Upstate New York

Question of the Month: How does the tax law enacted in December 2017 impact the value of cost segregation studies? - by Christie Ellis

How does the tax law enacted in December 2017 impact the value of cost segregation studies? And what exactly is a cost segregation study? As commercial property owners look towards their 2018 tax filing, this is perhaps the most significant new issue effecting their returns…

New York State Association of Realtors inaugurates 2019 board February 11th

Albany, NY On Monday, February 11th, the 2019 New York State Association of Realtors (NYSAR) leadership took their oath of office. The association’s inauguration ceremony was held in conjunction with its business meetings at The Desmond Hotel and Conference Center.

Falardeau of KeyBank arranges $29 million financing for 179-unit property

Clinton, NY KeyBank Real Estate Capital has arranged financing totaling $41.1 million: • A $29 million Fannie Mae, first mortgage loan for Lewiston at Pheasant Run, a 179-unit multifamily complex. The property was built in five phases between 2006 and 2018 and is comprised of…

A message from the president of NYSCAR’s Upstate chapter - by Guy Blake

Mercedes Brien of Mission Commercial Realty (Rochester) is the recipient of the New York State Commercial Association of Realtors 2018 Realtor of the Year Award.  The award was presented to Brien by Robert Strell, 2015 Realtor of the Year recipient, at the Board of Governors meeting. The award is given each year to recognize an outstanding active member of the New York State Commercial Association of Realtors (NYSCAR).

Hollister Co. to remain open during Storefront remodel at Destiny USA

Syracuse, NY Hollister Co., the Southern California-inspired apparel retailer, will upgrade its Destiny USA storefront this spring. The store remodel will focus on updating the entryway and will be completed in two phases…

Walker joins Broadstone

Rochester, NY According to Broadstone Real Estate, LLC, a sponsor and manager of diversified real estate investment offerings, Curtis Walker...

Axiom Capital arranges permanent financing totaling $40.247 million

Axiom completed the closing of a $21.5 million permanent loan for the refinance of a 360-unit apartment complex, Shady Lane Apartments. The subject is a portion of a 444-unit apartment community located at 133 Saratoga Rd., off of Rte. 50. The subject is less than three miles from three of the Capital Region’s largest employers…

EkoStinger opens Southern Tier manufacturing plant

Horseheads, NY According to governor Andrew Cuomo, EkoStinger, the $1 million grand prize winner of the 2018 76West Clean Energy Competition...

HUNT names Maxian director of career development

Buffalo, NY According to HUNT Real Estate, Jennifer Maxian has been promoted to the position of director of career development.  Maxian has been with HUNT since 2010, most recently as the manager of agent technology. Maxian holds a Master’s Degree in Business and Marketing Education from Buffalo State College.

Exit strategies for multifamily investment property owners - by Russell Gullo

As time goes on, your equity may significantly increase with appreciation and loan amortization both working in your favor. In addition to these benefits there are also some issues. For example, you probably experienced the “three T’s of ownership” (tenants, toilets, and trash) and are at a point in your life where you are no longer interested in being an active investor…