News: Owners Developers & Managers

The Cornerstone Group to complete $60 million Rochester civic housing project

The $60 million acquisition rehab project which included extensive renovations of Fernwood Park at the intersection of Culver and Waring Rd., and Ramona Park, in the Northwest quadrant of Rochester off Ridgeway Ave., and Norton Village, just west of Culver Rd., 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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JVP Development names new sales team at 250 West 96th St.

Manhattan, NY JVP Development has appointed Team Arceon, led by Corcoran Top 25 broker Kristen Suh, as the exclusive sales and marketing team for 250 West 96th St., the 131-residence luxury condominium on the Upper West Side designed by renowned Danish designer Thomas Juul-Hansen. The official announcement comes on the heels of 250 West 96th St.
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Columns and Thought Leadership
Don’t leave severance damages behind - by Sebastian Jablonski

Don’t leave severance damages behind - by Sebastian Jablonski

When the government takes a portion of a landowner’s property, most assume just compensation stops at the value of the land taken. However, in partial takings, that is only half of the equation.
Hunt Commercial Real Estate Q&A:  Location, location, location? - by David Hunt

Hunt Commercial Real Estate Q&A: Location, location, location? - by David Hunt

In working with our clients, we break down our search objectives into two categories. The first category involves the specific needs of your business such as warehouse height, amount of office space and number of loading
New York City’s historic rent freeze now rests with the courts - by Ron Cohen

New York City’s historic rent freeze now rests with the courts - by Ron Cohen

New York City’s first-ever two-year rent freeze is now in the hands of a state Supreme Court judge, and the decision could reset income for owners of roughly one million rent-stabilized apartments housing some 2.4 million residents.
NYC's Community Opportunity to Purchase Act is back - and multifamily owners should pay attention - by  Ron Cohen

NYC's Community Opportunity to Purchase Act is back - and multifamily owners should pay attention - by Ron Cohen

New York City’s Community Opportunity to Purchase Act (COPA) is back, and this latest version could have a much better chance of becoming law. The proposal would give qualified nonprofit organizations