From the monthly archives: "June 2017"

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David Workman

Senior Vice President

Tel: 212-792-2627
Email: dworkman@winick.com
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Areas of Specialization: Investment Sales and Commercial Leasing

Areas of Expertise: Manhattan, Tri State Area


Professional Experience

David Workman joined Winick Realty Group in 2017 as Senior Vice President in charge of the company’s expanded commercial office leasing and investment sales division. He came to the company following a stint as Executive Managing Director of Savitt Partners and, prior to that, as Senior Managing Director of NGKF Capital Markets.

Over his three decades of experience, Mr. Workman has successfully completed deals across the United States, in a variety of states that includes New York, Florida, Georgia, California, North Carolina and South Carolina. His background includes financial and accounting positions at Merrill Lynch and Ernst & Young, respectively, as well as 15 years of experience in commercial leasing, which gives him unique insight into how a building functions financially and what goes into the creation of a successful investment deal. He has particular knowledge in the identification and completion of off-market deals, and has experience with land and air rights sales, earning him a reputation for deep market knowledge, strong business acumen and a willingness to take on any necessary challenge on behalf of a client.

Among his most notable transactions, Workman executed multiple 1031 exchanges in New Jersey, Florida and New York, among others. Workman acted as buyer broker for a foreign investment group in the acquisition of two off-market downtown office buildings at 67 Broad Street (now 75 Broad Street) and 39 Broadway, totaling approximately 1.2 million square feet. He sold seven supermarkets and five CVS locations totaling approximately 400,000 square feet in Georgia, South Carolina and North Carolina to The Rosen Organization, as well as 1,000 acres of land at the Tennanah Lake Golf & Tennis Club in Roscoe, NY to one of the largest landlords in Palm Beach. Workman represented Pace University in the off-market acquisition of 100,000 square feet at 106 Fulton Street; sold more than 100,000 square feet of air rights at 310 West 52nd Street to Sant Chatwal, the developer of the Dream Hotel; and oversaw the marketing and eventual sale of 80-90 Livingston Street, a multi-use building comprised of existing retail and residential units with development rights in Brooklyn.

On the commercial leasing side, Workman has successfully completed commercial leasing efforts on behalf of Wilhelmina Models, Fiduciary Trust, First Investors, Metromedia, Masco Corporation, Met Life, Zurich Reinsurance and many others.

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Awards and Recognition

Mr. Workman is a member of the Real Estate Board of New York (REBNY).


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The Fourth Annual Long Island City Summit Sees Big Turnout

licsummit_2017_06_23_q03_zThe fourth annual LIC Summit, convened once again at the Museum of the Moving Image by the Long Island City Partnership, had an introduction and six panel meetings.  The 2017 session seemed to temper the enthusiasm shown by the earlier summits, becoming cautious about the meaning of all that construction.  At the moment, Queens Plaza and Hunters Point are looking awesome in their partially-completed state, but it was generally agreed the equitable dispensation of residential and commercial prosperity will be necessary if the completed buildings are to be filled successfully.

The retail panel was moderated by Patricia Dunphy of Rockrose Development Corp.  The first panelist introduced was Donna Drimer of Matted LIC, a gallery and artistic items store that she has run for eight years on Vernon Boulevard.  When first in LIC, she was told that the coming building boom would soon surround her.  Instead, at the four-year mark, the last of the retailers she had met when she arrived closed shop.  It’s still sparsely populated on the street near 46th Avenue and Drimer says she’s desperate for neighbors and needs the foot traffic.  Next was Amber Jacobsen, the owner of Toby’s Estate Coffee on Jackson Avenue, one part of a five-store enterprise that she and a partner have established in Queens, Brooklyn and Manhattan.  She recalled that when she opened her shop in the West Village it was displeasing to see a Starbucks moving in nearby, but with growth she learned coexistence was easy.  She has no fear of a Starbucks near her in Hunters Point.  Dunphy said Toby’s has two coffee shops not named Starbucks located within a few doors, and as she recalled the many nail salons that opened near each other when Battery Park City was new, she said that’s not unusual.

Drimer, who lives on Queens Plaza and considers it a retail badlands, said LIC rents should be appropriate to what you want situated locally.  Big Box?  Charge it big bucks, say $300 per square foot, while charging smaller rates to smaller places.  Melissa Burch of Lendlease Americas Development said that LIC’s residential growth is exciting, since it ties to retail consequentially.  Regarding retail following residential development, Aaron Fishbein of Winick Realty said that retailers are often stumped about how and when to act.  Dunphy spoke for local light industry, referring to a building at 21st Street and 43rd Avenue where there’s working space for lampmakers, upholsterers and gold leaf artisans, among others.  She said she’s been asked if the building would be “developed,” and has replied that it’s fine as is.

For more, download the full article in PDF

queens gazette_062817_The Fourth Annual Long Island City Summit Sees Big Turnout

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.

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145 Vacant Storefronts an Upper East Side ‘Epidemic,’ Study Finds

hal-shapiro-258x300An “epidemic” of empty storefronts is plaguing the neighborhood — with nearly 150 vacant retail spaces clogging First, Second and Third avenues, a survey by mayoral candidate Sal Albanese found.

Albanese, who is running for mayor for a fourth time as an independent, and a couple of volunteers for his campaign surveyed a 114-block section of the Upper East Side — from 57th to 95th streets, along First, Second and Third avenues — and discovered 145 vacant shops.

Over the past few years, several neighborhood staples and mom-and-pop shops have closed up — many due to too high rents — including Mimi’s Pizza, Mon Petit Café and a number of grocery stores.

“It’s an epidemic,” Albanese, a former city councilman from Brooklyn, said on Thursday. “We had a lot of feedback from people complaining about that in their neighborhoods the local shoe repair shop or pizzeria went out. Two of my volunteers got out to survey the area and what we came up with is pretty dramatic.”

Michael Eigen, owner of Premier Cru Wine Merchants on Madison Avenue at East 86th Street, said it’s getting harder to hang on.

“With rents this high, you can’t have a bad month because there’s no margin for error,” he said in a statement. “As rent continues to increase, it is simply too difficult for me to fight this fight anymore. I have been able to navigate New York small business for over 27 years but feel that, soon, I will no longer be able to continue because there is no seeming upside.”

The Small Business Congress estimates that the city is losing roughly 1,000 small businesses per month, taking with it an average number of eight employees per business and about 8,000 local jobs every month.

Hal Shapiro, senior director of Winick Realty, said that while landlords are partially to blame for upping rents, many storefronts remain empty after eight years of Second Avenue Subway construction. The neighborhood is still catching up after the subway line’s opening in January, he noted.

“It is a lot [of vacancies],” Shapiro said. “A lot of sidewalks were closed — there were obstructions on Second Avenue, and there was an increase in the flow of pedestrian and vehicular traffic. It was very disruptive.”

He added that some landlords “priced themselves out,” but now they’re starting to “come back to reality and are more open to doing a deal,” noting that the landlords of four or five properties Shapiro works with in the area have gotten more reasonable.

“They’re becoming more creative, open and receptive to tenants’ needs and wants,” he said. “A lot of landlords want to make deals.”

For more, download the full article in PDF

DNA Info_062817_145 Vacant Storefronts an Upper East Side ‘Epidemic,’ Study Finds

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.

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Elana Tsyganko

Director, Investment Sales and Commercial Leasing

Tel: 212-792-2642
Email: elana@winick.com
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Areas of Specialization: Investment Sales and Commercial Leasing

Areas of Expertise: Manhattan, Tri State Area


Professional Experience

For a little under a decade, Elana Tsyganko has successfully managed real estate projects and transactions in excess of $100M across all major asset classes, including commercial, residential, hospitality and industrial in New York City and the outer boroughs. Ms.Tsyganko has arranged joint venture transactions with some of the most respected names in the industry, helping investors acquire commercial office assets measuring upwards of 500,000 square feet.

Ms. Tsyganko began her career in residential rentals before moving into sales, commercial leasing and property management, and eventually working with investors and pre foreclosures. Over the years, she has become well-versed in development, construction, asset management, sales and marketing. Her expertise also includes formulating real estate strategy, structuring joint ventures, acquisitions, dispositions, fund raising and financing.

A native New Yorker, Ms. Tsyganko is intuitively familiar with the nuances of the city’s various neighborhoods, and she is motivated by her tremendous fondness for Manhattan and its diversity. She previously attended the School of American Ballet and American Ballet Theater and spends her time traveling, attending Bikram yoga classes and reading about philosophy and business psychology when not on the job.

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Max Kostikov

Director, Investment Sales and Commercial Leasing

Tel: 212-792-2621
Email: max@winick.com
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Areas of Specialization: Investment Sales and Commercial Leasing

Areas of Expertise: Manhattan, Tri State Area


Professional Experience

Max Kostikov is an investment manager and sales advisor with more than six years of experience in commercial, residential and mixed use sales throughout Manhattan, Queens and Brooklyn. Mr. Kostikov joined Winick Realty Group’s Investment Sales Division in 2017 following a three-year stint at a capital holdings firm, where he focused on commercial sales, leasing and acquisitions. During this time, Mr. Kostikov became adept at locating and identifying off-market properties and developments, working closely with both buyers and sellers to complete transactions.

Mr. Kostikov, who began investing in real estate in 2005, started his career in residential sales, working alongside family friends at Korr Realty. At the same time, he was serving as CEO at Lighten Group, his family’s private medical practice aimed at serving the Jewish and Russian-American communities. When the 2008 recession hit, Mr. Kostikov, who is fluent in Russian, abandoned his original goal of opening his own medical practice and decided to focus on real estate full time, recognizing opportunity at a time when others were far more pessimistic. Seizing on that opportunity, Mr. Kostikov has been able to grow in his career, gaining expertise in office leasing, retail leasing, residential and commercial sales. This combination gives him a well-rounded understanding of markets and properties, allowing him to analyze assets in a uniquely nuanced way. His expertise includes planning, negotiating, market research, client analysis and integration of new customer prospecting campaigns.

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Long Island City won’t be retail ghost town forever, panel says

LIC-panelLong Island City’s notorious lack of retail was one of the main points at this year’s LIC Summit, with developers and realtors saying they finally see light at the end of the tunnel.

During the summit’s “Retail as Placemaking” panel discussion, which was moderated by Rockrose Development’s Patricia Dunphy, local realtor Donna Drimer said a lack of stores is still a major problem in the area — and it makes it hard for her business Matted LIC to survive.

“It’s horrible. I’m the only destination. There is no place else to go shopping,” she said, “so rather than coming to me, it’s a lot easier to hop back on the 7, go into Grand Central and go wherever and go shopping,” she said.

Aaron Fishbein, who heads up retail real estate at the Winick Realty Group, said he doesn’t believe the problem will continue for too much longer. He said Long Island City is currently in the first wave of retail, which consists largely of fitness, medical and education tenants. Fishbein maintained that this will be followed by a wave of restaurants, which will in turn be followed by big box retail.

“Long Island City is big league. Let’s get that out of the way,” he said, adding that the neighborhood has the key ingredients in transportation, office space, schools, hotels and residential space.

“It has everything,” he said, “so it has the infrastructure, currently, for retail.”

For more, download the full article in PDF

THE REAL DEAL_062017_Long Island City won’t be retail ghost town forever, panel says

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.