Peter D. Burack is a Co-Managing Partner of ABS Partners Real Estate. He is responsible for acquisitions and asset management for the firm including analyzing and presenting the investment to investors, determining and executing the capital structure of the transactions and then managing and evaluating the portfolio as an asset manager.
In recent years, he has been involved in over 20 transactions with a value of over $300 million including the sale of major commercial office building and the financing and sale of several net leased properties. Since 2005 he has been responsible for over $200 million in financings for properties managed by the firm. Some examples of the real estate investments Mr. Burack has completed includes the acquisition of two midtown office buildings totaling over 350,000 square feet, the development of over 400 single family homes in Westchester and Long Island, the development of three Marriott hotels in Washington D.C. and the development of over 300 units in three rental apartment buildings in Manhattan. He also helped arrange to the net lease of 725,000 square feet of commercial space in Manhattan.
Mr. Burack also represents the ABS Partners in a joint venture with a residential development company. This joint venture currently has over $275 million in market rate and affordable housing under development in NYC. In addition, the joint venture is the Managing Partner of a $200 million equity fund from the NYC Pension Funds which is designated to invest in areas impacted by Superstorm Sandy. The fund currently has two multifamily projects under development and has purchased an existing multifamily building. Mr. Burack’s role is to advise, consult and structure acquisitions for the joint venture and then asset manage them on behalf of the Partners.
Over the past 30 years, he has been involved in the acquisition, financing and sale of properties including commercial office buildings, residential rental apartment buildings, hotels, shopping centers and raw land. Mr. Burack currently serves as the one of Managing Partners of Cranwell Resort, Spa and Golf Club (cranwell.com), a 107-room resort hotel and 18-hole championship golf course in Lenox, Massachusetts and has been responsible for over $20 million of improvements to the property including the development of a 35,000 square foot spa in 2002.
From 1988 to 1993 he was a Vice President of Bessemer Trust Company where he managed and invested funds for its clients in real estate related matters.
Mr. Burack holds a Bachelor’s degree from Dartmouth College in Hanover, NH and a Masters in Business Administration from Northwestern University’s Kellogg Graduate School in Evanston, IL.