Rochester, NY The Upstate New York Chapter of the Appraisal Institute awarded, John Rynne, MAI, SRA president of Rynne, Murphy & Associates, Inc. the annual Richard Kelley Memorial Award for 2024.
The late Richard Kelley, MAI was an icon to the appraisal profession in a career that spanned over 54 years. The award goes to an individual who makes a significant contribution to the chapter, the appraisal profession or their local community. The Appraisal Institute is recognized as the leader in the real estate appraisal industry and is one of the oldest organizations of real estate appraisers in the world.
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,