NEW YORK CITY—Avison Young has hired William Picoli and John Farrell to expand the growing firm's valuation advisory services platform.Both Picoli and Farrell join Avison Young as SVPs, based here, after serving at Landauer Valuation & Advisory, a division of Newmark Grubb Knight Frank.
In their new roles, Picoli and Farrell will focus on business development and providing a full range of valuation and advisory services to clients, including valuation for litigation and arbitration support, periodic valuations, portfolio analysis, and cost-segregation studies, as well as mergers and dissolutions.
“Bill and John are among the most accomplished and highly respected valuation experts in the New York Metropolitan Area,” says Arthur Mirante, Avison Young principal and tri-state president. “Having managed some of the market's most high-profile and complex engagements, Bill and John bring with them an exceptional breadth of knowledge, experience and relationships, and we look forward to the important contributions we know they will make to furthering the growth of our valuation and advisory services platform.”
With more than 25 years of experience in the real estate business as an appraiser, consultant and expert witness, Picoli has consulted on and provided valuation services for over 1,500 properties in 15 states. His areas of expertise include ground up development, co-op and condo conversions, financial feasibility, variance appeals, development sites and transferable development rights. He has extensive experience with all income-producing property types, as well as special-use properties.
Picoli's notable engagements include valuation of the GM Building in New York City; serving as an advisor to NYC Health and Hospital Corporation in structuring and negotiating a ground lease and consulting on the Jean Nouvel-designed Torre Verre Residences, also known as the MoMA Expansion Tower.
Picoli started at James Felt Realty Services, which eventually merged with Wm. A. White/Tishman East. Both firms were acquired by Grubb & Ellis Company, which later became Newmark Grubb Knight Frank, where Picoli was a senior managing director.
“As a result of its principal-led structure, Avison Young is fully aligned with the objectives of its clients,” says Picoli, “and I am excited to leverage my network and experience to create new avenues for business development on behalf of the firm.”
Farrell brings 11 years of experience in real estate valuation and consulting to his position at Avison Young. He specializes in litigation and arbitration support in ground rent resets, office and retail rental redeterminations, foreclosure actions, partnership dissolutions and lost profits damage cases. His experience extends across fee land, leased land, and transferrable development rights; special-purpose properties; and all manner of income-producing properties.
New York City landmarks for which Farrell has provided valuation and advisory services include the former World Trade Center, Grand Central Terminal, South Street Seaport, Rainbow Room, Lever House, One Penn Plaza, Park 51 (Islamic Community Center site), Bellevue Psychiatric Hospital, Battery Maritime Building, Four Freedoms Park (Roosevelt Island), One Chase Manhattan Plaza, and the inclusionary housing certificates for the Nordstrom Tower. Farrell has also consulted for the NYC Dept. of Planning on Local Law 33 to revise New York City construction codes.
Notes Farrell, “Avison Young has demonstrated its commitment to creating an industry-leading valuation and advisory services platform, and I see tremendous opportunity for further growth of this business line as we collaborate with our colleagues in the New York Metropolitan Area market and nationally.”
Farrell previously worked as an associate with KTR before becoming a director at Grubb & Ellis and then managing director at Landauer Valuation & Advisory, where he worked a combined 10 years.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
