From the monthly archives: "October 2010"

Second Avenue Subway Construction Means Cheaper Rent for New Businesses

As some businesses along the Second Avenue subway construction route continue to struggle, retail landlords have begun trying to attract new tenants with lower rents.

Since construction began on the new subway line, retail rent prices per square foot have dropped from the mid $200s to between $100 and $150 along Second Avenue, said Adrienne Shea, an agent with Winick Real Estate.

“I think landlords are taking into consideration that there’s construction and how that’s affecting businesses on that side of the street,” Shea said of the eastern side of Second Avenue.

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DNA Info_102710_second avenue subway construction means cheaper rent for new businesses

 

Home Court

Sealing the deal, doing the ‘I do’

Off the market!

Congratulations to Daniel Gohari, founder of the Xerxes Group real estate firm, and his new bride, Alexandra, whose wedding guests included Joseph Moinian, Morris Moinian, Kenny Dichter, Jeff Winick, Misha Haghani and Steven Cayre.

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NY Post_102810_home court

 

REI TO OPEN FIRST NEW YORK CITY LOCATION

REI plans to open its first retail location in New York City and has signed a lease for 39,000 square feet space at Manhattan’s historic Puck Building. The outdoor retailer will occupy 14,000 square feet of ground-floor space and 25,000 square feet of below-grade space at the historic building, which is located at the corner of East Houston and LaFayette streets. The new store will be contained over three floors and will feature a full-service bike repair shop. Susan Kurland of CB Richard Ellis represented REI in the long-term deal. Lori Shabtai of Winick Realty represented the landlord, Kushner Cos. The store is REI’s third planned for the Tri-State area. A location in East Hanover, N.J. is already open, and another will open in Norwalk, Conn.

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shopping center business-october 2010-rei to open first new york city location

 

Poulakakos Family to Open Harry’s Italian

NEW YORK CITY-The Poulakakos family is opening, Harry’s Italian, its new concept at 30 Rock for Christmas. Harry’s Italian has leased 900 square feet across Jacques Torres from Tishman Speyer. The asking rent for the space was in the mid-$200s per square foot.

The family has already opened its Italian concept at Two Gold Street. Winick Realty Group’s Annie Shinn and Darrell Rubens represented the tenant, while Tishman Speyer represented itself in the transaction.

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globe street-102010-Poulakakos Family to Open Harry’s Italian

3 suitors for Fashion site

The Poulakakos family is bringing its newest concept, Harry’s Italian, to 900 square feet in the concourse at 30 Rock, where it will open in time for Christmas, right across from chocolatier Jacques Torres. Sources said the asking rent was in the mid-$200s per foot.

Darrell Rubens and Annie Shinn of Winick Realty Group repped Harry’s Italian in this transaction directly with the in-house team at Tishman Speyer.

The Italian concept is already open at Two Gold Street, and the family also operates Ulysses, Harry’s Cafe & Steak, Vintry Wine & Whiskey and Financier Patisserie.

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NY Post_102010_3 suitors for Fashion site

Rubens and Shabtai of Winick Realty close 34,000 s/f at 530 Fifth Ave.; Lansco Corp. acted for tenant

Syms, the Paramus, NJ-headquartered off-price clothing retailer, has leased a 34,000 s/f retail space at 530 Fifth Ave., between 44th and 45th Sts. This will be Syms’ new flagship and a joint store with Filene’s Basement, which the company acquired in 2009. The store contains 6,500 s/f on the ground floor, 9,500 s/f on the lower level and 18,000 s/f on the second floor.

Winick Realty Group’s Darrell Rubens, senior managing director and Lori Shabtai, exec. VP, represented the property on behalf of The Moinian Group, the owner.

“The space was originally designed for the Bank of New York and wasn’t built for retail,” said Rubens. “But we had a vision from day one of replacing the austere granite storefront with a floor-to-ceiling glass storefront more conducive to retailing.” The pair also brought JP Morgan Chase to the building in April, returning the bank to the location it vacated in 2008 after merging with the Bank of New York.

With other tenants including Zara and H&M in close proximity, Rubens said that “Syms will be a great addition to Fifth Avenue.”

Syms, which was represented by the Lansco Corporation, is one of a handful of high-profile fashion chains coming to Fifth Ave. Urban Outfitters just leased a new storefront across the street at 521 Fifth Ave., while Guess will be opening its new flagship store up the street at 575 Fifth Ave.

Winick Realty Group LLC recently placed a Bakers Footwear at nearby 509 Fifth Ave. and is currently marketing the Staples space across the street at 535 Fifth Ave., which includes 4,231 s/f on the ground and 12,310 s/f on the lower level.

Founded in 1982, Winick Realty Group LLC is one of New York’s most prominent firms specializing in retail leasing and advisory services. Over the past 27 years, Winick Realty Group LLC has served a broad range of clients domestically as well as globally, with a strong emphasis on long term representation and expansion and growth strategies. Winick Realty Group LLC is recognized as a forerunner in the retail real estate market.

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NYRE Journal_101210_Rubens and Shabtai of Winick Realty close 34,000 sf at 530 Fifth Ave