From the monthly archives: "December 2008"

The Brooklyn Real Estate Roundtable was recently held at the Brooklyn Historical Society in Brooklyn Heights.  David Kramer of The Hudson Companies, a member of the Roundtable Steering Committee and chair of the event mentioned several bright points in Brooklyn retail estate, among them the success of retailer Ricky’s, where the lines were out the door for Halloween costumes. Pictured (I-r): Adam Stupak of Winick Realty Group, the exclusive leasing agent of Ricky’s; Carman Kenig; and Todd Kenig, CEO of Ricky’s.

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rew_123108_The Brooklyn Real Estate Roundtable was recently held at the Brooklyn Historical Society

Pharmacy makes U turn in Gravesend

Winick Realty Group announced that Morris Fatiha Pharmacy signed a lease to open at 802 Avenue U, between East Eighth and Ninth Streets in the Gravesend neighborhood of Brooklyn.

The store will encompass 1,200 square feet on the ground floor and is slated to open in the first quarter of 2009.

“Mr. Fatiha targets mostly area’s Sephardic residents. It’s his community, he understands and services people that speak this language. I am sure he will do very well in this densely populated area,” said Tatiana Voevodina of Winick Realty, who represented both the tenant and the landlord, Gurevich & Associates.

The pharmacy will be located in the base of a new 6-story residential condominium building with ground floor retail space and underground parking.

Voevodina, the exclusive leasing agent, is currently marketing the rest of the space, approximately 4,000 square feet.

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Austin Nichols Now Formally Protected by Trust for Architectural Easements

The Austin, Nichols & Co. Warehouse in Williamsburg, which almost became a city landmark two years ago, is now formally protected.

First reported in The New York Times on Sunday, the owner of the property has donated a deed of easement to the Trust for Architectural Easements.

This “historic preservation easement” prohibits the destruction of the building and preserves the height and shape of it in perpetuity.

Reached Monday afternoon, Joshua Schuster, project manager for JMH Development, the owner, confirmed the donated easement and said it basically had to do with the allowable air rights and the available tax deductions.

“We are preserving the air rights because we want to preserve the architectural integrity of this building,” he told the Eagle. He also said, “We are on target for completion next summer.”

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Brooklyn Daily Eagle_122208_Austin Nichols Now Formally Protected by Trust for Architectural Easements

TJ Maxx Renews 64,136-SF Lease on Ave. of the Americas

Winick Realty Group Completes 15-Year Deal

TJ Maxx renewed its 64,136-square-foot lease at 620 Avenue of the Americas in New York. Winick Realty Group signed the retailer to a 15-year deal.

The seven-story, 663,948-square-foot office/retail building was built in 1896 in the Chelsea submarket. Other notable tenants include Gap, Nike, Bed Bath & Beyond and Filene’s Basement.

Darrell Rubens, Lori Shabtai, and Jeff Winick of Winick Realty Group represented the landlord. Peter Ripka of Pipco represented TJ Maxx.

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CoStar_121908_TJ Maxx Renews

Gravesend in Brooklyn nets a druggist

Morris Fatiha Pharmacy targets area’s Syrian residents.

Morris Fatiha Pharmacy recently signed a five-year deal for 1,200 square feet at 802 Avenue U, at East Eighth Street, in the Gravesend section of Brooklyn. The asking rent was $45 a square foot.

Owner Morris Fatiha, who is Syrian, chose the location because it has a large Syrian population.

“It’s his community; he understands and services people that speak his language,” said Tatiana Voevodina, the Winick Realty Group broker who represented both Mr. Fatiha and landlord Gurevich & Associates. “He can close on Shabbat, and people will not complain about it.” Ms. Voevodina added that landlords are more inclined now to lease to owners of small local businesses, especially service-oriented enterprises.

The pharmacy is expected to open for business in February. Mr. Fatiha already has a shop near Prospect Park in Brooklyn.

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Crain’s_121608_Gravesend in Brooklyn nets a druggist



Meatpacking District continues its gentrification

The Meatpacking District area is thriving with new stores, new deals and new developments. The area’s scruffiness continues to get polished as high-end storefronts continue to fill in along 14th Street, leaving the biggest complaint the difficulty in navigating the rough sidewalks and cobblestone streets in high heels. Brokers say area retail rents range from $400 to $600 a square foot, with some asking – and praying – for even more.

“Everyone has to be there but they don’t (necessarily) make money,” said investment broker Alan Miller of Eastern Consolidated. “Rents were $50 five years ago. Now stuff is $500 a foot and people are asking more. Everything was going up like a helium balloon and now air is being let out.”

Just east of Ninth Avenue, the stores are smaller and the rents are a bit lower but the main strip runs from the Apple Store to Jeffrey and will soon be expanded to the west.

That’s because the Mobil gas station and car wash that overlooks the West Side Highway is turning over for around $60 million. Along with great light, air and Hudson River views, it is next to the High Line, across from the Chelsea Market and steps from the new Standard Hotel and Calidonia residential projects.

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