News

Q4 2023: The Ciminelli Scoop

Q4 2023: The Ciminelli Scoop

The last newsletter of 2023 is here! The final quarter of 2023 included award winning Ciminelli projects and people, our team's first year attending the WNY Sustainable Business Summit, and an open house at one of our investment properties in Boston, MA!

Read Time: 1 min 20 sec

Ciminelli Real Estate begins leadership transition to next generation

Ciminelli Real Estate begins leadership transition to next generation

Paul Ciminelli, longtime president and CEO of Ciminelli Real Estate Corp., named his son, Kyle, as company president this week, anointing him as eventual successor to the top job as part of a planned transition. "My goal has always been to make this a third-generation company," Paul Ciminelli said.

Read Time: 1 min 46 sec

2023 Real Estate Review: Office landlords feel the pinch

2023 Real Estate Review: Office landlords feel the pinch

Businesses are fleeing sprawling offices, and experts say the market has plenty of room to fall before it hits bottom. "We have not yet bottomed out. The reason for that is there are still companies with leases that are going to expire in the next few years that are likely to be rightsizing."

Read Time: 4 min 31 sec

Brisk condo sales underway at Bethune Lofts

Brisk condo sales underway at Bethune Lofts

Nearly 45% of the 87 market-rate apartments at the four-story building have now been sold, indicating strong interest in residential ownership in a city that has not traditionally had a large condo market.

Read Time: 2 min

Bethune condo sales near halfway point

Bethune condo sales near halfway point

716 Realty Group has neared the halfway mark with 39 units under contract at The Bethune Lofts condominium project, where Ciminelli Real Estate Corporation is converting the complex's 87 apartments into condos.

Read Time: 1 min 36 sec

How developer Paul Ciminelli weathers ‘challenging times’

How developer Paul Ciminelli weathers ‘challenging times’

Developer, Paul Ciminelli, shares how he leads Ciminelli through a challenging market by diversifying the company's offerings and learning when to pivot to take advantage of more favorable opportunities.

Read Time: 1 min 42 sec

Ciminelli Starts Selling Bethune Lofts As Condos

Ciminelli Starts Selling Bethune Lofts As Condos

“We think the market is right. We think the timing is right,” Ciminelli CEO Paul Ciminelli said. The units are now being offered through 716 Realty Group, at prices ranging from the middle $100,000s and up to the high $300,000s. Twelve units are available, including a two-bedroom model unit on the ground floor.

Read Time: 2 min 9 sec

Gordon Brothers and Ciminelli Real Estate acquire 93,500 s/f building for $19.8 million

Gordon Brothers and Ciminelli Real Estate acquire 93,500 s/f building for $19.8 million

“The building owner presented this off-market opportunity to our joint venture following our successful acquisition of 6 Riverside Dr. last year," said Ryan Zebro, VP of Investments at Ciminelli. “We were approached because there was surety of execution. Our tenant focus is highly regarded and complements our strong property management platform.”

Read Time: 1 min

Ciminelli sells Muir Woods parcel to student housing developer for $8.5M

Ciminelli sells Muir Woods parcel to student housing developer for $8.5M

Ciminelli completed its sale of the land within Muir Woods to Aspen Heights Partners of Austin, Texas, for $8.5M, which will enable the student-housing developer to move forward with its $83.3M project, a residential complex of cottage and townhouse-style units with two to five bedrooms in each, plus a clubhouse.

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Ciminelli seeks expansion out of town for faster growth

Ciminelli seeks expansion out of town for faster growth

Recently, Ciminelli teamed up with restructuring and investment firm, Gordon Brothers, to buy two Class B office buildings in Massachusetts. In all, Ciminelli now has nearly 500,000 SF of space in the Boston area, with aspirations for more.

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Ciminelli Real Estate adds to Massachusetts real estate portfolio

Ciminelli Real Estate adds to Massachusetts real estate portfolio

Ciminelli acquired an office complex at 181 and 187 Ballardvale St. in Wilmington, Mass., outside of Boston, in a joint venture with Gordon Brothers. The companies paid $33.75 million for the complex, which has 210,945-square-feet of office space and 15.38 acres of land.

Read Time: 30 sec