From the monthly archives: "March 2008"

Winick racks up 20,000 s/f in First Avenue exclusives

Winick Realty Group has been appointed exclusive leasing agent for four retail spaces on First Avenue, between E. 61st and E. 63rd Streets in Manhattan’s Silk Stocking District.

1134 First Avenue, between E. 62nd and E. 63rd Streets, is a fully-vented restaurant opportunity, formerly occupied by East Side Steak & Ale. With 25 feet of frontage on First Avenue, the space encompasses 1,800 s/f on the ground floor, 1,500 s/f on the mezzanine and 1,000 s/f on the lower level.

The space next door, 1130-1132 First Avenue, has 47 feet of frontage on First Avenue and 36 feet of frontage on E. 62nd Street. The 3,750-square-foot store is currently occupied by Golden Bell deli and a nail salon.

“We are considering renting these two spaces separately, as well as assembling them depended on the tenant’s needs. A French restaurant L’ybane is opening next door.

‘This is an upscale residential neighborhood with retailers like Bed Bath & Beyond, Sleepy’s, Ritz Diner and others,” said Hal Shapiro, director of Winick Realty, who is marketing the spaces along with Jeff Winick, CEO.

Hal Shapiro is also marketing the retail spaces at 328 E. 61 Street, between First and Second Avenues, and 1111 First Avenue, on the Southwest corner of E. 61st Street.

The first space consists of 2,750 s/f on the ground floor, 2,250 s/f on the lower level and 2,850 s/f on the second floor.

The second space consists of 2,000 s/f on the ground floor and 1,500 s/f on the lower level. The store has 22 feet of frontage on First Avenue and 80 feet of frontage on E. 61st Street and can offer outdoor seating. Currently occupied by River Café, the space will be delivered vacant in the beginning of 2009.

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rew_032608_Winick racks up 20,000 sf in First Avenue exclusives

 

Union Square retail site a real prize

Winick Realty Group, the Manhattan-based retail store leasing firm, has been appointed the exclusive leasing agent for the retail space at 865 Broadway, between E. 17th and E. 18th Streets in the heart of the Union Square, Flatiron District.

The 2,500 s/f store with 15-foot ceilings and a full basement is directly next to Paragon Sporting Goods and True Religion Jeans.

Other neighboring retailers on this powerful retail strip include ABC Home, American Eagle Outfitters, Barnes & Noble, Puma, Equinox, and, of course, the famed Union Sq. farmers market. “For a retailer to be next to Paragon and the farmers market in this area is like being next to Tiffany’s or Zabar’s uptown,” commented Ben Fox, president of Winick Realty, who is working on the Flatiron assignment with Richard Smith.

Paragon Sports is an iconic retailer in the neighborhood. The store opened in 1908, even before the area was dubbed Flatiron District. For almost a century the area had cycles where it would gain and lose popularity, but the store itself has always been a destination. 

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rew_031908_Union Square retail site a real prize

 

Winick marketing 600,000 s/f of Brooklyn retail space

Winick Realty Group, the Manhattan-based retail store leasing firm has been very active in Brooklyn in recent years.

The company is currently handling the leasing of retail space in 5 major Brooklyn developments; three of the mixed-use projects are in downtown Brooklyn and two others in Williamsburg – all brand new construction in different stages of development.

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Development Watch 235/277 Gold Street

The new building plans have yet to be approved at 277 Gold Street, but the crew is busy doing shoring work on the Tillary side of the site. Unlike the most common tear-em-down approach to development, the developer is saving and converting two existing warehouses and adding a third new building. An early rendering of the project showed a 25-story new tower, the most current application calls for only a 133-unit, 13-story building. This will be an interesting one to watch.

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Gucci pays homage to couture

 New store racks up the priciest build-out on Fifth Avenue

A glossy glass exterior that bathes the space in natural light, white marble floors, and shelving and display cases in warm polished gold: The new Gucci flagship at 725 Fifth Avenue in Trump Tower is not only an unabashed shrine to luxury, but, according to brokers familiar with details of the renovation, likely the most expensive store build-out ever on Fifth Avenue.

The rent is also steep. Brokers familiar with the deal say Gucci is paying above $1,500 per square foot for the 6,200 square feet it occupies at ground level.
If so, that marks a record.

“It’s a record for the gross value of a lease for a specialty store in the city,” said Andrew Goldberg, executive vice president of CB Richard Ellis.

Brokers estimate that the other 40,000 square feet, spread over two floors, are being leased for between $350 and $400 per square foot. If those figures are accurate, Gucci is spending in the neighborhood of $22.6 million per year for rent, significantly more than the previously reported figure of $16 million. 

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THE REAL DEAL_March 2008_Gucci pays homage to couture