Rds., and Ramona Park, are expected to be completed in October. The renovations of the Rochester Civic Housing properties, Fernwood Park, Ramona Park and Norton Village, built as part of the "Rochester Plan," between 1946 and 1949 to house returning World War II Veterans, include a total "makeover" for all 516 units. Rochester's Cornerstone Group, Ltd. serves as the developer for the project. Rochester Civic Housing serves as managing member with Rochester's Cornerstone Group, through Millicost Management. Rochester Civic Housing retains ownership interest in the properties. Rochester Civic Housing, through its not-for-profit property management affiliate, Rochester Management, will continue to serve as property manager for the projects. The design/builder is LeCesse Construction. Konopka Architecture and Hunt Engineers serve as the architect and civil engineer, respectively. Steven Weiss of Cannon, Heyman & Weiss is also a member of the development team.
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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.
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Columns and Thought Leadership
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,

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
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