For many New York residents, being in a “New York state of mind” means having the desire to stay put in the Big Apple. A second-quarter CBRE report on the state’s multifamily market found that New York has a vacancy rate of 3.1%, the lowest vacancy rate among the nation’s largest cities.

Just because demand is strong doesn't mean developers don’t need to find innovative ways to attract tenants.

Developers can learn about the best ways to contribute to the New York market and meet tenants’ needs by attending Bisnow’s New York Multifamily and Residents of the Future event on Oct. 4. The event will dive deep into the types of multifamily properties that are attracting residents, the challenges that may arise during the construction process and what the future of multifamily could look like. Click here to register.

When starting a project, developers can work with a real estate law firm, such as Ingram Yuzek Gainen Carroll & Bertolotti, which helps clients navigate the legal aspects of construction projects. The firm offers services such as counseling, drawing up project agreements, conflict resolution and risk mitigation.

Maurizio Anglani, a partner at Ingram, will be moderating the Building and Designing Sustainable and Amenitized Assets panel at the Oct. 4 event, which will cover how bringing in technology and sustainability measures can affect a building’s day-to-day operations and an owner’s bottom line.

Bisnow sat down with Anglani to talk about the New York City multifamily market, the challenges related to economic uncertainty, his optimism for growth opportunities and how Ingram provides legal support to clients.

Bisnow: How do you view the state of the multifamily market in NYC? What trends are you seeing?

Anglani: In general, market forces like rising interest rates, inflation, the uncertainty of a recession and tight regulations seem to be driving the market this year. From what my colleagues in the transactional world tell me, there’s been a decrease in sales volume and prices in 2023.

On the construction and development side, which I am more familiar with, we are also seeing a decrease in new developments for similar reasons as well as other post-Covid-related challenges. At the same time, NYC continues to be a dynamic city and an attractive place to live, as demonstrated by the rising rents in free-market rentals. This is an exciting time to think about the future of NYC.

Bisnow: What inspired you to speak at Bisnow’s New York Multifamily and Residents of the Future conference?

Anglani: I am always looking to learn about the latest trends and developments in CRE, and this conference is a great opportunity to do so. It is particularly interesting to participate in this conference now, at a time when the industry is facing multiple challenges. It is fascinating to be part of the conversation about the solutions to difficult problems and to be able to discuss with industry leaders their vision for the future of NYC.

Bisnow: What are some of the biggest challenges impacting this market?

Anglani: Rising interest rates, inflation and tight regulations — including the expiration of the 421-a program, as well as the Housing Stability and Tenant Protection Act — are all contributing to the current state of the market. These issues have reportedly contributed to the affordable housing crisis and rising free-market rents, as well as lower sales and new developments.

Bisnow: How does Ingram Yuzek Gainen Carroll & Bertolotti LLP help its clients in the NYC multifamily market?

Anglani: As a real estate firm, Ingram provides a variety of legal services to the real estate industry, and our multifamily clients are a key component of our practice. We represent multifamily clients in real estate transactions and landlord-tenant issues as well as construction projects.

While our practice areas are varied, we all share the goal of providing high-quality legal services while being acutely aware of our clients' business goals. This applies not only to our multifamily clients but to all our clients.

Bisnow: Where do you see NYC’s CRE market headed in the short term and long term?

Anglani: It is difficult to make predictions, but while I expect current market trends to continue in the short term, I am optimistic about the future. NYC is always changing, and its dynamism has often led to new opportunities. With the help of some regulatory changes, some of which are already in the pipeline, NYC’s CRE market is bound to continue to evolve and grow.

Learn more about Bisnow’s New York Multifamily and Residents of the Future event and register here.

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.