From the monthly archives: "December 2012"

As Seen in The Times:

The ornate cast iron SoHo building known as the King of Greene Street traded hands last week for $41.5 million. The deal was a 47 percent increase in value from when the property at 72-76 Green Street, designed by Isaac F. Duckworth, last sold five years ago. It is also the latest in a torrent of building sales that have taken hold this year in SoHo.

Last month, two buildings across the street at 69 and 71-73 Greene Street sold for nearly $33 million, while other recent deals include the sale of a retail condominium at 40 Mercer Street for $57 million and a development site at 144 Spring Street for $26.5 million, according to the brokerage firm RKF.

In fact, 38 buildings have traded hands for more than $626 million so far this year in SoHo, which is bounded by Houston Street to the north, Canal Street to the south, Lafayette to the east and West Broadway to the west. This is compared to just eight transactions totaling $64 million in 2009, when the market was at a low, according to data from Real Capital Analytics.

Even though the sales prices may be high, the upswing will probably continue. “SoHo is a very tight market — the amount of square footage is less than the Roosevelt Field Mall,” said Steven E. Baker, the president of the Winick Realty Group, referring to the popular Long Island mall. “It is the first choice of tourists and New Yorkers alike and retailers want and need to be there.”

Globe Street

Duane Reade Leases at 711 Third Avenue

Drugstore chain Duane Reade has leased an 18,000-square-foot space at 711 Third Avenue for 20 years. The lease consists of a basement space spanning 11,000 square feet and a ground floor space measuring 7,000 square feet. The asking rent for corner ground floor space was $175 per square foot in the area.

In the transaction, Winick Realty Group’s Jeff Winick negotiated on behalf of the tenant, while an in-house team represented the landlord, SL Green Realty Corp.

For more, download the full article in PDF

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Duane Reade swallows another prime spot

The city’s biggest drugstore chain has signed on for yet another location. Duane Reade, the homegrown pharmacy founded 52 years ago and bought by Deerfield, Ill.-based Walgreen Co. in 2010, has signed a 20-year deal for 18,000 square feet at 711 Third Ave., on the corner of East 44th Street. The deal includes roughly 7,000 square feet on the ground floor and an 11,000-square-foot basement. Ground floor asking rent for corners in the area is $175 per square foot, according to brokers.

Duane Reade plans to move into the SL Green Realty Corp.-owned building in February, taking over from plus-size apparel retailer Avenue which vacated the space several months ago.

According to sources, the 253-unit local drugstore chain may eventually shutter its outpost one block south in the Chrysler Building East at 666 Third Ave., where it has leased 20,000 square feet of space since 2000. Duane Reade did not return calls requesting comment.

Jeff Winick of Winick Realty Group represented Duane Reade in negotiations. SL Green was represented in-house.

For more, download the full article in PDF

CRAIN’S_121812_Duane Reade swallows another prime spot

 

Racked

Coming Soon to the UES: The First American Lush Spa

Good news for people who love bath bombs: Natural beauty chain Lushhas just signed a lease on a huge location on the Upper East Side. But the space at Lexington Avenue and East 61st Street isn’t going to be just another outpost of their company; the Commercial Observer reports that Lush is opening their very first NYC (or American!) spa.

“The second floor will be dedicated to their first day spa in the United States,” a source confirmed to the CO. But what can we expect from a Lush spa? The brand already has spas in the UK, so we can take a couple of clues from the services offered on the other side of the pond. For the most part, it’s normal spa fare like massages and facials, but there is one treatment we’re curious about: a “sound bath”, which combines aromatherapy and soothing music for some meditation minus the yoga. No word on when the spa will be opening, but check this space for more details as we learn them.

For more, download the full article in PDF

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New York Observer

Lush Cosmetics Expands on Upper East Side

Lush Cosmetics is set on expansion mode.

The Canadian-based cosmetics retailer has inked a deal at 783 Lexington Avenue on the Upper East Side. Lush Cosmetics will replace former tenant Jean Louis David in the three-story and 3,500-square-foot retail store.

“The second floor will be dedicated to their first day spa in the United States,” said Joseph Isa, a senior managing director of Winick Realty Group and representative on the transaction. “They have many day spas in their UK locations but this will be their first in the United States.”

Mr. Isa noted that the deal was one of two that were simultaneously signed. The retailer will also be opening another store on the Upper East Side at 208 East 86th Street on Third Avenue.

“Lush is expanding!” said Mr. Isa. “New York City is one of the best markets for them. They are looking for high traffic and high visibility locations that are going to increase their brand presence.”

“We are looking in Grand Central and around the 42nd Street corridor,” he explained. “Of course, I have my eye on a spot on Fifth Avenue near Rockefeller Center too. We’re also looking in the West Village as well.”

Mr. Isa and Lush Cosmetics have built a strong relationship over the past several years. Mr. Isa initially started brokering in Chicago where he first met Lush Cosmetic. He continued to work with them with their expansion in New York when he moved eastward in 2006.

“The area just north of Bloomingdales is growing. It’s fascinating,” he added. “I think it will be a nice mix of tenants a block or two north of Bloomingdales.”

The asking rent for the prominent retail corridor was $545 per square foot.

Peter Braus and Garry Steinberg of Lee & Associates represented the landlord, 783/15 Lex Associates.

For more, download the full article in PDF

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Real Estate Weekly

Brookfield Taps Winick to Lease One New York Plaza

Winick Realty Group LLC announced that the company has been retained by Brookfield Office Properties to exclusively market the retail concourse at One New York Plaza.

President Steven E. Baker, executive vice president Kenneth Hochhauser and associate director Joshua Siegelman are the exclusive leasing agents for the approximately 40,000 s/f retail concourse.

“We are delighted to be associated with a premier landlord like Brookfield Office Properties, who has hired us to reposition this exciting retail site in a way that meets the needs of the many office workers, residents and tourists who have significantly altered the landscape of this neighborhood in recent years,” said Baker.

The retail at One New York Plaza is situated on the concourse level of a 2.6 million square foot Class A tower and features entryways on Whitehall Broad and Water Streets, three of the most highly-trafficked streets of Lower Manhattan.

The space is easily accessible to building tenants, tourists, the mullions of passengers using the nearby subway, bus and ferry stations and the tens of thousands of office workers within a short walk.

“There has been tremendous demand for retail space downtown, but very little supply,” said Hochhauser.

“As we open the concourse for lasing, we expect to successfully satisfy the demand with a new roster of tenants worthy of the prestige of this property and this trade area.”

For more, download the full article in PDF

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