From the monthly archives: "April 2008"

Pita Joe opens his first US location

Winick Realty Group announced that it has closed deals with Dunkin Donuts and Pita Joe for Manhattan locations.

Pita Joe, a healthy kosher Mediterranean eatery, will open in the city’s Union Square area, at 2 West 14th Street, on the corner of 5th Avenue.

The 1000 s/f store will be Pita Joe’s first US location. Joseph Isa, sr. director at Winick Realty, represented Pita Joe in the transaction.  The landlord, Ames Associates, was represented in-house.

Isa also represented Dunkin Donuts in its lease for an Upper West Side location.  The coffee and sweets chain will be opening at 687 Amsterdam Avenue, between W. 93rd and W. 94th Streets.

The landlord, Aztec Realty Company, was represented by Jeffrey Roseman and Stu Morden of Newmark Knight Frank.

For more, download the full article in PDF

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Fox and Singer of Winick Rlty. and DeCrosta of Madison lease 1,700 s/f to Blue Mercury

Blue Mercury Inc, a privately held national beauty chain, has signed a lease for its first area location. Formerly 9 West, the 1,700 s/f store is located at 2305 Broadway between West 83rd and West 84th Streets.

In this transaction Christopher DeCrosta of Madison Retail Group represented Blue Mercury. Benjamin Fox, president, and Joshua Singer of Winick Realty Group represented the landlord, 233 West 83rd St.  Corp.

Blue Mercury offers highly skilled spa services as well as a wide selection of innovative beauty and apothecary products from world’s exclusive and most famous brands. 

For more, download the full article in PDF

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Abramson rises to the occasion

Financier Patisserie has opened its fourth Manhattan pastry store.

The bakery – which specializes in traditional and signature French pastries served with coffee and tea – is part of Peter Poulakakos’ ever-expanding restaurant empire. Financier has garnered the affection of New Yorkers since the flagship opening in 2002.

The bakery has leased a corner space at 983 First Avenue for a term of 15 years. The space includes 1,160 s/f of ground floor retail and 1,000 s/f of basement storage space. The asking price was $18,000 per month.

William Abramson of Buchbinder & Warren Realty Group represented the landlord. Darrell Rubens of Winick Realty Group repped the tenant.

For more, download the full article in PDF

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Winick deal is Free and clear

Winick Realty announced that Free People, a subsidiary of Urban Outfitters Inc., signed a lease for a store at 1319 Third Avenue, between E. 75th and E. 76th Streets in Manhattan’s Upper East Side.  The location will feature 2,100 s/f on the ground floor and 2,100 s/f of basement.  The space was previously occupied by the French bistro La Tour. Neighboring tenants include Scoop, Big Drop, Searle and Ann Taylor among others.

Free People has locations in nine states with two stores in New York State: one in Roosevelt Field Mall in Garden City and one on Manhattan’s Fifth Avenue in the Flatiron District. This will be their second Manhattan location.

Benjamin Fox, president, and Cosmo Montemurro of Winick Realty represented the landlord.  Free People was represented by Beth Rosen of RKF and Lorraine Adney of The McDevitt Company.

For more, download the full article in PDF

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Experts tell ‘em how it’s done during Crossfire event

At its latest Commercial Crossfire round-table discussion, The Real Estate Board of New York hosted four extraordinary commercial real estate professionals to lead a full house in a spirited discussion on real estate fundamentals.

More than 100 people attended the event, titled “Key to Commercial Success: Fundamentals” to hear Benjamin Fox of Winick Realty Group, William Montana of Studley, Inc., Adelaide Polsinelli of the Platinum Team, William Shanahan of CB Richard Ellis and moderator Paul Massey of Massey Knakal Realty Services talk on key selling tips, what the market is currently doing and where the market is possibly headed.

“Don’t lie, don’t hurt your reputation,” Fox advised the crowd when prompted for his top selling tips. “Listen; read anything you can; walk the streets; follow up with clients; return every phone call; turn negatives into positives (but never oversell); don’t take short cuts; and don’t knock the completion.”

Polsinelli told the audience, “In this uncertain market, you need to be working on at least 10 deals at a time.

“With the financial uncertainty that exists right now, I am concerned with getting sellers a buyer who can close rather than on who might have offered the highest price but then can’t close.”

Shanahan added, “We’re seeing the same thing. We’ve been seeing it since the end of last year. The equity pool is the same, but as some institutions  portfolio shrunk, they realized they needed to reduce their real estate costs.

“There’s a lot of indecision due to uncertainty with financing, but I believe the second quarter will break up the log jam. As of now, cash on cash and IRR yields are higher than last year and I don’t think you’ll see loss factors grow.”

“When the market is down you can help people save on rents and such – I’m seeing landlords giving more concessions – but the market is currently waving,” Montana said. “Right now, I’m not pushing people on deals, but rather doing my homework.”

Following the event, Massey commented, “A lot of audience members asked for specific advice, and the panelists gave honest and informative answers.

“The market is a little shaky right now but hearing these four talk honestly about their own experiences and views was great for the younger professionals in the audience.”

For more, download the full article in PDF

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Executive Watch

Promotions

WINICK REALTY GROUP

(NEW YORK) Joseph Isa has been promoted to senior director of the firm. He joined in 2006 as an associate broker.

For more, download the full article in PDF

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