Jeff Winick on Duane Reade, East Coast Expansion and His Heir Apparent
Jeff Winick has had his heart broken.
Late in 2014, Duane Reade, one of Winick Realty Group’s oldest and most prized clients, picked up shop and moved to SRS Real Estate Partners. Winick had spent 30 years supersizing the pharmacy, bringing it to hundreds of locations around the city. The loss was hard to take. (Although, Winick still does a good deal of business with Duane Reade’s outer-borough locations and dispositions.)
But when one has one’s heart broken, it’s wise to turn to family for solace. And recently, the founder and chief executive officer of Winick Realty brought his daughter, Danielle, into the business. Danielle, whose mother Lizzete is no longer married to Jeff, is his only child.
Of course, real estate is very much a family affair, but Danielle isn’t just some relation to get off the streets and on the payroll. Jeff sees his daughter sitting in the executive suite, running the 45-broker retail leasing and consulting firm as a partner and, who knows, maybe jumping into the developer side of the business.
The 22-year-old graduated from New York University’s Stern School of Business in May and recently joined her dad at his brokerage in its Manhattan offices on the eighth floor of 655 Third Avenue between East 41st and East 42nd Streets.
And she’s not coming to the firm with a blank CV. Even though she’s still in her early 20s, she interned at Winick Realty last summer and did an internship in 2013 at Vornado Realty Trust. But she also brings a knowledge of a generation’s likes and dislikes that her father, who recently turned 66, may not possess.
Since Duane Reade’s departure about 70 percent of the business has shifted to marketing for landlords’ properties, and the remaining focuses are on tenants. Winick Realty is representing just under 1 million square feet in the country and completed 480,000 square feet of leasing last year. And Winick is planning to broaden their horizons as well with a major geographical expansion. Both father and daughter spoke to Commercial Observer about what the future holds for Winick Realty—and for them.
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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.