From the monthly archives: "April 2015"

New York Real Estate Journal

Restaurants shrink footprint as customers shrink waistlines

joshua-siegelman-258x30017The landscape of the New York City restaurant market has changed drastically over the last three years, not only with regard to the concepts entering and expanding in the market but also in terms of the site locations and configurations they are willing to consider. As more health-conscious eateries and smaller spaces become to norm, the NYC restaurant market is literally becoming a survival of the fittest.

The general population today is made up of a more educated consumer when it comes to of eating healthy, quality foods and monitoring how foods are processed. Going back a few years ago, cupcakes and yogurt were the most active concepts, acquiring high-profile spaces across Manhattan. However, thanks to a shift from sweet and savory to a more balanced lifestyle, concepts like Pinkberry, Crumbs and countless others have either closed completely or significantly pared down the number of storefronts they operate. In their place, you’ll find salad concepts, juice concepts and organic produce-focused quick-service restaurants that are tailored to today’s more health-oriented audience. There are large operators like Just Salad, Sweetgreen, Liquiteria, Organic Avenue and Juice Press popping up all over town, with smaller concepts like Fuel, The Little Beet and Dig Inn hot on their heels. Even pre-existing operators like Pax have had to adapt their concepts to a changing market by rebranding and relaunching themselves as Roast and Fresh & Co.

Although there is always a “next big thing” waiting around the corner, I feel that the health-oriented concepts are here to stay as they have become part of people’s lifestyle. From a landlord perspective, they are presumed as a safer bet than a one-hit wonder because they are not seasonally focused and they appeal to a wide demographic, both male and female. However, it is becoming harder and harder to find a happy medium in locating a space where tenants can install their concept in full and still monetize the space enough to become profitable. Real estate values are infinite, whereas restaurants’ ability to monetize a space is finite. Prospective restaurants can only fit a certain number of seats, turn the tables over a certain number of times and only charge so much for a salad or a glass of juice.

As such, both operators and brokers have to be more creative with configurations and site selection to maintain the ability to harness a market with as little financial exposure as possible. Side streets that offer visibility, especially in dense corridors like Midtown, are getting a greater frequency of looks and even concepts that offer full waiter service have learned to modify their installations to a more compact format to fit within smaller spaces and not pay as much rent.

As brokers, we must continue to be engaged with today’s market and advise our clients on how to best adapt to a changing retail landscape.

For more, download the full article in PDF

NYRE Journal_042815_Restaurants shrink footprint as customers shrink waistlines

Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services.  Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies.  Winick Realty Group is highly recognized as a forerunner in the retail real estate market. 

 

 

New York Real Estate Journal

New York Minute with Aaron Fishbein

aaron-fishbein-002What are the top 3 things you look forward to at trades shows or expos?

ICSC Vegas convention is the trade show and convention for retail real estate, and it’s right around the corner. The Vegas convention is an opportunity to make new relationships and reconnect with familiar faces, whether it’s by the pool hanging in casual attire, or in suits at at meeting. And since every year’s energy is reflective of the current real estate market, I’m looking forward to feeling the 2015 energy in the room.

For more, download the full article in PDF

NYRE Journal_42815_New York Minute with Aaron Fishbein, Winick Realty Group

Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services.  Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies.  Winick Realty Group is highly recognized as a forerunner in the retail real estate market. 

Real Estate Weekly

Rose signs Chipotle to First Ave. lease

kenneth-hochhauser-258x30019Rose Associates signed a 15-year lease with Chipotle Mexican Grill for 2,583 s/f at 286 First Avenue.

The Peter Cooper Village/Stuyvesant Town retail location was formerly home to a Strawberry clothing store.

Bruce Spiegel, senior managing director for Rose, represented the landlord. Kenny Hochhauser of Winick Realty Group represented Chipotle Mexican Grill.

“Chipotle is a perfect addition to the retail mix at Peter Cooper Village and Stuyvesant Town,” said Bruce Spiegel of Rose. “We anticipate that residents at the complex, students at neighboring schools, and workers at nearby Beth Israel Hospital will respond very well to this popular restaurant offering.”

For more, download the full article in PDF

rew_042215_Rose signs Chipotle to First Ave. lease

Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services.  Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies.  Winick Realty Group is highly recognized as a forerunner in the retail real estate market. 

 

New York Observer

The Madison Square Garden Area Is Starved for Upscale Dining Options

msg area 1As hotels and office and residential buildings continue to rise, get converted or see an overhaul in the Garment District area, there will no doubt be an increased demand for more diverse food offerings.

“There’s no place for these people to go,” said broker Richard Smith of Winick Realty Group, referring to tourists at the new and upcoming hotels. “If they want to stay in the area [for food], their choice is very limited.”

Last month, Mr. Smith represented District Tap House, an American bar and bistro that features 50 beers on tap, in a second Penn Plaza District lease, as Commercial Observer first reported. The new space is at 252 West 37th Street, only a block away from its other location at 242 West 38th Street. The West 37th Street location will open in the fall, Mr. Smith said.

For more, download the full article in PDF

NY Observer-041515-The Madison Square Garden Area Is Starved for Upscale Dining Options

Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services.  Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies.  Winick Realty Group is highly recognized as a forerunner in the retail real estate market. 

Citybizlist

Winick Realty Group’s Urszula Zoltek Completes Sale of Apartment Building in West New York 

560 67th StreetWinick Realty Group’s Urszula Zoltek successfully brokered the sale of a five-story apartment building located at 560 67th Street in West New York, NJ on the corner of 67th Street and Polk Street.

The building was recently renovated from the ground up, equipping the one one-bedroom unit and four three-bedroom units with new kitchens, wooden floors and ceramic-tiled full bathrooms. The building is equipped with two coin operated laundry machines and two dryers for tenant use, as well as a two-car garage.

Zoltek represented both the seller, SYR Group, LLC, and the buyer, an anonymous private investor who paid $1,045,000 for the property.

For more, download the full article in PDF

citybiz-041415-Winick Realty Group’s Urszula Zoltek Completes Sale of Apartment Building in West New York

Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services.  Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies.  Winick Realty Group is highly recognized as a forerunner in the retail real estate market. 

 

 

Mid-AtlanticWEB455

Winick Realty Group announces two sales including a $1.075m mixed-use sale in Passaic

21-25 Monroe StWinick Realty Group’s Urszula Zoltek recently completed two property sales transactions in New Jersey, representing both the seller and the buyer in both transactions.

HSVC Investments LLC sold a mixed-use, three-story building at 21-25 Monroe St. in Passaic to 21, 23 & 25 Monroe Street LLC. The buyer also owns the property next door and decided to purchase the building in order to maintain its condition and preserve the value of both properties. 21-25 Monroe St. includes 12 one-bedroom apartments and four ground-floor retail spaces, each measuring 650 s/f. Currently three of the retail spaces are occupied by local businesses—a computer repair shop, a grocery and deli, and a botanica—while the fourth is currently vacant. The building was sold for $1.075 million and the sale transaction took two months to complete.

At 176 Kinderkamack Rd in Emerson, Hayden Asset II LLC sold 0.22 acres of land to 182 Emerson LLC for $465,000. The parcel of land is located at the intersection of Linwood Ave., close to Vilano Elementary School, Emerson Public Library, Emerson Municipal Plaza and a New Jersey Transit Railway Station. The property houses a one-story, 1,600 s/f retail building, as well as 14 parking spaces. The former home of AJ’s Restaurant, Wacky Burgers and Fries, the retail site is currently vacant and is available for lease.

For more, download the full article in PDF

Mid-Atlantic Real Estate Journal_041015_Winick Realty Group announces two sales including a $1.075m mixed-use sale in Passaic

Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services.  Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies.  Winick Realty Group is highly recognized as a forerunner in the retail real estate market.