From the monthly archives: "July 2007"

Winick helps push development ahead in Senegal

Winick Realty Group knows the ins and outs of retail real estate in New York City, where it has been in the brokerage business for a quarter century. These days, though, the firm is tackling a far less familiar market. Winick is studying the feasibility of building a mixed-use project on 10,000 acres in Dakar, the capital of Senegal.

Residents of this West African country “are starting to see discretionary income and build a middle class,” said Richard Kave, Winick’s director of international retail, who visited Dakar in May. “They are doing all the right things. We think the timing is good for this.” Senegal, a former French colony, is one of the most stable democracies in Africa. Economic reforms resulted in a 5 percent increase in gross domestic product on average between 1996 and 2006. Winick is joining other architects and engineers to develop a sprawling former industrial area.

President Abdoulaye Wade “wants to create a financial and business center in the area that includes residential and museum components, and certainly retail and commercial,” Kave said. If the plan gets the go-ahead, construction could begin in about three years. The project could include a high-rise office building and a lifestyle center that would create a downtown shopping district, though it is too early to know the size of any retail component, Kave says. Whatever the size, the retailers will encounter little competition: Dakar has a mix of open-air markets and storefronts, but no shopping centers.

Paulette Powell (above, center, with new Senegalese friends), associate director of the international retail group at Winick, helped name the center, which will be known as Coeur de Lion, French for “heart of the lion.” She has also suggested that the center build a cinema and host the African Film Festival (film director Ousmane Sembene, the “father of African cinema,” is from Senegal). “I think the place is definitely ready for it,” said Kave. “The economy is doing quite well, and the government is stable. They really have their eye on the ball and are doing the things necessary for sustained development. I see a real opportunity here for this to grow very quickly.” Powell says Winick has talked to some U.S. retailers about opening up in the new development. “We’ve talked to people,” she said, “and they’re ready to come over.”

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Shopping Centers Today – July 30, 2007 – Winick helps push development ahead in Senegal

Winick gives Wall Street Crumbs  

Crumbs Bake Shop, a prototype of the old-time candy shops specializing in cupcakes, will soon open a 550-square-foot store at 67 Wall Street – on Beaver between Pearl and Hanover Streets, in the same building that houses BMW. 

 The space in the historic building three blocks from the New York Stock Exchange was previously occupied by a messenger center that agreed to move inside the building.  The opening of Crumbs Bake Shop is scheduled for the end of August.

Darrell Rubens and Angellina DeRichie of Winick Realty Group represented the property owner at this long-term lease at an undisclosed rental.  The tenant was represented by Jeff Levy from BCD.

“After BMW first stepped forward and started the renaissance of Downtown, the neighborhood finally started earning recognition by retailers as an untapped market with significant consumer spending,” commented Rubens.

“Retail in the area is finally begging to keep up with the demand of 300,000 workers and 40,000 residents, as well as millions of tourists and visitors.” 

“We are proud to have closed this transaction; I think Wall Street really needed something sweet,” added DeRichie.

Crumbs Bake Shop, founded by Mia and Jason Bauer, first opened in March 2003 on the Upper West Side of Manhattan.  Today the chain operates four locations throughout Manhattan and has one store in East Hampton. 

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REW-July 25, 2007-Winick gives Wall Street Crumbs


Selling antiques on East 57th St.

The owners of Iliad Antik are moving to midtown, and they plan to build a dramatic retail space to house their 8-year-old antiques business. Husband-and-wife team Adam Brown and Andrea Zemel are loosely basing the design of their new store on a neo-Babylonian temple.

“The space has a museum scale to it, with 15-foot ceilings,” Mr. Brown says. “The architecture plays right into the sense of drama we’re trying to create for the gallery.”

Iliad Antik specializes in modernist Hungarian paintings created between 1910 and 1950, as well as Art Deco design. After leaving a space on 58th Street, the store will open up a 5,300-square-foot shop this fall at 212 E. 57th St., between Second and Third avenues, will allow the owners to expand their offerings. Mr. Brown is negotiating with several other antique shops to house especially large rare pieces.

Broker Benjamin Fox negotiated the deal for property owner Sutton 57 before leaving Newmark Knight Frank Retail for Winick Realty Group. The asking rent was $125 per square foot for the 3,000-square-foot ground floor. The site also includes a 2,300-square-foot lower level, which will provide additional retail space and showrooms.

The location stood vacant for more than a year after the owner finished building residential condominiums upstairs.

“The space wasn’t ideal for traditional retail because it doesn’t have huge front windows,” says Allison Winters, the CB Richard Ellis broker who negotiated the deal for Iliad Antik.

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CRAIN’S-July 25, 2007 – Selling antiques on East 57th St.



Chocolatier Takes Space at 11 Madison

The 5th Avenue Chocolatiere is opening up its fourth Manhattan location.

The 30-year old family-owned and operated chocolate company has leased 300 square feet at 11 Madison Avenue, according to Winick Realty. The company signed a 10-year lease in the building that also houses the Danny Meyer staples Tabla and Eleven Madison Avenue. The asking rent on the space was $200 per foot. Jeff Winick, Darrell Rubens and Angellina De Richie of Winick represented the landlord.

The confectionary chain that can mold chocolate into every possible shape is moving to the space in the hopes of expanding its corporate client base.

“The corporate headquarters of Credit Suisse is in the building and we do a lot of corporate work and so it seemed logical,” president Joe Whaley told The Observer.

And, of course, the rent was a little bit cheaper than at their other locations.

“Its hard to sell $20,000 a month in chocolate, which is close to what we are paying at our other Manhattan locations,” Mr. Whaley said. “So, now we are looking for cheaper rent in grade A buildings.”

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NY Observer-July 24, 2007-Chocolatier Takes Space at 11 Madison


Real estate tidbits from the Seaport

Historic Front St. is not the only Seaport block with retail activity. Several mixed-use buildings may be available on Beekman St., reports broker Ehsan Rahman of Century 21. “One of them is a landmark property, a five-story building with retail on the ground floor, office space on the second floor, and residential above that, currently producing an income of $22,000 per month,” he says while declining to give the address. “In all it has 10,370 buildable square feet for commercial space, and 9,435 square feet for residential — and a fine view of the East River. The asking price is $5 million. In all, four buildings are available, for a total of $20 million. They all have great potential, in a neighborhood where there’s a lot going on.”

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Downtown Express-July 20, 2007 – Real estate tidbits from the Seaport

Crumbs Bake Shop Opening Wall Street

Cupcakes are coming to Wall Street.

Crumbs Bake Shop recently closed on a 550-square-foot lease at 67 Wall Street, according to Winick Realty. The two brokers on the deal were Winick’s Darrell Rubens and Angelina DeRichie. The planned opening for the new store is late August.

The bakery, which serves over 30 different styles of cupcakes, has four other Manhattan locations to satiate the butter cream addiction that is spreading through the city. However, the new Wall Street location might require them to sell a few more baked goods than they are accustomed to. According to a source with knowledge of the deal, the asking rent on the space was between $250 and $300 per square foot.

Crumbs, which opened its first store in March 2003 on the Upper West Side, is also going to be in some high-class company. Tiffany’s new store will be located down the block at 37 Wall Street; BMW has a showroom at 67 Wall Street; and super high-end clothier Hermes recently opened a store at 15 Broad Street.

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NY Observer-July 19, 2007-Crumbs Bake Shop Opening Wall Street