Rye Brook, NY Joseph Apicella, managing director of MacQuesten Development, was recently honored at the March of Dimes Real Estate Awards Breakfast held November 17 at the Hilton Westchester. Apicella received the Excellence in Community Development Award. The breakfast, which was attended by more than 600 real estate professionals, raised $525,000 to fund lifesaving research and programs and works to end premature birth, birth defects and infant mortality. Pictured, from left, program emcee and News 12 Anchor Tara Rosenblum; Joseph Apicella, and award presenter Rella Fogliano, President of MacQuesten Development.
Based in Pelham, New York, MacQuesten Development specializes in financing, designing and construction management of multi-family, affordable housing and commercial properties, which are then privately held by affiliated companies. The company has developed 11 buildings and 1,500 units of affordable housing in New York City and Westchester County since 1992. MacQuesten has current development projects in excess of $200 million throughout the five boroughs and Westchester.
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,