Schostak Brothers and Co., a Livonia-based fourth-generation commercial real estate company with projects around the country, Tuesday announced it has formed Schostak Development, a new business unit that will manage real estate development projects. Jeffrey Schostak will serve as the division’s president.
“With our launch of Schostak Development, we saw an opportunity to continue to set the standard in the industry and offer our real estate expertise in a way that creates a more meaningful impact in our communities to drive economic development,” says David Schostak, CEO of Schostak Brothers and Co. “Jeffrey’s extensive experience with large development projects and proven leadership ability, (and) his role as president of our new division, is a natural next step as … we continue our succession and legacy in the real estate industry.”
Jeffrey Schostak previously served as vice president and director of development for Schostak Brothers and Co., overseeing about one-third of the company’s real estate portfolio.
In his new role, he is responsible for driving the day-to-day operations and future growth strategies for the division, as well as overseeing its current portfolio, which includes repurposing distribution centers, and manufacturing plants, and developing multi-family projects in downtown Detroit and across the region, and corporate real estate projects such as Masco Corp.’s global headquarters in Livonia completed by Schostak Development in 2017.
Schostak Brothers and Co. was established in 1920 and works in development, and acquisitions and leasing of retail, industrial, office, residential, and urban and suburban mixed-use projects. The company operates commercial properties in 24 states.