From the monthly archives: "July 2013"

Real Estate Weekly

Bonjour Gets LIC Bargain

crescentclub2Bonjour Capital has bought the Crescent Club in Long Island City for $81.5 million.

Eastfil brokered the sale between a partnership of Simon Development and Meadow Partners, and Bonjour.

The 17-story, 145,000 s/f building jas 30 apartments, only four of which remain to be leased.

10,000 s/f of retail and commercial space is being marketed by Winick Realty.

“You can go door to door from the Crescent Club to our Midtown Manhattan office in approximately 10 minutes,” said Charles Dayan, president of Bonjour Capital. “The building provides luxury condominium finishes and terrific amenities. When you add those factors together and tabulate the price to rent the residential unit, you have a bargain.”

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New York Observer

Seeing Past the Words “Side Street”

joshua-siegelman-002In New York City real estate, “side street” is often a dirty word. Retailers associate side streets with being off the beaten path and generally out of the way. While that perception may hold true for apparel and dry retail, the fact is that boutique dining restaurant concepts can find some real diamonds in the rough by moving their search off the main thoroughfares.

While quick-service and fast-casual concepts rely on the high-traffic models of main-street retail, full-service restaurants have no such restrictions. In fact, a “hidden” location can add more mystery and intimacy to eateries as consumers, especially Manhattan residents, enjoy the thrill of discovering restaurants that haven’t yet made it onto every dining blog in town.  Availabilities on side streets typically come at a lower price point—especially in neighborhoods like the West Village, Greenwich Village and Soho, where avenue prices are especially high. Side streets also offer a larger inventory to choose from without the same level of competition as the streets and avenues that carry more name recognition.

Restaurants like The Smile on Bond Street, The Lion on West 9th Street, and Alta on West 10th Street have done a number of things right to harness the power of the side street to create an exciting dining scene that spans all meals of the day. They have leveraged the value of their location—as well as the benefit of lower monthly expenses—to create eye-catching build-outs and successful PR campaigns. Beyond serving great food, these restaurants have used all of the benefits of their side-street locations to create true destination dining.

Of course not all side streets are created equal, and it is important for any restaurant concept to look closely at the neighborhood and co-tenancy before jumping on the first side-street availability that comes along. But at the end of the day, side street locations can offer great value for an array of food-driven concepts and should not be overlooked.

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NY Observer-073113-Seeing Past the Words “Side Street”

New York Real Estate Journal

Gleicher and Winick of Winick Realty broker 15,000 s/f lease to Buffalo Wild Wings at 253 West 47th Street 

Michael Gleicher is a broker at Winick Realty GroupBuffalo Wild Wings, the national restaurant and sports bar chain, has leased its first Midtown location in Times Sq. Buffalo Wild Wings will occupy the entire building at 253 West 47th St.

The lease caps off Buffalo Wild Wings’ lengthy search for the right location. “In Manhattan, you are often challenged by columns, low ceilings and other characteristics that get in the way of properly representing the one-of-a-kind experience and energetic atmosphere that Buffalo Wild Wings provides,” said Michael Gleicher of Winick Realty Group.

Located between Seventh and Eighth Aves., the Buffalo Wild Wings flagship restaurant at 253 West 47th St. will encompass over 15,000 s/f of dining and entertainment, including a 5,000 s/f ground floor with soaring 22-ft. ceilings that will showcase Buffalo Wild Wings’ multimedia systems. The building includes a 2,000 s/f mezzanine and two lower levels, along with a 2,000 s/f roof deck for outdoor dining.

“Times Sq. is the perfect place for Buffalo Wild Wings to plant their flagship in New York City,” said Gleicher. “The city has been waiting with excitement for a Buffalo Wild Wings to come into Manhattan and their concept will be a sensational addition to the area for sports fans, families and tourists alike.”

Gleicher and CEO Jeff Winick represented Four M Capital LLC, the area franchisee for Buffalo Wild Wings. Based in White Plains, Four M Capital currently owns and operates 13 Buffalo Wild Wings units in the New York metro market. Landlord Friedland Properties was represented in-house by Aaron Prince.

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NYRE Journal_073013_Gleicher and Winick of Winick Realty broker 15,000 sf lease to Buffalo Wild Wings at 253 West 47th Street

the retail report logo

Featured Broker

Joshua Siegelman, Winick Realty Group; Retail Brokerage & Advisory Services

joshua-siegelman-002Josh Siegelman joined Winick Realty Group LLC in January 2010. As a graduate from the University of Colorado at Boulder, Mr. Siegelman has a duel license to practice in both Colorado and his native New York. In 2012, Mr. Siegelman was named one of The Commercial Observer’s “30 Under 30.” Mr. Siegelman was also named one of New York City’s 2012 Power Brokers for Retail Leasing by the CoStar Group, based on total leasing transaction volume for that year.

Mr. Siegelman has a particular passion for food service tenants and is already aggressively marketing several well-known retailers in New York City, including Chipotle Mexican Grill. At Winick Realty, Mr. Siegelman is focusing on tenant and landlord representation, as well as advisory services. Mr. Siegelman has completed successful transactions on behalf of Brodsky Organization, Jakobson Properties, TF Cornerstone, Algin Management, Hakim Organization, Florida Sunshine Investments and many more.

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The Retail Report-072213-Featured Broker Joshua Siegelman

Shopping Center Business

Who’s News

adam-kruvant-profile-001Winick Realty Group has added two new brokers to its New Jersey branch, located in Cranford. Adam Kruvant and Gary Krauss will assist senior vice presidents and founding partners Daniel Spector and Tyler Bennett in the marketing of more than 1 million square feet of retail. Krauss specializes in retail supermarket operations, which he gained from previously working with Pathmark Supermarkets. Kruvant previously worked for Vanguard Realty whwere he worked on retail leases in New Jersey.

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shopping center business-july 2013-who’s news

Globe Street

Winick Starts Up Investment Sales

urszula zoltekWinick Realty Group has launched an investment sales division to be headed by Urszula Zoletk who was hired to create the department.

“The investment sales market is red-hot right now, with a substantial amount of business that reaches pre-recession levels,” said Winick’s founding partner Tyler Bennett. “We believe it is the right time to launch a division to meet this demand.”

Bennett said the division will handle the range of investment-grade property types, including retail shopping centers.

Daniel Spector, also a founding partner, said Zoltek has experience in several states working with both private and institutional clients. She has worked in the New Jersey office of Marcus & Millichap and most recently served as Edgewood Properties’ leasing director.

For more, download the full article in PDF

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