From the monthly archives: "August 2012"

Real Estate Weekly

Buyer Jumps on Bronx Retail Opportunity

Zach Mishaan is a broker at Winick Realty GroupWinick Realty Group LLC has brokered the sale of the 11,500 s/f single-story building at 592 East 183rd Street in the Bronx.

Senior managing director Zach Mishaan represented both the anonymous buyer and the seller, Rudy Izzo, whose family owned the property for 40 years, running a supermarket in the space before Rite Aid moved in 17 years ago. Rite Aid remains the current tenant, with multiple years left on its lease.

“A large-box retail location of this type is rare for the Arthur Avenue business district,” said Mishaan. “This was a good opportunity to secure a piece of a densely-populated residential and retail area at below market rate.”

The building was purchased for $3.4 million, a 6.1 capitalization rate.

For more, download the full article in PDF

rew_082912_Buyer Jumps on Bronx Retail Opportunity

New York Real Estate Journal

Shabtai and Gedinsky of Winick secure 900 s/f at 1011 Madison Ave.; Moamem of Plaza Realty assists

Designer Yigal Azrouël is bringing his women’s wear brand to Madison Ave. The new boutique, set to open in the fall, will be located at 1011 Madison Ave., on the corner of East 78th St.

A retail presence since 2003, when the brand opened its flagship store at 408 West 14th St. and pioneered the Meatpacking District, The Yigal Azrouël Boutique recently decided to find new locations that best suited the brand’s concepts and clientele.

“It is always my goal in retail leasing to find the perfect location and tenant match. Working with Yigal posed an even greater challenge as retail opportunities that match his refined sensibilities and taste are few and far between,” said Winick Realty Group LLC executive vice president Lori Shabtai, who worked with associate director Kelly Gedinsky for two years to find the ideal location for Azrouël’s boutique.

When the corner retail space at 1011 Madison Ave. opened up for the first time in more than two decades, Shabtai and Gedinsky were able to secure Azrouël a location on what is becoming the new destination for upmarket apparel. “Fashion has moved to the north end of Madison Ave.,” said Gedinsky, citing neighboring tenants like Missoni, Intermix, Sandro, and J. Crew, who opened men’s and women’s stores on the Northwest and Northeast corners of East 79th St.

The clothier will occupy 900 s/f of ground-floor space, as well as 900 s/f in the basement.

Shaun Moamem of Plaza Realty represented landlord, Dr. Soufer, in the lease.

The store will house Azrouël’s lines, serving not only as a complement to Madison Ave.’s retail tenants but also a destination for residents. Azrouël collaborated with design artist Dror Benshetrit on the creative concept.

“A modern, modular and scalable concept was what I envisioned for the Madison store; an aesthetic that is sleek yet with warmth. I have been looking for some time on Madison and this store was what I was waiting for,” said Azrouël, who serves as president and creative director of the company.

“When we saw this jewel box corner store, we knew it was perfect for our retail strategy,” said Donata Minelli Yirmiyahu, CEO of Yigal Azrouël Inc. “The store, which will bear the new design concept for shop-in-shops and international retail opportunities, will offer a tightly-edited, ‘best of the best’ assortment including exclusives in a handful of product ranges.”

“Yigal’s patience and superb ability to execute made this two-year mission a success and allowed us to find an incredible Madison Ave. location that is perfect for his brand,” added Shabtai. “We look forward to the opening of the new Yigal Azrouël Boutique in fall 2012, along with the many other seasons and collections to come.”

Born and raised in Israel of French-Moroccan descent and having traveled to locations metropolitan and remote, Yigal Azrouël draws inspiration from everything and everywhere: art, culture, architecture, nature and his hometown, New York City.

For more, download the full article in PDF

NYRE Journal_082812_Shabtai and Gedinsky of Winick secure 900 sf at 1011 Madison Ave.

Here’s What’s Coming to St. Vincent’s Old 555 Sixth Avenue

The first piece of the shuttered St. Vincent’s to find a buyer was 555 Sixth Avenue, which changed hands in summer 2010. The buyer, Stonehenge Partners, announced plans to gut renovate the building and take it rental, with two added floors featuring larger apartments and terraces. A tipster informed us that renderings of the redone building were up on the site’s scaffolding, and they’re also on the Stonehenge website. Above, the new 555 Sixth Avenue, which will have 180 units, according to the retail listing. No glimpse yet of the lounge with a reflecting pool.

The available retail space totals 18,000 square feet, takes up the entire block between 15th and 16th streets, and is available for a 10-year lease. The ad on Stonehenge’s site says a retailer can take possession in the first quarter of 2013, which gives us a clue about the building timeline. (According to StreetEasy, residential leasing starts late this year.) Here’s a closeup on that retail space rendering.

For more, download the full article in PDF

Curbed_082712_Here’s What’s Coming to St. Vincent’s Old 555 Sixth Avenue

Real Estate Weekly

Canal Street primed for retail transformation

Canal Street has become synonymous with the sale of cheap, knockoff goods, jewelry and electronics.

The street bustles with tourists and locals who navigate its maze of open storefronts and street vendors.

But some retail experts predict – and hope – that an imminent shift in retail demographics will cause a new kind of bustle on Canal Street, as higher-end retailers move in.

The street touches SoHo, Tribeca, Chinatown, Little Italy, Hudson Square and the Lower East Side, and it’s something of a transportation hub, with 11 different subway lines that draw people from all over the city.

“It’s an apex for all of these neighborhoods, which makes it a natural hub to bring in new retailers,” said Melinda Miller, an associate at Winick Realty who is leading the marketing efforts at 272-274 Canal Street, a four-story property with 1,800 s/f per floor.

“Canal Street is one of those streets where you go and see the black market and it seems like it only seems natural that change will take place,” Miller said.  “It only a matter of time,” she said.

For more, download the full article in PDF

rew_082312_Canal Street primed for retail transformation

 

As Seen in The Times:

90 Seventh Avenue (between 15th and 16th Streets)
Manhattan

A designer consignment shop, with another location in the area, has signed a 10-year lease for 600 square feet on the ground floor of this 19-story apartment building in Chelsea. It is expected to open by Sept. 1.

Tenant: Fisch for the Hip

Tenant broker: Alexander E. Hill, Winick Realty Group

Landlord: Chelsmore Apartments

 

ROOKIE USA, BIG NEW SPORTING GOODS STORE, OPENS IN COLUMBUS SQUARE

Rookie USA, a sporting goods store for kids, opened its doors today at 808 Columbus Avenue (99th Street) in the Columbus Square development. The new 7,000-square foot store (plus 2,200-square-foot basement) sells apparel and footwear from Nike, Converse, and Levi’s. RookieUSA is a new brand and the Upper West Side store is its first location.

For more, visit www.westsiderag.com/2012/08/21/rookie-usa-big-new-sporting-goods-store-opens-in-columbus-square