Ross Burack is a successful entrepreneur in the highly competitive market of New York City. From a young age, Ross knew that his purpose was to imagine, create, and lead a business. His educational background reflects this drive. He graduated from Syracuse University’s Whitman School of Business in 2011 with a Bachelor’s degree in Entrepreneurship, Sales, and Marketing. He swiftly transitioned into the high-stakes world of restaurants by opening his first business, Choza Taqueria, in 2012–which now has four locations around the city.
While Ross Burack successfully launched Choz Taqueria, he was already working with Winick Realty LLC as the Director of Retail/Office Leasing and Sales, which he held since 2009. Ross’s role in the company required him to match businesses to office spaces that focus on a companies needs while simultaneously advising property owners on renovations that will allow them to remain competitive renters in the commercial real estate market. Working at Winick Realty LLC allowed Ross to develop marketing and sales strategies of all sorts, such as studying traffic patterns to determine which locations are best suited for any given business. This skill translated nicely into his efforts with Choz Taqueria when deciding where to expand. Ross’s success has most notably praised by Forbes when he was named a member of the 30 under 30 (food and drink) for his work with Choz Taqueria.
Between these two businesses, Ross Burack has developed a decade worth of expertise in marketing and sales. These skills include location selection, lease negotiations, store design, and developing marketing materials for clients. Ross takes particular pride in his marketing skills and consistently attempts to simplify the marketing process for those less associated with the people side of business operations. Ross Burack’s overarching goal is to increase business while providing new opportunities and skills to those who follow him. Ross takes particular pride in his desire to help new entrepreneurs learn from his experiences.
Ross Burack on Why New York Commercial Real Estate Will Recover From The Pandemic
As has been well noted, the Covid-19 pandemic hit cities hard and hit New York City particularly hard. Many individuals moved out of their homes and have found comfort living in suburban communities surrounding NYC. This mass relocation has had a marked impact on not just residential real estate but commercial real estate. As more and more employees settle into working from home, or hybrid work models, the need for retail office space is allegedly dwindling. There has been much hand wringing about the impact this might have on New York’s commercial real estate market. This concern may seem legitimate at the moment, but in considering the long-term implications of it, it can almost seem silly to assume that commercial real estate in New York is being served a mortal blow. There is plenty of evidence to suggest that commercial real estate will bounce back just fine in New York City. However, the shape of the companies making up retail is impacting the recovery of the commercial market. Tech companies have been particularly successful in the last decade at creating work environments that incentivize and compel individuals to work from the office. They hope to bring a similar attitude to their New York Offices. Buildings will have to be updated to compete with tech companies, or they risk becoming obsolete, but that is nothing new in the commercial real estate industry.
Furthermore, leasing activity has elevated in recent months, in no small part because of Big Tech, which leads all industries in Manhattan leasing for the second straight year, according to brokerage CBRE Group Inc. Those who feel optimistic about returning to commercial real estate dominance look at Amazon’s $978 million investment in property, formerly Lord & Taylor’s building on gift avenue. Facebook has leased the Farley Building across from Madison Square Garden. Alphabet inc has gotten in on the action and deals connected to Chelsea and Hudson square, which restructures much of the Far West Side.
Safety Is Key
The fear of exposure to Covid-19 is by far the biggest limiter to commercial real estate rebounding, but that fear is dwindling more and more. Employees care deeply about workplace safety, but simultaneously many individuals are developing fatigue from working at home. People are ready to get back into office environments to feel a closer sense of community and work more efficiently. Most people like to have designated working/non-working spaces and are eager to have that divide back in their life. Furthermore, as the vaccination rollout continues to find success in the states, it’s becoming more and more of a reality that we will be able to assemble indoors relatively soon. The newest CDC guidelines are an extraordinary hint at how far we’ve come and how close we are to working and congregating en mass.
Transitioning From Commercial to Residential
One of the more intriguing solutions batted around is the notion of taking vacant commercial properties and developing them into residential properties. Where some see empty buildings, others see the perfect opportunity for repurposing. These renovations would end up taking one of three modes: turning offices into housing, turning hotels into housing, and turning hotels into short-term office spaces. While hotels have been particularly hard hit, some see opportunity. Yellowstone Real Estate investments just put down $175 million for the Watson Hotel in midtown, with the intent to turn one of their towers into market-rate apartments. What’s particularly fascinating is watching the long-term lifecycle of some of these buildings. 960 Sixth avenue is a 16 story limestone that was initially an office building, took a turn into being a hotel, and now has plans to return to its status as an office space. The repurposing of buildings is a familiar story in New York where repurposing a church can suddenly become a swanky nightclub. Still, it bodes well for the commercial market that repurposing will allow many hotels to develop into office spaces.
Buyers Market
There are plenty of homeowners questioning the investment they’ve made in New York real estate, and understandably so with the value of residential housing dropping significantly. Between governmental incentives and low-interest rates, there are plenty of reasons to invest in residential property in New York, especially if you want to bank on the fact that the city has consistently rebounded from troubles throughout its history. For the rebound to take place, a few key trends need to pick back up slowly. Nightlife is pivotal to the allure of NYC, so the city that never sleeps needs its club and culture scene to pick back up to attract the night owls that tend to appreciate the 24-hour accessibility. Tourism also needs to trend upwards, as it affords many natives the means to pay the mortgage or rental rates of the city. Finally, retail spaces need to become prominent once more. With more retail spaces opening up, more individuals will need to work in the city for the convenience of getting to work. Transitioning from remote to traditional work environments will be crucial in rehabilitating the New York City residential market.
As has been well noted, the Covid-19 pandemic hit cities hard and hit New York City particularly hard. Many individuals moved out of their homes and have found comfort living in suburban communities surrounding NYC. This mass relocation has had a marked impact on not just residential real estate but commercial real estate. As more and more employees settle into working from home, or hybrid work models, the need for retail office space is allegedly dwindling. There has been much hand wringing about the impact this might have on New York’s commercial real estate market. This concern may seem legitimate at the moment, but in considering the long-term implications of it, it can almost seem silly to assume that commercial real estate in New York is being served a mortal blow. There is plenty of evidence to suggest that commercial real estate will bounce back just fine in New York City. However, the shape of the companies making up retail is impacting the recovery of the commercial market. Tech companies have been particularly successful in the last decade at creating work environments that incentivize and compel individuals to work from the office. They hope to bring a similar attitude to their New York Offices. Buildings will have to be updated to compete with tech companies, or they risk becoming obsolete, but that is nothing new in the commercial real estate industry.
Furthermore, leasing activity has elevated in recent months, in no small part because of Big Tech, which leads all industries in Manhattan leasing for the second straight year, according to brokerage CBRE Group Inc. Those who feel optimistic about returning to commercial real estate dominance look at Amazon’s $978 million investment in property, formerly Lord & Taylor’s building on gift avenue. Facebook has leased the Farley Building across from Madison Square Garden. Alphabet inc has gotten in on the action and deals connected to Chelsea and Hudson square, which restructures much of the Far West Side.
