NEW YORK CITY—Real Estate Research Corp., a Situs company, has established a New York office that will be the center of the firm's financial reporting valuation practice in the Northeast region.

Lev Yagudayev, MAI, will serve as director and Northeast practice leader. He brings 15 years of experience in commercial real estate, specializing in valuation for financial reporting purposes, including debt, equity and portfolio valuation and purchase price allocation in adherence with US GAAP and international financial reporting standards.

In his new role, Yagudayev will be responsible for financial reporting valuation for private equity clients, purchase price allocation for REITs, and valuation compliance with international clients.

“We are excited about further expanding RERC's valuation practice in this region and to have Lev lead those efforts,” says Ken Riggs, president and CEO of RERC. “His background with a Big Four accounting firm and his real estate knowledge enables us to grow our valuation financial reporting practice and further strengthens RERC's presence in New York City and the Northeast in general.

Adds Constantine Korologos, managing director at Situs, “RERC's expansion in New York City and the addition of Lev, my former colleague at Deloitte, provides Situs with the ability to offer clients the full scope of necessary reporting valuation services in an environment where regulators and investors continue to expect greater transparency and independence of invested assets.”

Prior to joining RERC, Yagudayev served in Deloitte's real estate consulting practice for nine years, holding the position of senior manager and portfolio valuation services leader for the Eastern region. Yagudayev provided valuation and due diligence services to alternative investment managers, advised and consulted clients on a variety of issues relating to commercial real estate and real estate instruments, worked with clients to improve their processes relating to valuation, financial reporting and oversaw investor reporting.

Additionally, he previously worked at Emigrant Bank, where he focused on commercial real estate valuation, REO management and disposition, mortgage underwriting, loan origination, and foreclosures.

Yagudayev is an adjunct faculty member at the Fordham Graduate School of Business, where he teaches real estate finance, and serves as faculty advisor to the real estate club.

Instant Insights /

Situs Research Arm Opens Northeast Office

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