James Coakley: 30 Years in NYC Self-Storage, Safeguarding Its Next Generation

NYC self-storage is in the middle of the toughest regulatory fight in its history. Most operators outside New York have no idea what's coming or how fast it could spread to their market. James Coakley, President of Cayre Equities (Treasure Island Storage) and immediate past president of the New York Self Storage Association, joins Thaddeus to unpack what's actually happening on the ground: the loss of the ICAP tax abatement that made NYC development pencil, the 35% assessment hike on storage buildings landing in 2026, the new DCWP registration law and the rulemaking fight underway right now, Intro 495's proposed 2% rate cap, and the agency lawsuit against a major REIT. James has spent over two decades in NYC self-storage — starting at Manhattan Mini Storage, moving through United Stor-All, and leading Cayre Equities since 2009. In this conversation he shares how a family-office operator approaches development when merchant deals no longer underwrite, why Treasure Island stayed in NYC while everyone else chased the Sunbelt, and what every operator in every state should be doing right now to build relationships with local policymakers before regulation finds them. If you operate, develop, or invest in self-storage anywhere in the country, this episode is a preview of what's coming. Maryland is already testing per-facility taxes. Other states are watching. (02:00) How James got into self-storage (04:00) Joining Care Equities in 2009 (06:00) Operating with family-office backing (07:45) Why Treasure Island stayed in NYC (09:30) How NYC development has changed since 2009 (12:00) The ICAP tax abatement — and why losing it killed most new deals (14:30) The 35% assessment hike on E7 storage buildings (17:30) Why valet storage never replaced self-storage in NYC (18:45) The new NYC registration law and DCWP rulemaking (22:30) The DCWP lawsuit against a major REIT (23:00) Industry consolidation and why state associations matter (25:30) What every operator should be doing about local politics (28:20) What motivates James to give back to the industry Connect with Thaddeus Campbell (S3 Partners): Email: thaddeus@s3.partners LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with James Coakley Email: jcoakley@ceqy.com LinkedIn: https://www.linkedin.com/in/james-coakley-8aa6a18/ This Episode was brought to you by: https://www.kiwisteel.com/