US Realty Advisors


U.S. Realty Advisors, LLC ("USRA") acquires and manages investments in single-tenant net leased real estate. We provide to corporations, not-for-profits and governmental entities a highly effective financing tool: long-term net leases that unlock the value of real estate assets and free up capital for unrestricted uses. USRA also provides advisory services to corporate and institutional clients. We are principals, investing our own equity capital alongside that of our institutional clients. Our portfolio of real estate assets currently exceeds $2.4 billion and includes a wide range of both asset types and tenant credit quality. Combining capital markets knowledge, long transaction experience, analytical skills and creativity, USRA has completed over $9 billion of sale-leaseback, leveraged lease, recapitalization and structured credit-based real estate transactions since the firm was founded in 1989. A hallmark of our business has been our ability to structure transactions that satisfy unique and complex issues faced by sellers, tenants and investors. (See About Us > White Papers: "A Net Lease - It Looks Simple".) USRA was ranked #7 by Commercial Property Executive in the list of Top Real Estate Owners in the United States: "The Top Owners ranking represents the best practices in ownership for a broad variety of companies, with operations and equity in virtually every sector."

Real Estate Specialization
Investment Type
Acquisition/Fee Simple
Investment Style
Typical Deal Size
> $50,000,000
Chairman/Managing Partner

Richard Ader

Richard Ader is Chairman/Managing Partner and founder of USRA. He serves as chairman of the firm's investment committee and is the senior acquisitions officer and portfolio manager. Having been involved in the net lease real estate industry since 1968, Mr. Ader is one of the pioneers in the field of corporate sale-leaseback transactions and a leading authority on the subject. He has devised innovative net-lease structures, including the sandwich lease, stepped rents and accrual leases, and has overseen the acquisition and management of over $19 billion of real estate assets. Mr. Ader is also recognized as an expert in operating real estate, having acquired and operated over 20 million square feet of commercial property and 32,000 residential units throughout the United States. Since he founded USRA in 1989, the company has acquired over $7 billion of assets. Mr. Ader was voted by his peers as Net Lease Executive of the Year in 2011 and 2012 and was selected as a Legend and Icon by Commercial Property News and Real Estate Form. Prior to forming USRA, Mr. Ader was chairman of the Board and Chief Executive Officer of American Real Estate Partners, a New York Stock Exchange-listed master limited partnership owning net leased commercial real estate. He also served as the Department Head of the Real Estate Division of Integrated Resources, Inc. A graduate of the University of Vermont and a member of the Board of Directors of the University of Vermont Foundation, Mr. Ader also is a member of the Board of Directors, Owners and Builders Division, of the Real Estate Board of New York. Mr. Ader was a member and co-captain of the U.S. Master Tennis Maccabi Team from 1981-1997.

Vice Chairman/Partner

David Silvers

David Silvers joined USRA in 1994. He is involved in acquisitions and corporate advisory. Mr. Silvers' career has focused on developing innovative financial, legal and accounting solutions that enable companies to unlock the value of their real estate assets for redeployment in their core businesses. Prior to joining USRA, Mr. Silvers was a Managing Director of Bankers Trust Company focusing on structured real estate transactions specializing in corporate and international real estate. From 1979 to 1987, Mr. Silvers was employed by Integrated Resources, Inc., where he was responsible for the structuring and acquisition of over $2 billion of corporate net leased real estate. Mr. Silvers began his career with the New York law firm Proskauer Rose Goetz & Mendelsohn, practicing tax and corporate law. Mr. Silvers serves on a number of not-for-profit boards. He has participated as lecturer and guest speaker for a number of organizations, including the New York Securities Analysts, Institutional Investors Consulting, the Practicing Law Institute and numerous net lease conferences. He has authored trade journal and law review articles on real estate and tax issues. Mr. Silvers is a graduate of Harvard Law School (JD, cum laude, 1974) and the University of Pennsylvania (BA, magna cum laude, 1971).

Chief Operating Officer/Partner

David Ledy

David Ledy joined USRA in 1991. He is responsible for corporate advisory services, acquisition structuring, joint ventures and dispositions. During his tenure at USRA, he has developed sale-leaseback programs to finance the expansion plans of major retailers, net lease construction/permanent financing for corporate headquarters and distribution facilities, and net lease lending programs. Mr. Ledy also specializes in counseling real estate workouts and restructuring. Prior to joining USRA, Mr. Ledy was a partner in the real estate department of the New York based law firm Shea & Gould. Prior to his experience at Shea & Gould, he served as a senior real estate litigator at Weil Gotshal & Manges. Mr. Ledy is a member of the New York State Bar Association and was admitted to the United States District Court for the Southern District of New York. Mr. Ledy is a Graduate of the New York Law School (JD, cum laude, 1974) and Lehigh University (BA, with honors, 1970).

Chief Financial Officer/Partner

Jack Genende

Jack Genende joined USRA in 1989. He manages the financial affairs of the firm and has oversight responsibility for assessing corporate credit quality, evaluating credit structure and net lease asset management. From 1980 to 1989, Mr. Genende worked for Integrated Resources, Inc., where he supervised a team of accountants and financial analysts, overseeing corporate rate credit review, the structuring of net lease transactions and asset management of net lease properties. Mr. Genende began his professional career in 1976 working as an accountant with two certified public accounting firms in New York City. In those positions he performed wide-ranging accounting services for a diversified corporate and industrial client base. Mr. Genende is a graduate of Bernard M. Baruch College of the City University of New York (MBA, Finance, 1984) and the City College of the City University of New York (BS, Accounting, 1975).


Warren Schwartz

Warren Schwartz joined USRA in 1996. He is responsible for the general treasury functions of the firm, including all financial and income tax reporting as well as structuring net lease transactions to optimize tax and accounting issues, resolving complex accounting issues and net lease asset management. Prior to joining USRA, Mr. Schwartz was the Director of Owned Real Estate for the Dime Savings Bank of New York. Responsible for a real estate portfolio in excess of 3,000 properties, including valuation, marketing and managing the portfolio, he was instrumental in reducing their non-performing portfolio by over 60%. Mr. Schwartz was also a Vice President with Integrated Resources, Inc., in their commercial real estate acquisitions division from 1983 to 1991. He was responsible for structuring both net lease and operating property acquisitions, financial due diligence, and the asset management of a portfolio of operating properties. From 1980 to 1983, Mr. Schwartz was employed by E & Y Kenneth Leventhal & Co., a major accounting firm specializing in real estate where he was involved in both the audit and tax aspect of several partnerships invested in net lease property. He was also involved in the auditing of both residential and commercial operating properties. Mr. Schwartz began his career in accounting in 1979 with Eugene V. Rose & Company; a New York based accounting firm. Mr. Schwartz is a member of the American Institute of Certified Public Accountants. He received his Certified Public Accounting license in 1984 and is a graduate of Rider University (BS, Accounting, 1979).


David Grazioli

David Grazioli joined USRA in 2007. He is responsible for new business development, financial modeling and credit analysis for USRA's acquisitions group. Prior to joining USRA, Mr. Grazioli worked in acquisitions for Unison Site Management, a leading wireless infrastructure owner and manager. In his time with Unison, the company was able to aggregate more than $250 million in wireless real estate. His responsibilities included originating and negotiating acquisitions, financial analysis, and due diligence. Prior to his departure, Unison recapitalized their owned portfolio in early 2007 with an investment from Goldman Sachs Global Infrastructure Partners I. Mr. Grazioli is a graduate of the School of Management at Boston College (Bachelors of Science, Accounting and Finance).

Vice President/Investor Relations

Patricia Bennett

Pat Bennett joined USRA in 1991. She is responsible for asset management of the properties in the USRA portfolio and overseeing compliance with lease and mortgage requirements. Ms. Bennett also manages investor relations and corporate communications. Prior to joining USRA, she was a Vice President of American Real Estate Partners, a New York Stock Exchange-listed master partnership. In that position she developed and managed the investor relations program, advised senior management on investor issues, and produced and supervised the distribution of corporate financial reports and all supplementary information. Her previous experience includes serving as Executive Director of a national non-profit organization and as Marketing Director of a publishing company. Her responsibilities included long-range financial planning, direct marketing programs, data analysis, public relations and sales. Ms. Bennett graduated from Syracuse University in 1962 (BA, cum laude) and subsequently studied at Columbia University Graduate School. She completed the Real Estate Institute Program at Temple University.

Vice President

Jamie Grossman

Jamie Grossman joined USRA in 1998. She is primarily responsible for post-closing matters and asset management . Prior to joining USRA, Ms. Grossman was an associate at Health Management Systems, Inc., a software and systems development company for the healthcare industry, where she was responsible for strategic planning and marketing. Prior to her work at Health Management Systems, Inc., she worked in commercial litigation. Ms. Grossman is a member of the New York State Bar and the New Jersey Bar and is a graduate of the Touro College, Jacob D. Fuchsberg Law Center (JD, 1995) and the University of Delaware (BA, 1992).

Vice President

Elizabeth St. Lifer

Liz St. Lifer joined USRA in 2003. She is legal counsel and is responsible for supervision of acquisitions, dispositions and asset management. Prior to joining USRA, Ms. St. Lifer was an associate in the Real Estate and Transactional Department at the law firm of Gursky & Partners, LLP. Her responsibilities included negotiating shopping center leases, as well as representing clients in connection with general corporate matters and real estate transactions, including acquisitions and sales and asset based financing. Before joining Gursky & Partners, Ms. St. Lifer practiced corporate and real estate law with the firm of Muchnick, Golieb & Golieb, P.C. where she represented such diverse clients as lenders, real estate companies, investment companies, publishers and restaurateurs. Ms. St. Lifer began her career as a general real estate attorney with the law firm of Pryor, Cashman, Sherman & Flynn after being at Southmark Corporation for a year. Ms. St. Lifer is a member of the American Bar Association and the New York State Bar Association. Ms. St. Lifer is a graduate of Case Western Reserve University School of Law (JD, 1986) and Duke University (BA, 1983).


Ryan Fitzgerald

Key Focus Areas
Acquisitions Dispositions Due Diligence Financial Analysis Real Estate Investing Advisory Institutional Investors
Geographical Area
Mapped Location