We are pleased to welcome Beth Rosen to the Graaskamp Center’s Board of Advisors. Beth brings deep industry insight and leadership experience that will strengthen our work as we continue to advance Wisconsin’s position as a global leader in real estate education.
Can you share a bit about your current role and what a typical day looks like for you? I am a retail leasing salesperson (broker) representing both retailers and landlords at a boutique firm called RIPCO Real Estate in NYC. The best part of my business is that every day is different therefore, there is no such thing as a “typical day.”
That said, an example of a workday for me includes starting in the office to check in with the team and go over deal statuses so we don’t drop any balls so to speak. Then I may run to a property showing or a retailer tour in a specific submarket of NYC such as SoHo or the Upper East Side. Next, I may have a coffee or lunch to meet a colleague or prospective client for the first time, discuss potential deals, brainstorm ways of working together, or just reinforce an existing relationship. Then back to the office to do some “desk work” including drafting up Letters of Intents (LOIs), attend a lease review conference call, or meet with the internal marketing team to review materials. There’s a good chance I’ll be out and about again attending another meeting, which could be a pitch presentation to a potential client (retailer or landlord) or showing more space. A couple of nights a week I end with a networking cocktail or event.
From your perspective, what is the most exciting opportunity—or area of growth—in commercial real estate today?
The retail market is robust at the moment, in NYC and throughout the country. The market constantly fluctuates so it’s exciting that retail is thriving. With that comes lack of available quality space in the high-profile street retail or lifestyle centers. Therefore, we are forced to diversify and do aggressive outreach, and to speak with more emerging brands that don’t necessarily need the most prominent spaces. This is how new neighborhoods are shaped. For example, years ago I worked with the fashion designer Simone Rocha who leased space in SoHo on a more southern block than a tried-and-true retailer with numerous stores would have placed themselves. The retailer takes the risk and pays lower rents, and the customer enjoys finding these brands as there is a sense of discovery. Since Simone Rocha moved to this southern block of SoHo on Wooster Street, more prominent luxury brands have followed, like GUCCI, and it’s become a destination block that wasn’t on the map years prior.
What do you find most rewarding about working in the real estate industry?
For me, creating business opportunities is the most rewarding part of the business. Reaching out to a landlord or retailer with an idea or business proposition that matures into an executed deal is very rewarding. I love it when clients would not have necessarily thought about opening a store or considered a particular retailer for their property and then ultimately end up being very successful and happy. Maintaining those relationships and continuing to work together and being a trusted advisor is the best part of the job.
Can you tell us about one of the most interesting or meaningful projects you’ve been involved in, and why it stands out to you?
Over the years I have worked on behalf of Owners on Madison Avenue on the Upper East Side creating a curated, merchandised mix of retail and restaurants. It’s meaningful to me because I work with traditional real estate developers, but also with coops, that need more handholding and truly appreciate the work and the tenancy as this is their neighborhood that they live and spend time each day. At this point, Upper East Siders don’t need to leave their neighborhood; the WSJ just named this submarket one of the “coolest” and “hottest” in NYC!
What advice or insights would you offer to Wisconsin students who are preparing to launch their careers in real estate?
Success in real estate takes time. My advice would be to enjoy the process as there is so much to learn and luckily for us, we never stop learning. There are so many fundamentals, and each deal is different. It’s a very social business as well, so play the long game and be collaborative. Networking begins in college; I have so many friends in the business that I met at University of Wisconsin so keep in mind that your career has already begun!