A generational change in leadership has begun at one of the region’s largest commercial real estate developers.
Paul Ciminelli, the longtime president and CEO of Ciminelli Real Estate Corp., this week named his son Kyle president as part of a planned transition that will ultimately replace him in the top job. appointed as a person.
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The elder Ciminelli will continue to serve as CEO with the highest authority, guiding the company’s overall vision while continuing to focus on large-scale development projects and strategic relationships. However, Kyle Ciminelli, a former executive vice president of the family-owned company, will now oversee the growth and acquisitions and investments of the Newmark Ciminelli real estate brokerage partnership. James Gotztine will continue as chief operating officer (COO).
“My son, Kyle, has always shared my interest in commercial real estate and development,” said Paul Ciminelli, 64. “His education and career path have been influenced by his love for Buffalo and Western New Jersey. Needless to say, it helped shape me into a strong leader with vision and determination.” yoke. It was great to see him return in 2019, and today features the same level of excitement. ”
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Kyle Ciminelli is a Western New York native who earned a bachelor’s degree in business administration from Fordham University’s Gabelli School of Business and a master’s degree in real estate development and finance from New York University School of Professional Studies. He returned to Buffalo in 2019 after spending the past 16 years with his Newmark Group, a 170-office commercial real estate brokerage firm.
The company’s operations and services remain unchanged from generation to generation. Paul Ciminelli said he and his son have a “rough” time frame for next steps, but “there are things we’re both working on to make that happen.”
The move follows a similar path already set by competitors of Ellicott Development Company and Uniland Development Company, with William Palladino and Michael Montante already working together with their father Carl Palladino, an entrepreneur. and Carl Montante Sr. as CEOs of their respective companies. , Randy Benderson became CEO of Benderson Development Company following the death of his father and company founder, Nate Benderson.
Ciminelli was founded in 1981 by Frank Ciminelli Sr. and currently owns, manages or develops 27 million square feet of office, industrial, residential and medical real estate in seven states. Paul Ciminelli became president and CEO in 2010 after acquiring his father and expanded the company’s real estate management and other services, including serving third-party clients.
“My goal has always been to make this a third-generation company,” says Paul Ciminelli.
Contact Jonathan D. Epstein at (716) 849-4478 or jepstein@buffnews.com.