From Bozen-Bolzano to NY: My Unexpected Journey into Real Estate Finance
By Giulia Cappello
Two years ago, Giulia Cappello arrived in New York with a simple plan: complete her Master Programme and return to Italy or Europe. But the city had different plans for her. She shares how her path took an unexpected turn in the text below.
It has been two years since I landed in New York to begin my master’s program. Initially, I planned to stay only for my studies and then return to Italy or Europe. This idea remained for about 7-8 months until I entered the job market here in the U.S. I experienced a refreshing shift compared to my work time in Italy, and my initial thoughts began to evolve into the possibility of staying in New York a bit longer.
Let’s rewind a bit. During my master’s at Baruch College, I took an extracurricular course in real estate finance. The professor was so passionate about the field that it inspired me as well. When it came time to apply for jobs, I began targeting real estate companies, driven by my recently discovered interest.
Finding a job was not easy at all. The competition in New York is intense. As a global economic hub, the city attracts many brilliant minds seeking to start anew, which certainly makes the job search more challenging. I spent countless days sending out resumes, and just before the deadline for securing an internship (unfortunately, there are many deadlines and bureaucratic hurdles to navigate with a visa in the U.S.), I finally received an offer from a real estate fund.
I work in a small, dynamic, youthful team within a larger brokerage firm. In addition to managing the real estate fund that originates from my boss’s family office, we also engage in the buying and selling of properties in the city.
My responsibilities began with the administrative side of the fund and the transactional aspects of real estate sales. In the meantime, I obtained my real estate agent license in New York to assist with the sales and rentals of our portfolio properties.
Once promoted to a full-time role, I shifted my focus to acquisitions, where I took on responsibilities such as conducting financial due diligence, building pro forma cash flow models, and completing underwriting tasks. In October of last year, I contributed to the successful acquisition of my first mixed-use building in the East Village. This experience was particularly rewarding, as it involved collaborating with a diverse range of stakeholders throughout the transaction, from engineers to lenders and lawyers. Engaging with so many different perspectives allowed me to gain invaluable insights into the market.
Additionally, I oversee the financial performance of individual assets in our portfolio, helping determine the right moments for exits, refinancing, or capital expenditures. Beyond financial aspects, I collaborate with various contractors working on our buildings and maintain relationships with our tenants. Our objective is to achieve the best and highest use of the properties, maximizing profits for our investors.
One of the perks of my job is attending open houses for stunning apartments. I had the opportunity to tour a magnificent $70 million unit on the 129th floor of a skyscraper overlooking Central Park. The view was better than any observatory I have been to in the city, offering a 360-degree unobstructed panorama.
The amenities of these luxury buildings are amazing: swimming pools, basketball courts, tennis courts, even a skateboarding area, bowling alleys, and climbing walls, all within these luxurious buildings that one cannot even imagine without experiencing them firsthand.
New York's real estate sector is incredibly vibrant and dynamic, with each neighbourhood showcasing its own distinct architectural character. For instance, the Upper West Side is characterized by charming townhouses, Soho features cast-iron buildings, and Midtown boasts iconic skyscrapers.
What I find most rewarding in this field is the opportunity to work with tangible assets. Unlike abstract investments, real estate offers a palpable connection to the spaces where people live, work, and invest their lives and dreams.
Each property has its own unique story, shaped by its location, history, and the people who live or work in it. The physical nature of real estate fosters deep connections, not just to the properties themselves but also to the communities they serve. This connection adds a layer of meaning to each transaction, transforming it from a simple business deal into a milestone in someone's life.
For students considering a similar journey, New York is filled with opportunities for networking, personal growth, and professional development. While the hustle and bustle can be overwhelming, the rewards, both professionally and personally, are truly worth it. The city’s landscape allows everyone to discover the right field for them and build a fulfilling career. If you’re considering making the move, do not hesitate: it will be a rewarding experience that can shape your future in many ways.