Is retail turning a corner?
On the whole, it’s been a difficult year for the floundering retail market, which had been referred to as “fucked” by one prominent investor as recently as the spring. But sources say there’s been a significant uptick in activity in the last few months.
This month, amid that backdrop, The Real Deal ranked New York City retail firms by the amount of square footage they leased between October 1, 2016 and September 30, 2017.
In Manhattan, RKF clinched the No. 1 spot with 1.03 million square feet inked south of 126th Street, including deals like Nordstrom Rack’s 47,267-square-foot lease at the Durst Organization’s 855 Sixth Avenue. Taking the top spot was a big feather in the firm’s cap, given that so many other brokerages saw a drop in deals.
Meanwhile, Cushman & Wakefield and Newmark Knight Frank ranked second and third, with 904,206 square feet and 424,808 square feet, respectively. CBRE and Winick Realty Group rounded out the top five.
It should be noted that retail deals are notoriously hard to track because they are not logged in any public databases. As a result, TRD relied on firms’ submissions and news reports to determine totals. Not all firms participated. JLL, for example, declined.
But the numbers offer a window into a market that’s very much in flux. And this year, for the first time, TRD also ventured across the river to rank the firms brokering the most retail deals in Brooklyn.
In that borough — where prime corridors like Broadway in South Williamsburg and Flatbush Avenue from Atlantic Avenue to Grand Army Plaza are seeing significant action — Winick took the No. 1 spot with 163,109 square feet leased. RKF and Ripco Real Estate ranked second and third, with 161,774 square feet and 134,473 square feet, respectively. SCG Retail and Kalmon Dolgin Affiliates rounded out the top five.
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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.