2016 Women in Real Estate: Raffaela Petrasek

Raffaela Petrasek, Blumenfeld Development Group

Name: Raffaela Petrasek

Title: Director of Community and Government Affairs

Company Name: Blumenfeld Development Group, Ltd.

Email: [email protected] 

Years in real estate: 23

How did you get your start in real estate?

During graduate school, I worked on a study of the economic development potential of the arts and entertainment industries in New York City. One of the sponsors of the report was NYC Economic Development Corporation. After being introduced to the agency, I wanted to pursue a position in its Real Estate Development Division. It would be a way to combine my experience and my Master’s Degree in Public Administration. It would be the best way to get hands-on experience to develop effective economic development policy. Finding the projects so interesting, I stayed. That was the start of a career in real estate – transforming underutilized assets into tools for economic development and community revitalization.

What recent honor, achievement or recognition has meant the most to you and why?

While many in the field of economic development recognize the importance of using development projects as opportunities for workforce development, it is difficult to implement. During the development of East River Plaza, the local community board wanted to create a model for linking a redevelopment project with a workforce development opportunity for its residents. I worked with CB#11, local elected officials, Upper Manhattan Empowerment Zone, and NYC Department of Small Business Services, Upper Manhattan Workforce 1 Center to implement the concept of a First Source Hiring Initiative. I teamed with STRIVE International, a local employment organization to create a local hiring strategy. With BDG coordinating with tenants, our working group met with each tenant to organize a tailored hiring effort to meet each retailer’s unique needs. When the entire retail center opened, 67% of the new hires for the center were from Upper Manhattan.

Who or what has been the strongest influence on your career and why?

While at NYC EDC, I worked on the redevelopment of 42^nd St. That experience has had the strongest influence. The learning experience was immeasurable. The issues, negotiating skills, project organizational skills, public speaking and interpersonal skills have proved to be invaluable. In addition, it was an opportunity to work directly with teams of professionals – both in the public and private sector – who were some of the best in their field. They were so generous with their expertise, insight, encouragement and patience. They were the best teachers.

What is the best advice you have received and who was it from?

“If you have ‘pride of authorship,’ this may not be the place for you.” One of my first supervisors at NYC EDC told me this. Everyone will always have something to say, add, suggest or change. You cannot take it personally or you will become discouraged or disenchanted – and, quickly. I have found that it truly takes a team to see any project to completion – from the approval process through construction to operation. Everyone brings a unique set of skills and vantage point.