A connection made at the former Le Metro restaurant in Williamsville led Nick Ingrassia to his career with Gross Shuman P.C.
Ingrassia was working as a bartender/server when he befriended the late Gordon Gross, co-founder of the Buffalo law firm. Ingrassia also was enrolled in the University at Buffalo School of Law.
“Gordie always told me to keep in touch,” Ingrassia said.
As a second year law student, he clerked at the firm. After passing the New York State Bar Exam in 2014, Gross hired Ingrassia and became his mentor.
Ingrassia's focus is on real estate, corporate law and estate planning.
“I like seeing a real estate deal from the beginning to its fruition,” he said.
How has the real estate world changed in recent years? On the residential side, people are being more aggressive when it comes to bidding on their house. We see a lot more cash deals and more waiving of home inspections. And with Covid, we are seeing less face-to-face meetings and more deals done via electronic means.
When did you notice the uptick in real estate deals? Probably two or three years ago. The sheer volume of transactions keeps rising.
Do you see it continuing? It is still very busy. If there is any slow down coming, I suspect it will come because of the low number of homes in the inventory.
Tell me about the difference between residential and commercial deals? Commercial investors are far more pragmatic. To investors, a CRE deal is very revenue focused. Residential deals are more emotional. For home buyers, the deal is the most expensive one they will be involved with.
On the commercial side, we are seeing a spike in out-of-town investors buying local buildings. Your thoughts? Investors are looking to Buffalo as a very affordable place to buy properties. Yes, prices are going up, but we are still more affordable than a lot of other cities. I’ve worked with investors from Toronto, Florida, California and New York City; they all say the same thing about how affordable Buffalo real estate is compared to other places.
What makes real estate deals fun? It begins with working with your clients. I have a good, very collegial relationship with my peer attorneys. Every deal has its own setting. It is fun to work in these different settings and deals.