Reserve Your Spot at the Sunrise Multifamily Summit!
October 30 | 7:30–10 AM | Latham, NY | Tickets: $35 with $20 to The Regional Food Bank | Register at: SunriseMC.com/Summit
Meet the Panelist: Jessica Richer, Licensed Associate Real Estate Broker, The Richer Team at Hanna Commercial Real Estate
Jessica Richer has more than 25 years of experience in commercial real estate, representing buyers, sellers, landlords, and tenants across multifamily, land, warehouse, mixed-use, and office projects. She has held leadership roles within CIREB and now serves on the Board of Governors for the NYS Commercial Association of REALTORS®.
Five Questions with Jessica Richer
1. How is your work connected to multifamily real estate?
Multifamily has been part of my life even before real estate. I spent 20 years in healthcare focused on senior housing. Now, in commercial real estate, I work with three types of multifamily clients. For investors, I analyze income, expenses, how the property is being managed, whether rents are at market rate, and any deferred maintenance. I find potential upside/added value. For sellers, I assess their operational expenses, capital improvements, and Net Operating Income, and compare them with similar sales to determine pricing. With developers, I help find locations based on demographics, water and sewer access, and zoning. I identify the land, get it under contract, and help from there if needed.
2. What trends are you currently seeing in the Capital Region?
Multifamily is still in high demand, unlike some other sectors like Industrial, which has cooled off. Recent sales back that up: Fox Run and North Point sold for $86 million, with 666 units at $124,000 per unit. A 36-unit complex in Rensselaer went for $5.75 million, or $159,722 per unit. The Overlook in Troy sold for $9.45 million, about $127,700 per unit. Park Place in Saratoga hit $333,333 per unit. On the development side, we’re seeing new proposals: Rosenblum has a $22 million project in Troy with 71 units, 21 of them affordable. Conifer just closed on a $92 million, 185-unit affordable project near Samaritan Hospital. A 34-million-dollar project of 76 units of affordable housing with commercial space was recently approved for a location on Ontario Street just off Central Avenue. So activity is strong on both sales and development fronts.
3. What’s one opportunity more people should be paying attention to?
We need to think creatively about conversions. Schools, offices, and retail sites are sitting vacant. Can they be used differently? In places like Albany and Schenectady, this has worked. Mixed-use is growing in areas like Saratoga County, where towns allow commercial on the ground floor and residential above. These projects can also meet community needs. A great example is Draper Lofts. I actually showed that building to someone before Jesse Holland of Sunrise Management & Consulting bought it. At the time, it was just a vacant school. But he had the vision to turn it into housing, and now it’s a successful property that helped stabilize the neighborhood. We need more of that kind of thinking.
4. What are the biggest challenges in multifamily right now?
Financing and zoning. It’s all about whether the project can cash flow and whether the lender’s underwriting will approve it. You often need grants, IDA support, or a PILOT to make it work. Then there’s zoning. If it doesn’t support the needed density, the numbers won’t work. Some municipalities change the rules or slow down the process so much that developers avoid them entirely. You need to know where it’s feasible.
5. What is one piece of advice you would give to someone looking to succeed in this market today?
Have a good team of advisors. You need a commercial realtor who knows multifamily, a real estate attorney who understands the process, and a CPA who can walk through the financials. If you’re buying, know what you’re getting into. Are there rent caps? Is a PILOT expiring? What’s the long-term impact on your bottom line? Do your homework and make sure you’re prepared.
Enjoyed this interview?
Read our 5 Questions interviews with the panelists for a preview of the insights they’ll share at the summit!
Hear directly from our panelists about multifamily housing and learn what they’re doing to navigate today’s challenges.
Questions? Contact Heather Schechter, Sunrise Management & Consulting
