By Joshua Burd
Diversified Properties has announced the hiring of a new chief financial officer.
The commercial and residential real estate firm, which is based in Montville, said Peter Matarazzo joins its ranks after most recently serving as CFO and controller with Arete Management in Manhattan. In his new role, he will work closely with Diversified’s executive team to streamline its operations and finance departments through the addition of new operational workflow efficiencies, the restructuring of manual processes and improving the adoption of the latest real estate and business technologies.
“Peter’s previous work with Arete Management exemplifies his attention to detail and his ability to drive financial success at multifaceted and fast-moving organizations,” Diversified Properties Founding and Managing Partner Nicholas Minoia said. “We are excited to welcome Peter to the team and look forward to working with him to continue to execute our real estate investment strategy in the years to come.”
Matarazzo’s role with Arete Management, which owns low-income and affordable housing in New York City and Hudson, New York, included presiding over all financial reporting items. That included monthly closing of books and records, financial statement preparation in accordance with GAAP, account reconciliations, investor reporting and tax filings for over 50 entities consisting of development, real estate operations, commercial properties and nonprofits.
“From the moment I had my first conversation with the executive team at Diversified Properties, it was clear that they have the vision and creativity needed to succeed in today’s commercial real estate industry,” Matarazzo said. “I am honored to join one of the real estate industry’s most experienced executive teams and help them build upon their decades of success.”
