From the monthly archives: "May 2016"

New York Observer

ICSC: What Went Down at RECon 2016

hal-shapiro-258x300As real estate professionals and retailers from around the country catch their flights out of Las Vegas, having wrapped up another year of the International Council of Shopping Centers’ RECon, Commercial Observer reflect on the annual conference.

We reported on a slew of new and potential deals: Ripped Fitness’ entrance into the Big Apple, Under Armour eyeing FAO Schwarz’s old space at 767 Fifth Avenue, Superdry‘s three-floor sublease of Esprit‘s 21-25 West 34th Street space and a new fast-casual concept by Philippe Chow. On Monday, we learned that Canada-based Saje Natural Wellness was planning to make a foray into New York City and Los Angeles, as company executives talked to brokers from RKF (see a roundup of day one tweets here).

Throughout our time there, we also heard more about how the market is shifting to favor tenants. Retail rents are softening and tenants have a bit more leverage when it comes to getting concessions in a new space.

“It’s a tenant’s market,” said Hal Shapiro of Winick Realty Group. “Landlords are having problems accepting that rents have not increased in keeping with inflation and the proportionate tax rate the tenant had to pay in their lease.”

His colleague, Kenneth Hochhauser, said deals are taking longer to do and economic fundamentals aren’t supporting the high asking rents in the market.

“In most of the elastic markets, there is a disconnect between asking and taking rents,” he said. “An equilibrium price is still to be found. That paralyzes retail leasing velocity.”

For more, download the full article in PDF

NY Observer-052616-What Went Down at RECon 2016

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

Trendy NoMad nabe blossoms into NYC’s home design hub

ross burack ny postNoMad’s renaissance has been an extraordinary journey, from a slightly seedy commercial swath to a dining destination, hotel hot spot, and celebrity landing pad for residents like Tom Brady and Giselle Bundchen, Jennifer Lopez and Chelsea Clinton.

Now NoMad — the area around Madison Square Park — is also becoming the city’s latest high-end hub for home design.

“High net worth individuals have moved into the neighborhood’s new luxury buildings, and they want to design their own homes,” says Winick Realty Group’s Ross Burack, a rising young gun and go-to star broker for the elegant neighborhood.

The area — which is also now filled with tourists and tech companies — has drawn more than a dozen home design flagships to the neighborhood in the past few years.

“Most Manhattan architects were already located here. Due to rising rents in Soho, most of the design and furniture companies were forced to relocate. NoMad is the next cool area they discovered,” Burack explains.

For more, download the full article in PDF

NY Post_052416_Trendy NoMad nabe blossoms into NYC’s home design hub

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

Ripped Fitness Opening Across the Street From an Equinox on the UES

1430 Second AvenueRye Brook, N.Y.-based gym Ripped Fitness will be entering the New York City market with its second-ever location, Commercial Observer learned at the ICSC conference in Las Vegas.

The high-intensity interval training experience, which focuses on burning fat, increasing your endurance and building lean muscle, will occupy 2,888 square feet on the ground floor at 1430 Second Avenue between East 74th and East 75th Streets, said Hal Shapiro of Winick Realty Group. He represented landlord Glenwood Management in the deal.

The lease, which is for space formerly occupied by a Capital One bank, is for 10 years and the asking rent was $140 per square foot, Mr. Shapiro said.

Mr. Shapiro said the fitness company thought it’d be a good location because it is across the street from an Equinox Fitness, at 1429 Second Avenue. Its other location is at the Rye Ridge Shopping Center in Westchester County.

Glenwood is preparing the Upper East Side space so that Ripped Fitness can take possession of it in a few weeks, according to Mr. Shapiro.

Ripco Real Estate‘s Andrew Mandell represented the tenant in the deal. He didn’t immediately respond to a request for comment.

Also known as The Fairmont, the 454,000-square-foot building has an alternate address of 300 East 75th Street. The 37-year-old property has 467 rental units that average 809 square feet per apartment, according to CoStar Group.

For more, download the full article in PDF

NY Observer-052416-Ripped Fitness Opening Across the Street From an Equinox on the UES

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 deal logo

Nice day for a swim. ICSC RECon Day 1: PHOTOS and highlights from retail’s biggest bash

Elad Dror of PD Properties, guest, Darrell Rubens of Winick Realty Group and David Ash of Prince Realty Advisors at the Wynn Las Vegas pool on SaturdayJeff Winick playing backgammon by the poolside. Simon Ziff in raver sunglasses being asked by two young hopefuls for a job. Jonathan Mechanic strolling at 2am through mega-club XS, where commercial real estate’s biggest players take their table service very, very seriously.

Where else but Vegas?

Though Sunday marks the official start to the International Council of Shopping Centers’ ReCon Las Vegas, festivities were already in full gear on Saturday, with some of the country’s top retail landlords, developers and brokers getting together at the Wynn European pool to enjoy the gorgeous weather and cocktails.

“More business is done at the pool than anywhere else,” said Winick Realty’s Darrell Rubens, who said this was his 16th ICSC.

The Wynn brought together the old guard and the next generation. Johnny Cohen, son of Cohen Equities’ founder Meir Cohen, was savoring his first ICSC from the poolside bar, while his father, a veteran of the convention, was cabana-hopping. Bobby Adjmi of A&H Acquisitions popped in, as did Aurora Capital Associates’ Jared Epstein. Cushman & Wakefield’s Bob Knakal alternated between dips in the pool and lounging right outside his cabana.

“If you’re connected, you’re here,” said David Maundrell, who runs new development in Brooklyn and Queens for Citi Habitats.

Though the usual back-slapping exuberance was in full display, there was also a tinge of anxiety among the New York brokers, who spoke of the Manhattan retail market as a correction waiting to happen. Despite rapidly-increasing supply in many corridors, and a slowdown of in-store sales that’s seen rents fall in 10 of the city’s top 12 retail corridors, many landlords were holding out for higher rents, brokers said, causing deals to dry up. Politics also popped up, with one top investment sales broker lambasting Mayor Bill de Blasio for what he said was a shocking lack of transparency and ethics related to his fundraising activities.

The guests then split up into different factions: some made their way to Vornado Realty Trust’s reception at the Encore, others to private dinners, and some to take a nap and recharge before Round 2 in the evening. Thor Equities threw a lavish event at Le Cave at the Wynn.

Many convened for some late-night excess at XS, the gargantuan nightclub at the Encore. Among those spotted taking in hype-machine David Guetta’s thumping tunes: VTS’ Nick Romito and Ryan Masiello; Madison Realty Capital’s Josh Zegen; A&H’s Alex Adjmi and Aurora’s Epstein — calling the setup they had right by the DJ booth a “table” would be a massive understatement –; WeWork’s Mark Lapidus and Arash Gohari; Keystone Equities’ Jonathan Zamir; Fried Frank’s Mechanic; and Prince Realty Advisors’ David Ash and Alexandre Vial. The Real Deal called it a night around 3:30 a.m., but it appeared the party was far from done.

For more, download the full article in PDF

THE REAL DEAL_052216_Nice day for a swim. ICSC RECon Day 1 – PHOTOS and highlights from retail’s biggest bash

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

Asian star Tim Ho Wan to open on Fourth Street

aaron-fishbein-print-ver-profile-001WDI Group, the acclaimed hospitality group that has opened approximately 200 restaurants around the world since 1972, signed a long-term lease to bring Hong Kong-based Michelin-starred restaurant, Tim Ho Wan, to New York for the first time.

Tim Ho Wan will serve its celebrated dim sum menu at 85 Fourth Avenue. Expected to open in the third quarter of 2016, the restaurant will occupy 2,000 s/f on the ground floor.

“85 Fourth Avenue is located at the crossroads of Union Square, East Village, West Village and Astor Place,” said Winick Realty Group’s Aaron Fishbein. “This location will expose Tim Ho Wan to a truly 24/7 market filled with young professionals, residents and tourists who are looking for cool concepts like theirs.”

Fishbein and his colleague Jeremy Wintner represented WDI Group. Landlord Rabina Properties was represented by Chris Stanton of Cushman & Wakefield.

For more, download the full article in PDF

rew_052016_Asian star Tim Ho Wan to open on Fourth 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.

Real Estate Weekly

Winick shopping space in new Fort Greene tower

86fleet-640x535Winick Realty has been named exclusive retail agent for one of the largest contiguous retail space coming to the Fort Greene market.

Jeff Winick, CEO, Thomas Caliendo and Daniel D. DePasquale are marking 11,000 s/f of retail at 86 Fleet Place.

The 33-story luxury mixed use tower is part of a four building development on the western edge of Fort Greene in Brooklyn by developer John Catsimatidisʼ Red Apple Group CEO.

At just under 400 feet tall, comprising 478,000 s/f in area and containing 440 apartments, it will be the tallest and largest building in the neighborhood.

Goldstein Hill & West Architects [GHWA] is the architect for the project, which will have 11,000 s/f of retail space with outdoor dining, along with a landscaped community terrace and penthouse rooftop with Manhattan and river views.

The ground retail is divisible and offers 18 ft. ceiling heights. the high traffic area has over 1,500 new apartments within a two-block radius and neighboring tenants include JP Morgan Chase Bank headquarters, CVS, Gristedes, NYC Fresh Market, Wright & Goebel Wine Bar, Palmers Café, Gold Street Eatery, La Defense, Au Bon Pain, Starbucks, and Five Guys.

For more, download the full article in PDF

rew_052016_Winick shopping space in new Fort Greene tower

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.