News: Owners Developers & Managers

Fustolo Dev. breaks record on condo sale for $3.25 million at Ocean Club

Fustolo Development, LLC, developer of The Ocean Club, has broken the previous record set for the most expensive condo sold in the city's real estate history. A multi-unit sale tallying $3.25 million surpasses the previous condo sale record of $1.5 million, also set by The Ocean Club this past August. Prior to The Ocean Club development the most expensive condo sold in Revere history was sold in 2004 for $750,000. The Ocean Club sales manager, seasoned real estate broker and city native, Gary Ferragamo, brokered the deal with a long-time resident of Newton, Mass. "The buyer researched waterfront property before making her decision to buy at The Ocean Club on Revere Beach," said Ferragamo, "The entire sales team is elated by this sale and we look forward to welcoming our buyers to their new oceanfront home." "This is another incredible feat for The Ocean Club," said Steven Fustolo, CPA, president of Fustolo Development, LLC. "It reinforces what I have long believed, that Revere Beach is a hidden gem just waiting to be discovered. The renaissance of Revere Beach truly has begun and the rest of New England is being introduced to the beauty and potential of this unparalleled oceanside community." Fustolo said, "The timing of the multi-unit sale couldn't be better as The Ocean Club has started construction on the infrastructure of our development." Fustolo Development saw the appeal and possibility of the 9 parcels of land that will become The Ocean Club and vowed to bring luxury development to the area. Almost 100 of the total 242 residences have been sold to date, making it the fastest selling oceanfront development in the Boston area.
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Elm Grove Companies breaks ground on $20 million - The Rapids On Cocheco

Rochester, NH Real estate development firm, Elm Grove Companies, has started construction of The Rapids On Cocheco, an approved 52-unit workforce housing community at 29 Wadleigh Rd. This will be the company’s ninth venture in the affordable housing arena with other affordable properties in the state totaling 430 apartments
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Columns and Thought Leadership
Selecting the right façade installation firm - by Steven Powell

Selecting the right façade installation firm - by Steven Powell

As the owner of a major new property being developed, or an existing large building preparing for major renovation, you want your design and construction team to have the right experience, capabilities, and expertise to match the project demands. A critical member of this team will be the façade installation specialty firm, since the quality of this installation will impact
Selecting the right façade installation firm - by Steven Powell

Selecting the right façade installation firm - by Steven Powell

As the owner of a major new property being developed, or an existing large building preparing for major renovation, you want your design and construction team to have the right experience, capabilities, and expertise to match the project demands. A critical member of this team will be the façade installation specialty firm, since the quality of this installation will impact
Recently passed legislation creates opportunities to meet CT’s changing energy needs - by Klein and Feinn

Recently passed legislation creates opportunities to meet CT’s changing energy needs - by Klein and Feinn

For decades, New England has had a summer-peaking power system, where the greatest energy use occurs on the hottest and most humid days, due to widespread use of air conditioning. But by the mid-2030s, electrification of the heating sector likely will result in a winter peak that’s higher than the summer peak.
IREM President’s Message: Fostering community connections during the holiday season

IREM President’s Message: Fostering community connections during the holiday season

The holidays are again taking center stage, and with them comes an opportunity for multifamily communities to connect with the businesses and organizations in their cities and towns, fostering a sense of unity and generosity during this giving season