James Ryan founded RYCO Capital in 2018 and has led the firm since its inception. Since establishing the company, James has personally overseen all aspects of its growth and operations. His team has grown and expanded, and he has been a contrarian to great success, acquiring multifamily properties across New York City.

Prior to founding RYCO Capital, James held leadership and finance roles across real estate development and early-stage technology firms. He earned his BA in Political Science from Yale University.

Insights from James Ryan on Contrarian Investing in New York City Multifamily

When New York passed the Housing Stability and Tenant Protection Act in 2019, capital fled the multifamily market overnight. When COVID hit in early 2020, the exodus accelerated. James Ryan saw something different: supply constraints in the tightest housing market in the country, with assets trading at prices that still cash-flowed even if rents stayed flat.

RYCO Capital's family office structure gave James an advantage most syndicators don't have - he could say no to deals that didn't make sense and wait for the right opportunities. Between 2020 and 2024, while others stayed on the sidelines, he bought across Brooklyn and Manhattan, raised capital by showing protected downside scenarios, and built a team capable of executing complex, multi-year value-add projects.

In this episode of The Dealmakers' Edge, Aaron and James discuss contrarian investing, raising capital without fee pressure, building quality assets that can hold through market cycles, and managing the grind of daily operations while staying focused on long-term goals.

1:40 - Growing up in Rochester and starting in Brooklyn real estate after Yale

3:31 - Family office background in Rochester and buying out father’s partner after a tragic loss

5:33 - Looking at secondary markets in 2019 and finding everything overpriced

6:10 - How the Housing Stability and Tenant Protection Act changed the NYC market overnight

7:35 - Closing on four Brooklyn properties in January 2020 and what happened next

8:48 - The thesis: supply constraints and New York City isn't dead

11:21 - Raising capital and focusing on deals the team believes in

12:28 - Underwriting for downside protection and returning principal to investors

15:38 - Why having institutional backing prevents deal-making adrenaline

18:41 - Building a vertically integrated team that executes at a high level

23:22 - Managing adversity, the daily grind, and staying focused on long-term vision

26:08 - Work-life balance, family time, and avoiding hustle culture

Mentioned In Contrarian Investing and Building for the Long Term with James Ryan

RYCO Capital | LinkedIn

James Ryan on LinkedIn

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