Despite high interest rates, investment in New York City construction remains strong. The New York Building Congress predicted that by the end of this year, construction spending in the region will total $83B, an increase of $13B from 2022, adjusted for inflation.

Even with these strong numbers, New York City-based developers and owners may still be unsure of how to best navigate legal concerns that may arise during construction projects, especially in a period of economic uncertainty.

Maurizio Anglani, a partner at real estate law firm Ingram Yuzek Gainen Carroll & Bertolotti, understands the complex legal issues that can come up during a project and offers counseling in connection with construction agreements, dispute resolution, litigation and project management.

Anglani will be representing the firm at Bisnow’s New York City State of the Market Conference on Nov. 16 and will moderate the Construction and Development Management Strategies panel. The panel will bring together CRE professionals to discuss strategies for boosting assets. It will also dive into how owners are assessing their portfolios and exploring opportunities for deal-making.

Click here to register for the conference.

In a conversation with Bisnow, Anglani shared some of the obstacles that the New York CRE market has been facing this year, as well as how Ingram is helping clients navigate the complex NYC market.

Bisnow: How do you view the current state of New York City commercial real estate? What are some of the challenges affecting business right now? 

Anglani: The market is generally facing multiple challenges, in both the residential and commercial sectors. While particular industries or markets seem to be more active than others, 2023 has been a difficult year, with reported lower transaction numbers and a significant decrease in new developments.

In construction, the field I am most familiar with, I have witnessed a steep decline in new residential development, with the industry focusing on nonresidential development, particularly in government building, life sciences and education, among others.

The biggest challenges are widely reported to be related to constraints in capital markets, rising interest rates and the rise in construction costs, as well as regulatory pressures. I expect these to continue to be the main issues in the near future.

Bisnow: What types of projects is your team at Ingram providing legal assistance for in NYC?

Anglani: We are mostly working on commercial projects at the moment with a focus on the education and life sciences sectors, as well as a few major public infrastructure projects in New York City. Our work on new residential projects has significantly declined, although we are seeing a slight uptick in disputes involving existing and past residential projects.

Bisnow: What inspired you to speak at this particular Bisnow event?

Anglani: This event is a tremendous opportunity to learn about how industry leaders are handling the challenges of the market. Changing and difficult times are said to often lead to new ideas and ingenuity, so this is a particularly interesting time to be involved in relevant and informative discussions about the state of the real estate market in NYC.

Click here to learn more about Bisnow’s New York City State of the Market conference. 

This article was produced in collaboration between Ingram Yuzek Gainen Carroll & Bertolotti 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.