From left: Gregg Schenker, Richard DiGeronimo
NEW YORK CITY—ABS Partners Real Estate has formed a joint venture with appraisal services firm R.D. Geronimo LTD. The firm ABS R.D. Geronimo Valuation Services LLC will offer real estate advisory services including valuation and consulting; arbitration/litigation support; fair market value resets; mark-to market-rental studies; highest/best use analysis; expert witness testimony; underlying fee/ground lease valuations; development modeling, and institutional appraisal services.
Richard DiGeronimo, the president and founder of R.D. Geronimo LTD, will act as the managing partner of the new company. Gregg Schenker, president and co-managing partner at ABS Partners Real Estate, made the announcement.
“Valuation, advisory and appraisals offer a natural extension of the ABS Partners Real Estate services platform,” says Schenker. He notes R.D. Geronimo LTD in the past has worked with ABS Partners and their capital markets group, ABS –Altman Warwick.
“The joint venture entity provides a thoughtful governance structure which is ideal for both clients and ABS R.D. Geronimo to maintain and safeguard proprietary client relationships and confidentiality agreement,” adds Schenker.
With the formation of the JV, ABS will continue its work in service lines, including the capital markets advisory platform ABS – Altman Warwick. With property development, ABS has worked with firms on over $1 billion in assets including the Hudson Companies on more than 10 ground-up developments. This includes CorneiiTECH, a 26-story student housing tower on Roosevelt Island, NY. ABS has also worked with Brause Realty and Gotham Organization on a 272-unit multifamily rental and retail building in Long Island City, NY and with RXR on a 28-story, mixed-use property in New Rochelle, NY.
“Our combined synergies will provide added value and a broader business platform, enabling each entity to both complement and expand the individual and collective footprints under the ABS R.D. Geronimo umbrella,” says DiGeronimo, who founded his firm over 30 years ago. “The preference of clients in today's marketplace is working with a larger and well-established company that offers a full suite of professional real estate services under one platform, which this partnership accomplishes.”
ABS is a New York City-based real estate firm, with 100 employees across offices in Manhattan, Brooklyn and Westchester. R.D. Geronimo LTD will maintain its corporate office in Mineola, NY and expand into the ABS headquarters at 200 Park Ave. South in New York City. The combination of service will give each firm increased exposure throughout the New York Metro and Long Island markets. Separate from this partnership, R.D. Geronimo LTD will continue to remain an independent operation.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
