From the monthly archives: "October 2015"

Real Estate Weekly

Winick, NGKF bringing gold-plated Fifth Avenue corner to market

5 east 59th streetFor the first time ever, 5 East 59th Street has hit the leasing market as a single-tenant retail repositioning.

5 East 59th Street offers an opportunity to create 50 feet of frontage and branding potential across eight floors that tower over Apple, Cartier and the GM Building Plaza on the corner of 59th Street and Fifth Avenue.

The property is in the heart of Fifth Avenue, the number one shopping corridor in the world, and sits directly at the center of three of Manhattan’s most fashionable department stores—Bloomingdale’s, Bergdorf Goodman and Barney’s.

Within one block of the property, more than $1.5 billion is spent on consumer goods annually.

5 East 59th Street is a rare opportunity for a single-operator to house its retail, showroom and ancillary uses in one stand-alone building in one of Manhattan’s most prominent locations, according to Darrell Rubens, executive vice president at Winick Realty Group, who is handling the leasing assignment alongside David Falk of Newmark Grubb Knight Frank.

The property features 50 by 100 foot floor plates, as well as 22-foot ceilings in the ground-floor selling space and a penthouse with views of the New York City skyline and the GM Building Plaza.

“5 East 59th Street is truly a blank canvas for a retailer to make their mark on one of the most affluent and heavily-trafficked areas in all of Manhattan,” said Rubens.

“The property can be as understated as Valentino at nearby 597 Fifth Avenue, or as eye-catching as Dior and Louis Vuitton on 57th Street. The possibilities are endless.”

5 East 59th Street is flanked by the Sherry Netherland and the former Crate & Barrel space. Across the street, the Apple “cube” is one of Manhattan’s most photographed landmarks and the subterranean selling space is believed to be one of the highest grossing retail stores in the world.

Rumor has it Cartier’s temporary location on the GM Building Plaza, directly across from 5 East 59th Street, is so successful that it will remain their permanently as a second location to its iconic townhouse store.

“Demand for luxury retail in this neighborhood has reached never-before-seen levels,” said Rubens, “and availabilities on the corridor between 49th Street and 59th Street on Fifth Avenue have become very hard to find, making the availability at 5 East 59th Street even more unique and exclusive.”

“This extremely high profile opportunity is unique in that it not only can be a perfect fit for a luxury retailer but also offers world-renowned brands a showcase for their latest technologically-advanced products in the perfect setting,” added Falk.

GreenOak Real Estate and Capstone Equities partnered to acquire and reposition 5 East 59th Street.

Winick Realty Group’s Rubens, Kelly Gedinsky and Lee Block, along with David Falk, Danny Levine and Jason Greenstein of Newmark Grubb Knight Frank, are working alongside ownership to find the ideal tenant.

For more, download the full article in PDF

rew_102815_Winick, NGKF bringing gold-plated Fifth Avenue corner to market

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

Winick Realty Group, Red Apple Group and Myrtle Avenue BID unveil newly-constructed retail space at 81 Fleet Place in Downtown Brooklyn on October 7th

81 Fleet Place (The Giovanni - Breakfast Event)- IMG_6791Winick Realty Group, Red Apple Group and the Myrtle Ave. BID welcomed real estate professionals to 81 Fleet Place on Wednesday October 7th to experience the newly-constructed etail and residential towers that are filling a previously-underutilized stretch of Myrtle Ave.

The building complex that consists of 180 Myrtle Ave. (aka “The Margo”), 81 Fleet Place (aka “The Giovanni”), 86 Fleet Place and 218 Myrtle Ave. (aka “The Andrea”) is bringing 1,000 new residential units to the neighborhood, which has seen a building boom in recent years. More than 5,000 residential apartments are located within a two-block radius, as are the City Point retail complex; the Barclay’s Center, which is the most profitable entertainment venue in the United States; and Metro Tech, which comprises more than three million sf of office space.

“This project is creating one cohesive neighborhood connecting both sides of Fort Greene Park and it is helping to make Downtown Brooklyn a dynamic and vital area that young professionals and families can call home,” said Diana Boutross of Winick, who, along with Winick CEO Jeff Winick, is currently marketing more than 30,000 s/f of retail availabilities at 180 Myrtle Ave., 81 Fleet Place and 86 Fleet Place.

Red Apple Group chairman John Catsimatidis spoke at the event, reflecting on his history with the neighborhood dating back to his days at Brooklyn Tech High School. Through his vision, four buildings are rising in the place of parking lots and there is now ample opportunity to bring much-needed amenities to the residents, students, shoppers and tourists who frequent the downtown area.

The retail at 218 Myrtle Ave. has been leased to a CVS and a Red Apple Supermarket. Boutross and Winick are currently marketing 10,541 s/f at 180 Myrtle Ave., 11,773 s/f at 81 Fleet Place and 10,025 s/f at 86 Fleet Place, representing the largest contiguous retail space available in the market.

Each storefront offers a variety of possible divisions with 18-ft. ceiling heights and on-site parking, as well as unprecedented accessibility to every subway line—including the A, C, F, N and R at Jay St./Metro Tech; the 2 and 3 at Hoyt St.; and the B. Q. and R at DeKalb Ave.

“Downtown Brooklyn is now the third largest market in the world and thanks to the foresight and vision of John Catsimatidis and Red Apple Group, we have the opportunity for an engaging mix of retail options that will change the neighborhood very quickly,” said Boutross.

For more, download the full article in PDF

NYRE Journal_102715_Winick Realty Group, Red Apple Group and Myrtle Avenue BID unveil newly-constructed retail space at 81 Fleet Place in Downtown Brooklyn on October 7th

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

Reframe Your Frame of Retail at 5 East 59th Street

Darrell-rubensFor the first time ever, 5 East 59th Street has hit the leasing market as a single-tenant retail repositioning. 5 East 59th Street offers a once-in-a-lifetime opportunity to create 50 feet of frontage and branding potential across eight floors that tower over Apple, Cartier and the GM Building Plaza on the corner of 59th Street and Fifth Avenue. The property is ideally located in the heart of Fifth Avenue, the globally-recognized number one shopping corridor in the world, and sits directly at the center of three of Manhattan’s most fashionable department stores—Bloomingdale’s, Bergdorf Goodman and Barney’s. Within one block of the property, more than $1.5 billion is spent on consumer goods annually, creating unlimited sales and branding potential at 5 East 59th Street.

5 East 59th Street is a rare opportunity for a single operator to house its retail, showroom and ancillary uses in one stand-alone building in one of Manhattan’s most prominent locations. A retailer can create their own identity on this blank canvas as the eight-story exterior façade and interior elements can be renovated to the tenant’s specifications and imagination. The property features 50 by 100 foot floor plates, as well as soaring 22-foot ceilings in the ground-floor selling space and a unique penthouse that features spectacular views of the New York City skyline and the GM Building plaza.

“5 East 59th Street is truly a blank canvas for a retailer to make their mark on one of the most affluent and heavily-trafficked areas in all of Manhattan,” said Darrell Rubens, Executive Vice President at Winick Realty Group, who is handling this exciting leasing assignment alongside David Falk of Newmark Grubb Knight Frank. “The property can be as understated as Valentino at nearby 597 Fifth Avenue, or as eye-catching as Dior and Louis Vuitton on 57th Street. The possibilities are endless.”

5 East 59th Street is located at the epicenter of a major transformation on the 59th Street corridor, which is seeing a flurry of retail leasing activity from Central Park to the East River. On either side of the subject site, the Sherry Netherland and the former Crate & Barrel space are about to announce exciting new luxury retail tenants. Across the street, the Apple “cube” is one of Manhattan’s most photographed landmarks and the subterranean selling space is believed to be one of the highest grossing retail stores in the world. Rumor has it Cartier’s temporary location on the GM Building plaza, directly across from 5 East 59th Street, is so successful that it will remain there permanently as a second location to its iconic townhouse store. Luxury brands such as Hublot, Brioni, Breitling, Chanel, Diesel and Microsoft are continuing to lease valuable retail space in this prestigious neighborhood, which is also home to Central Park, The GM Building, Tiffany’s, 9 West 57th Street and a prestigious list of iconic hotels that includes the Plaza, the Pierre and the Park Hyatt at One 57.

“Demand for luxury retail in this neighborhood has reached never-before-seen levels,” said Rubens, “and availabilities on the corridor between 49th Street and 59th Street on Fifth Avenue have become very hard to find, making the availability at 5 East 59th Street even more unique and exclusive.”

“This extremely high profile opportunity is unique in that it not only can be a perfect fit for a luxury retailer but also offers world-renowned brands a showcase for their latest technologically-advanced products in the perfect setting,” said Falk.

5 East 59th Street is optimally positioned to not only draw from all of the excitement of 59th Street and Fifth Avenue but also from the 24/7 foot traffic created by the Apple Store, setting this section of Fifth Avenue apart from others where the stores are closed during nighttime hours. With Apple and Cartier both set back on the plaza, 5 East 59th Street enjoys incredible visibility and presence from Fifth Avenue to reach the multitude of affluent residents, shoppers and tourists who frequent the area.

GreenOak Real Estate and Capstone Equities partnered to acquire and reposition 5 East 59th Street. Winick Realty Group’s Darrell Rubens, Kelly Gedinsky and Lee Block, along with David Falk, Danny Levine and Jason Greenstein of Newmark Grubb Knight Frank, are proud to be working alongside ownership to find the ideal tenant to maximize the potential for this unique property. 5 East 59th Street is a rare opportunity for branding and prestige in the most sought-after market in New York City.

For more, download the full article in PDF

citybiz-102315-Reframe Your Frame of Retail at 5 East 59th Street

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

Owners of Former Playboy Club Repositioning East 59th Street Building5 east 59th streetThe former Playboy Club, a Class B Plaza District building on East 59th Street off of Fifth Avenue, is being repositioned for one tenant to house retail and a showroom with offices above, Commercial Observer has learned.

GreenOak Real Estate and Capstone Equities are putting the nine-story, 40,000-square-foot 5 East 59th Street on the market as they work along with architect Gensler to convert it to an eight-story structure with 22-foot ceilings on the ground floor, Winick Realty Group’s Darrell Rubens told CO.

Mr. Rubens declined to cite an asking rent, but a source said the building should lease for more than $10 million per year.

“This is an opportunity [for a tenant] to really design and create their own building here,” Mr. Rubens said.

The building owners tapped Mr. Rubens and colleagues Kelly Gedinsky and Lee Block, along with David Falk, Danny Levine and Jason Greenstein of Newmark Grubb Knight Frank to market the building.

Mr. Falk said this is a site for “an iconic brand who wants to be there and wants to be seen with all of these other upscale brands.” He noted that there will be a “lot of eyeballs” on the location and it allows a tenant to house its entire operation “under one roof.”

The owners bought the 1960 nine-story office building, which was renovated in 1984, for $85 million this June. At the time of the purchase, only a few small office tenants remained along with Italian restaurant Bottega del Vino, Mr. Rubens said.

As CO previously reported, after more than a decade in the building, Bottega del Vino will be shuttering on Dec. 31 after the building proprietors made a deal to buy out the remaining term of the lease. The eatery occupies 7,200 square feet on the ground level, lower level and basement.

East 59th Street has seen a bit of an exodus lately. Next door to Bottega del Vino was a Crate & Barrel, with an address of 650 Madison Avenue. It closed at the beginning of August, as CO previously reported. And Williams-Sonoma and Pottery Barn left a 35,000-square-foot three-story retail condominium at 127 East 59th Street between Lexington and Park Avenues after 15 years. Meanwhile, signage at the Crate & Barrel space indicates that Italian luxury goods house Bottega Veneta will be opening there this holiday season.

For more, download the full article in PDF

NY Observer-102215-Owners of Former Playboy Club Repositioning East 59th Street Building

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

Brooklyn shopping options promise to keep getting better

81 Fleet Place (The Giovanni - Breakfast Event)- IMG_6791Winick Realty Group, Red Apple Group and the Myrtle Avenue BID welcomed real estate professionals to 81 Fleet Place to experience the newly-constructed retail and residential towers that are filling a previously-underutilized stretch of Myrtle Avenue in Brooklyn.

The building complex that consists of 180 Myrtle Avenue (aka The Margo), 81 Fleet Place (aka The Giovanni), 86 Fleet Place and 218 Myrtle Avenue (aka The Andrea) is bringing approximately 1,000 new residential units to the neighborhood.

More than 5,000 residential apartments are located within a two-block radius, as are the City Point retail complex; the Barclay’s Center, which is the most profitable entertainment venue in the United States; and Metro Tech, which comprises more than three million sf of office space.

“This project is creating one cohesive neighborhood connecting both sides of Fort Greene Park and it is helping to make Downtown Brooklyn a dynamic and vital area that young professionals and families can call home,” said Diana D. Boutross of Winick Realty Group, who, along with Winick Realty Group CEO Jeff Winick, is currently marketing more than 30,000 s/f of retail availabilities at 180 Myrtle Avenue, 81 Fleet Place and 86 Fleet Place.

Red Apple Group chairman John Catsimatidis reflected on his long history with the neighborhood, dating back to his days at Brooklyn Tech High School.

Through his vision, four buildings are rising in the place of parking lots and there is now opportunity to bring amenities to the residents, students, shoppers and tourists.

The retail at 218 Myrtle Avenue has already been leased to a CVS and a Red Apple Supermarket.

Boutross and Winick are marketing 10,541 s/f at 180 Myrtle Avenue, 11,773 s/f at 81 Fleet Place and 10,025 s/f at 86 Fleet Place, the largest contiguous retail space available in the market. Each storefront offers 18-foot ceiling heights and on-site parking.

“Downtown Brooklyn is now the third largest market in the world and thanks to the foresight and vision of John Catsimatidis and Red Apple Group, we have the opportunity for an engaging mix of retail options that will change the neighborhood very quickly,” said Boutross.

For more, download the full article in PDF

rew_102115_Brooklyn shopping options promise to keep getting better

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_Post_logo

Why retail sales are raging across New York

The Shops and Restaurants, Looking East From The Plaza - Co.jpgThe enthusiasm for city retail continues unabated.

“Every retailer outside of New York has a desire to be in New York but it’s a process and it takes time,” said Jedd Nero, director of retail at Avison Young.

“But there is always an interest from foreign tenants to open stores here.”

Still brokers complain  it takes a long time for deals to close. “Everything is getting negotiated and renegotiated,” said Faith Hope Consolo, head of retail at Douglas Elliman who says she has one lease out nine months.

There is one bright spot, however, as food tenants bringing many different concepts are especially plentiful.

“To compete in this city you have to be on top of your game,” Nero said, noting that today’s restaurateurs are sophisticated and well-funded restaurant groups.

Among those also running with well-funded restaurants is Kim Mogull, CEO of Mogull Realty, who now represents Zuma, Iron Chef Geoffrey Zarkarian and others, all seeking the perfect spots.

To help tenants find locations, brokers must understand the products, price points, demographic profiles and whether the store is for branding or real sales.

“We extend ourselves to understand their business and then to educate them as to where they should be and why they should be there,” said Nero. “There are so many pockets and markets so you can have multiple stores and not cannibalize your business.”

Pockets that are filling in include parts of Fifth Ave. where Victoria’s Secret will open a 63,780-foot flagship at 640 Fifth Ave. Below 42nd Street, Lee Block of Winick Realty Group and colleagues brought Redken Fifth Ave. from 565 Fifth at E. 46th Street to 404 Fifth, between 36th and 37th Streets. “Retailers are seeing the same traffic south of 42nd Street but the locations are much more of a value,” said Block.

For more, download the full article in PDF

NY Post_102015_Why retail sales are raging across 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.