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Real Estate

Tax rate certainty would enhance opportunity zone investment (access required)

Investment in qualified opportunity zones could become more widely popular if the Biden Administration follows through with proposed substantial hikes on capital gains taxes. Many investors have moved cautiously with regard to opportunity zones, but there may be a dramatic ...

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Downtown Rochester’s first Marriott hotel opening this week (access required)

The sparkling new Courtyard by Marriott at the corner of East Avenue and Alexander Street looks nothing like the hotel it replaced. John Billone knows that very well. He and his brothers, Tom and Joe, partners in Flower City Development, ...

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Mortgage lenders foresee dip in profits in third quarter (access required)

Mortgage lenders expect profits to decrease in the third quarter due to increased competition and market trend changes, according to the latest national report by Fannie Mae. The quarterly Mortgage Lender Sentiment Survey found that 69 percent of lenders expect ...

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Refinancing booming as inventory remains scarce on housing market (access required)

With lack of housing inventory still at an historic low, the refinancing of mortgages more than tripled the number of new mortgages written for home purchases in the first quarter of 2021 in the Rochester metro area. There were 5,456 ...

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Construction underway on affordable housing community in Chili (access required)

Construction is underway on a $21 million affordable housing development in Chili. Hubbard Springs Apartments is a project spearheaded by Rochester’s Cornerstone Group and Bishop Sheen Ecumenical Housing Foundation, Inc. The development will provide 72 energy-efficient homes for families, including 11 apartments ...

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New financing deal may be on horizon for Mall at Greece Ridge (access required)

The owner of The Mall at Greece Ridge is reportedly close to finalizing an extension or restructuring of its $62.1 million mortgage. Trepp, an analytics and service provider for the commercial real estate, structured finance and banking communities, reports that ...

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Riedman achieves certification for standards of quality (access required)

The single-family, custom-home construction division of Riedman Companies has received certification that it meets the internationally recognized standard for quality management systems. The ISO 9001:2015 certification comes after extensive documentation as well as internal and external audits of marketing, sales, ...

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NYSERDA funding will promote carbon-neutral design, construction (access required)

The New York State Energy Research and Development Authority (NYSERDA) is making $15 million available for the Carbon Neutral Community Economic Development Program. The funding is meant to accelerate the design, planning and construction of regionally significant, community-scale carbon neutral ...

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Three real estate experts tackle new industry: pest control (access required)

If you would have asked Dara Rennert if she were interested in owning a local pest solutions business 18 months ago, she would have looked at you funny. After a year-plus global pandemic, however, the idea was not only feasible, ...

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COMIDA approves construction labor waiver for Amazon (access required)

With Amazon threatening to put the kibosh on plans for a $412 million project in Gates, Monroe County’s economic development agency Tuesday morning granted a waiver that will allow the retail behemoth to employ a percentage of non-local construction workers. ...

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Unpaid rent a major problem that needs more solutions (access required)

As the COVID-19 pandemic grew worse last year and employers were forced to reduce their workforce, impacted workers found it difficult to pay rent. To ensure no one would lose their home during the crisis, federal and state eviction moratoriums ...

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Former Red Cross buildings hit the market on Monday (access required)

Two connected buildings with a total of more than 60,000 square feet of space in the Neighborhood of The Arts district will hit the commercial real estate market on Monday. Coldwell Banker Commercial Custom Realty of Brighton will list 50-54 ...

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