Gut Renovation of Historic Building Will Create 41 Rental Apartments and New Commercial Space
8 Apartments Will Be Income-Restricted Affordable Housing
Rochester, NY (May 21, 2025) – The Community Preservation Corporation (CPC) announced the closing of $10.8 million in construction financing with REO Holdings Carthage LLC for the gut renovation of the historic Tichner and Jacobi building located on the eastern bank of the Genesee River in downtown Rochester, NY. The mixed-use project will create 41 new rental units and two new commercial spaces on the first floor as well as surface-level parking. Eight of the rental units will be affordable for households earning at or below 60% of area median income.
“We are thrilled to be part of bringing a prominent, historically significant building back to life in downtown Rochester,” Community Preservation Corporation Vice President and Mortgage Officer Miriam Zinter said. “Investing in a community’s rejuvenation is core to our mission at CPC. It’s been wonderful working with Tony Cilino and we look forward to continuing our partnership together. I want to thank Tony, the City of Rochester, and all the other stakeholders for their continued commitment to addressing the housing needs of our city.”
“REO Holdings Carthage LLC is delighted to have partnered with The Community Preservation Corporation on this important project in Rochester,” said Tony Cilino, owner of REO Holdings Carthage LLC. “Our collaboration has been seamless and productive, and we greatly value CPC’s commitment to community development. We are very happy with our ongoing partnership and look forward to future opportunities to work together.”
Located at 143-153 St. Paul Street, the property is a six-story, brick, iron-faced, mixed-use building, originally constructed in 1884 for Tichner and Jacobi Tailors for their clothing manufacturing business and later purchased in 1934 by Henry Siebert Sons Inc. While the iconic structure has lain vacant for roughly a decade, the restoration of this “Flat Iron” style building will return it to the community as a hub of activity that will continue the revitalization of downtown Rochester.
SOS General Contractors LLC is an experienced development firm based in Rochester that focuses on the redevelopment of the city’s historic buildings. The company has developed and owns properties totaling more than 140 residential units and five commercial spaces and has partnered on projects totaling an additional 130 units and eight commercial spaces. CPC and Center City Place LLC previously partnered on 131-163 State Street, the gut rehabilitation of a mixed-use project consisting of 41 rental apartments and 8 commercial spaces.
The total development cost for the project is approximately $16 million. In addition to $10.8 million in construction financing, CPC also anticipates committing permanent financing in the amount of $7.1 million at conversion. Other financing sources include federal historic tax credit equity, state historic tax credit equity, and Restore NY funding from Empire State Development. The project will benefit from a PILOT through the City of Rochester’s Conversion Urban Exemption (CUE) program which requires 20 percent of a project’s units to be affordable to households earning at or below 60% of area median income.
About The Community Preservation Corporation (CPC)
CPC is a diversified, nonprofit multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity and equity within the development industry, and expand investment in the green economy and lessen the impact of climate change. Since its founding, CPC has invested over $15 billion to finance the creation and preservation of more than 230,000 units of housing. The company provides a suite of construction and permanent lending products, and is an equity investor with approximately 4,500 affordable units under ownership. CPC is a carbon-neutral company and has been rated AA- by S&P. Visit CPC at communityp.com , and on Facebook, Twitter and LinkedIn.