‘New York City Is On The Upswing’: Ingram’s Michael Capozzi At Bisnow’s NYC Multifamily Event

New York City has one of the most robust multifamily markets in the country — last year, commercial real estate investment volume in the city reached $38.4B, with multifamily properties accounting for 34% of all investments. 

Michael Capozzi, partner at Ingram Yuzek Gainen Carroll & Bertolotti LLP, or Ingram, said that though the city’s CRE market has faced adverse circumstances over the past several years, the multifamily market is coming back with a bang. He cited an abundance of construction starts on the horizon thanks to the nearly 60,000 building permits issued to developers through the city’s 421-a tax exemption program in 2022.

“Now that the pandemic is behind us, New York City is on the upswing,” Capozzi said. “Though current economic conditions may present some challenges, landlords across the city have been able to make up for lost time, and it's been a pretty remarkable recovery thus far.”

Capozzi will be speaking at Bisnow’s New York Multifamily Investment and Development Conference on March 21. Register here.

Bisnow spoke to Capozzi to find out more about what obstacles the city’s multifamily industry is currently facing, Ingram’s 2023 market outlook and what inspired him to speak at Bisnow’s upcoming event. 

Bisnow: What is your role at Ingram, and what has you most excited about speaking at Bisnow’s New York Multifamily Investment and Development Conference? 

Capozzi: I'm a partner in the landlord-tenant group at Ingram. We are a smaller group within the firm, with just five attorneys. We focus primarily on landlord-tenant litigation in New York City and surrounding areas. The majority of the cases are landlord representation, both commercial and residential. I've been practicing for more than 20 years, and I've been at Ingram for nearly 20 years. 

At this point in my career, I handle more complex landlord-tenant matters, and I also oversee and mentor our younger associates in a supervisory role. 

I’m excited to moderate one of the panels at this event and to hear from some of the multifamily market’s leading players about the topics most prevalent to our industry. I’m interested to hear the great ideas that the speakers will bring.

Bisnow: How does Ingram help its multifamily clients?

Capozzi: Our group handles all facets of landlord-tenant issues, such as nonpayment and holdover eviction cases, as well as proceedings before the New York State Division of Housing and Community Renewal. We also provide counseling with respect to the ever-changing laws and rules affecting landlords in New York. 

Bisnow: What is Ingram’s multifamily industry outlook in New York City for 2023?

Capozzi: Year after year, New York has been a solid investment for real estate. Now that we are living in a post-pandemic society, New York is on the rise. Vacancies are way down and rents are increasing. I think landlords have been able to really make up for a lot of the losses that they incurred throughout the pandemic, and it's been a pretty swift increase. 

The outlook is strong. As much as people talked about fleeing the city during the pandemic, people are now flocking to the city. The demographic is different — maybe younger people are wanting to go to the city, whereas older middle-aged people are looking to leave — but vacancies are down and rents are up.

Bisnow: What are the obstacles currently facing the industry in New York and beyond?

Capozzi: As far as the obstacles, that's always going to be the city’s high rents. Though the vacancies are down, people's salaries, at some point, are going to plateau again, and we’ll probably start facing some leaner years from an economic standpoint. I think landlords that are experiencing this great rush of an increase in rents may have to scale back a bit; they may even find that the tenants are not going to be able to afford some of the rents currently being charged. 

Bisnow: What topics will you be covering at this event?

Capozzi: I am moderating the panel that will be discussing increasing housing supply and incentivizing development in the city in light of the recent expiration of the 421-a tax benefit program, which provided a partial tax exemption for new multifamily housing construction. The panel will also be discussing speeding up approval processes and creative ways to add units.

This article was produced in collaboration between Ingram Yuzek Gainen Carroll & Bertolotti LLP and Studio B. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.