Patrick Cusato

Partner/Chair Real Estate & Finance Practice Group, Underberg & Kessler LLP

Years in current role: 20 as Chair, 28 as Partner

What are your expectations for the next 6-12 months?

Recently the practice has been a tale of two cities. While commercial transactions have been stable, the significant increase in interest rates and lack of inventory have caused the number of residential transactions to greatly decline. Experts predict that rates will settle down later this year and I expect the market to rebound at that time. Once consumers embrace a 6 percent interest rate as the new norm, the number of transactions will rebound.

What advice would you give someone just starting out in real estate law?

Practicing in the area of Real Estate Law involves many different aspects including contract review, negotiating, drafting agreements, accounting, financing, corporate elements of the transaction, and trust and estates issues. Another essential element to the practice is having a strong understanding of real property titles. A lawyer new to the practice will need to invest the time, but many of these aspects are difficult to learn on your own. As such, working in a firm that will provide appropriate training and mentoring is beneficial. It is also important to be active in community and industry groups and to interact with real estate and banking professionals.

If you could practice one area of law that you haven’t practiced in your career, what would it be and why?

Corporate Law. Negotiating transactions, striking a deal, and structuring an agreement are all things that appeal to me.

What do you enjoy most about practicing law in the Rochester area?

I enjoy the collaboration of the attorneys in my practice area. I have been involved with the Real Estate Council of the Monroe County Bar Association for many years. I like working with other lawyers on the council to refine our standards and procedures for real estate transactions.