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Hot Real Estate Market Could be Cooling as People Return to Work in Manhattan
By Joe Connolly and Neil A. Carousso
NEW YORK (WCBS 880) — There are signs of hope for Manhattan businesses that are reeling from the effects of the pandemic.
Office occupancies have not returned to pre-pandemic levels, yet, but heavy traffic is an indication people are returning to work in the big city. Jonathan Miller, president and CEO of Miller Samuel, Inc., believes the market should balance itself out.
He told Joe Connolly and Neil A. Carousso on the WCBS Small Business Spotlight, sponsored by Dime Community Bank, that we’ve reached “peak Zoom.”
“The outer boroughs really didn’t see the discounting or the correction in prices that Manhattan did,” said Miller, adding the so-called “exodus” was among wealthy New Yorkers and those able to work remotely during the pandemic. “Those discounts, I think, are really being compressed.”
Since the COVID shutdowns were lifted, some new businesses have taken advantage of lower rents in Manhattan and are eagerly awaiting people to return to the office.
“You have to remember that because 80 percent of the office towers are essentially empty, they’re waiting for that call back,” he said. “That call back really is going to take through at least early part of next year before we see critical mass assuming another variant doesn’t come into the picture.”
Miller believes the summer Delta variant surge pushed the city’s recovery back. He’s now seeing early signs of the housing market leveling off in the suburbs. The appraiser said home prices are plateauing, but not declining, as many employees continue to work remotely.
“When you think about not coming back in or delaying, and then, you look at markets like the Hamptons or the Hudson Valley where there’s been a tremendous amount of real estate activity, that activity has been fueled by low mortgage rates and remote work,” Miller said.
He believes the city’s residential market will see a youth renaissance. People like his youngest son have returned to Manhattan for career opportunities.
Homes across Connecticut’s Fairfield County and the Long Island suburbs sold above asking price in the second quarter of 2021, according to Miller Samuel.
“That’s a proxy for bidding wars,” said Miller.
Rather than look for a bargain, he advises homebuyers to look for places where home values will be sustained because remote and hybrid work is here to stay in some capacity.
“Everything has changed,” he said.
See how the volatile real estate market impacts businesses on the Small Business Spotlight video above.
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Back to Office Exposes Digital Divide between Employers and Employees
By Joe Connolly and Neil A. Carousso
CONNECTICUT (WCBS 880) — At about 7:30 a.m. on a weekday morning in October, David Lewis is driving to OperationsInc headquarters in Norwalk, CT. He can spot plenty of good parking spaces available at the New Canaan train station.
“You could have found a parking spot up against the train station tracks, themselves, which were coveted spaces that used to fill at 5/5:30 in the morning. That tells me all I need to know about how people still are working remotely and are not making their way into the city,” said Lewis on the WCBS Small Business Spotlight, sponsored by Dime Community Bank.
That’s concerning to the human resources CEO who feels the same way as many of his larger clients: They want workers back in the office.
“I’m ecstatic about the ability to dynamically talk to my employees, bring somebody into a meeting, and have a quick conversation with them about an issue that just came up,” Lewis told Joe Connolly and Neil A. Carousso. “I keep hearing that from our clients that ‘I want to go back to the way that we did it before because that worked best for us.'”
He recognizes, though, that remote work has increased productivity in many areas. One glaring outlier is employee training.
“Training for us was always about the in-person experience – about coming into a training facility, a training room, or a hotel conference center – and being able to get in front of our students and really connect with them – have a discussion versus have a lecture. That’s our secret sauce. But, we’ve had to pivot that since last year to something online,” said Lewis.
To combat so-called “Zoom fatigue,” OperationsInc has made its online training modules shorter. Lewis also admits the world has changed.
“Employees are in control and employers need to understand that,” he said.
Many workers want the flexibility that remote work allows, namely flexible work hours, absence of a commute, and the ability to pick up their kids from school.
Lewis tells his clients to find the right balance or turnover will be extremely high.
Labor issues continue to plague businesses and many prospective employees complain that their online application does not get noticed by a human resources professional.
Lewis told Connolly and Carousso that artificial intelligence has exacerbated a huge problem during the pandemic .
“A lot of companies have invested a lot of money in these applicant tracking systems but don’t know enough about how to change these filtration settings to get the candidates that they’re looking for through the door,” he said.
“They also tend to eliminate a lot of people because they’re not remembering that the settings they have – five years of this or two years of that – have to be regularly adjusted.”Lewis told WCBS 880 another hiring issue at play is that in-person jobs are not as desirable as remote work in the current labor market.
Watch the WCBS Small Business Spotlight video above for more on this story.
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It’s Chow Time! FourBlock Live MRE Cook-Along
Produced by Carousso Enterprises, LLC
The FourBlock community was invited to “It’s Chow Time!” — their first-ever live fundraising event and MRE cook-along. This live virtual event streamed on Thursday, October 21st from 7:00 – 8:00 PM ET.
A dynamic group of veterans and veteran chefs had a friendly competition to see who can cook the best MRE using an assortment of spices and condiments they provided and anything they had in their kitchen pantries. This event took the place of FourBlock’s annual in-person reception this year, with the goal of raising funds to support the continued growth of FourBlock’s career readiness programming for transitioning service members, veterans, and military spouses. Viewers also had the opportunity to cook an MRE with the chefs in real-time.
This event is open to all live and now on-demand! We encourage FourBlock students, alumni, military spouses, company hosts and partners, staff and volunteers, family, friends, and the broader military and veteran-connected community to join us. Attendees who purchase a ticket receive an MRE package (complete with FourBlock SWAG) and can cook alongside our participating chefs!
FourBlock and the parents of the late Victoria McGrath also honored Damien Bertolo for his work mentoring veterans transitioning to the civilian workforce.
The virtual celebration livestreamed on FourBlock’s YouTube and LinkedIn channel. The event was produced by Carousso Enterprises, LLC. The event is now available on-demand on FourBlock’s platforms.
We may use event video clips in subsequent video segments for social media and other marketing purposes.
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Fall 2021 WCBS Virtual Business Breakfast: Building Back Stronger
Presented by Dime Community Bank
By Joe Connolly and Neil A. Carousso
NEW YORK (WCBS 880) — Businesses continue to face unprecedented challenges from labor to supply shortages, but the COVID-19 pandemic has also created opportunities in crowded markets. There was a sense of optimism and hope for small businesses on the WCBS Virtual Business Breakfast, presented by Dime Community Bank.
“We saw people grow sometimes as big as 13-times over because they moved from wholesale to direct-to-consumer,” Shopify’s Head of Spaces Cody DeBacker told host Joe Connolly.
By selling direct-to-consumer, businesses grew their margins and Shopify’s e-commerce tools assisted wholesalers and brick-and-mortar retailers in making a successful pivot to digital. It has opened a new revenue stream for many businesses.
“We believe that anyone in the world can become an entrepreneur with the right tools and we want to put those into the hands of the right people,” said DeBacker.
Shopify, which started in 2004 as a snowboard company called Snowdevil before realizing the greater opportunity to provide e-commerce solutions to businesses, recently opened an entrepreneurial space in SoHo where they provide one-on-one business coaching and house full-scale photo and podcast studios. You will get an inside look at Shopify NY on the WCBS Virtual Business Breakfast.
FINDING NEW OPPORTUNITIES
A theme that emerged on the program was “opportunity.” Leading startup investor Kevin P. Ryan, founder and CEO of AlleyCorp, notes that opportunity exists whether an industry is thriving or suffering.
“What I ask everyone to think about is: ‘What is expensive in your life or in your business?’ ‘What’s hard to get?’ ‘What has poor service?’ and those are things where someone can do it better. Almost all ideas come out of that problem,” Ryan said.
The Internet entrepreneur pointed to Harry’s and Dollar Shave Club’s disruption of the personal care products industry as an example of the market shifts that are taking shape due to the pandemic.
“Both Dollar Shave Club and Harry’s are both billion dollar companies just going after that one small sub-sector,” Ryan explained, adding, “You’re going to see other examples of that that are occurring in deodorant, that are occurring in skincare, in suntan lotion – across the board. No area is off touch to entrepreneurs now.”
He told Connolly it was previously unheard of for a small business to try to breakthrough in such a crowded market, but leaner businesses actually have an advantage.
“When you’re a startup, you want to be competing with very large companies, which sounds the opposite of what you would think. But, it’s always more dangerous to be competing with a small, scrappy startup that’s moving very quickly that’s getting very good people,” he said. “Large companies have 50 different priorities; they don’t get to it.”
LEAN AND MEAN
Zola, the online wedding registry, gained market share by filling a void within a crowded field. Ryan founded Zola through his firm AlleyCorp when he saw large department stores had very limited wedding registries.
“You had to offer plates and glasses and forks and things like that, which made sense when the bride and groom were 22 in 1960 and they’re moving into their first apartment. But now, a lot of people had been living together. They’re 32 years old. They already have some plates and knives and forks,” he said.
Zola separated themselves from the department stories by offering cash gifts and experiences like Knicks tickets. When stores like Macy’s and Bloomingdale’s caught on, Zola introduced adjacent services like online invitations and full-service wedding planning. Ryan said their larger competitors couldn’t keep up.
DIGITAL SUCCESS STORY
Connolly invited the founder of another business Ryan invested in on the WCBS Virtual Business Breakfast. Marc-Kwesi Farrell launched Ten To One Rum in 2019 after nearly three years as the youngest vice president at Starbucks where he worked under former chairman and CEO Howard Schultz who has since become Farrell’s friend and mentor.
The original plan for the Trinidadian-born entrepreneur was to make it in traditional retail with a new, premium rum brand. But, the pandemic forced him to explore a direct-to-consumer business model and begin marketing his product differently. That’s when Farrell realized that his story was leading to sales as much as the quality of his product.
“Our business is not just a story of creating another premium rum brand, it’s actually also finding a way to offer a more unique point-of-view on the culture – Caribbean culture, actually – that surrounds the business and the brand,” he told the WCBS Virtual Business Breakfast. “The passion and the purpose that surround it certainly seems to be a message that has resonated.”
Ten To One Rum hosts events and experiences around its brand while boasting more than 12,400 followers on Instagram. Farrell recently brought in singer and songwriter Ciara as an investor, co-owner and director.
“These are the success stories,” DeBacker beamed.
“They want to see the real you. They don’t just want a product. They want to be a part of your story, they want to be a part of your brand,” the Shopify executive said of successful digital marketing content. “It’s about creating a meaningful story that they can get behind.”
See winning sales and marketing strategies on the free WCBS Virtual Business Breakfast, presented by Dime Community Bank above.
MEET OUR EXPERTS:
Kevin P. Ryan
CEO and Founder, AlleyCorp
Photo Credit: Kevin P. Ryan Kevin P. Ryan is one of the foremost Internet entrepreneurs in New York, having founded and is Chairman of several businesses, including AlleyCorp, Zola and Nomad Health. Previously he founded and was Chairman of MongoDB, Business Insider and GILT. Combined, these companies have raised more than $700 million in venture capital funding and currently employ almost 2,000 people. Previously, Kevin helped build DoubleClick from 1996 to 2005, first as President and later as CEO. He led DoubleClick’s growth from a 20-person startup to a publicly traded global leader with over 1,500 employees. In 2013, Kevin was named one of “The 100 Most Influential New Yorkers of the Past 25 Years” by the Observer.
Aside from his professional responsibilities, Kevin serves on the board of Mercy Corps, is Vice Chairman of The Partnership for New York City, is a member of the CFR Committee on Foreign Affairs, is on the Board of TECH:NYC and is Director Emeritus for Human Right Watch. He previously served on the boards of Yale Corporation, INSEAD, the Direct Marketing Association, The Ad Council, HotJobs and the advisory board of Doctors Without Borders. He holds a B.A. from Yale University and an M.B.A. from INSEAD graduate business school.
Cody DeBacker
Head of Spaces, Shopify
Photo Credit: Cody DeBacker Cody DeBacker is the Head of Shopify Spaces. His projects and experiential activations have landed coverage in Forbes, The New York Times, Hypebeast, Complex, and hundreds of other publications around the world.
Cody’s current role is focused on leading Shopify’s physical spaces, and most recently, his team opened the first ever Shopify entrepreneurial community space in New York that features free one-on-one business support, commerce training workshops, and thought provoking panels and events with the industry’s top entrepreneurs and merchants.
He has also lead a team that participated in consumer conventions around the world such as Star Wars Celebration, NYCC, Complexcon, Hypefest, Family Style, and more. Cody is also the owner of 143 Worldwide, a DJ, and has been working in the fashion, trade show, and tech space for more than a decade.
Marc-Kwesi Farrell
Founder of Ten To One Rum
Photo Credit: Ten To One Rum Marc-Kwesi Farrell launched Ten To One Rum in 2019 after nearly three years as the youngest vice president at Starbucks. Ten To One Rum hosts events and experiences around its brand while boasting more than 12,400 followers on Instagram. Farrell recently brought in singer and songwriter Ciara as an investor, co-owner and director.
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New York Back in Sight with Steve Schirripa
Produced by Neil A. Carousso, Carousso Enterprises, LLC
NEW YORK — This Fall, celebrate New York’s reopening with us!
Join The Eye-Bank for Sight Restoration and our host Steve Schirripa, from The Sopranos and Blue Bloods, as he takes us on a virtual tour of the quintessential New York experiences we’ve been missing.
Whet your appetite for our city’s unparalleled food scene with award-winning Chef Dan Kluger of Loring Place.
Fix yourself a classic New York cocktail with master mixologist Erin Davey from the Tao Group.
And, return to Broadway as Come From Away playwrights David Hein and Irene Sankoff share their favorite scenes from this joyous musical.
Register here to watch this virtual New York experience from Thursday, October 14, 2021.
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