Related taps Winick to market retail at LIC buildings
Winick Realty Group announced today that the firm has been selected to represent Related Companies and GreenOak in the leasing of two prime retail spaces in Long Island City. The Paragon and the Blanchard Buildings, collectively known as The Point in LIC, are located adjacent to both Long Island Rail Road and 7 train subway stations and contain a total of approximately 25,000 s/f of retail with additional outdoor space.
Winick senior director Hal Shapiro and director Aaron S. Fishbein are marketing the properties, which are located at the base of two redeveloped commercial buildings— The Paragon, a 130,000 s/f building located at 21-00 49th Avenue; and Blanchard, a 220,000 s/f building located at 21-10 51st Avenue, where new tenant Vayner Productions is anchoring the building with 250 employees.
Long Island City, which Fishbein describes as “extremely dense yet under-retailed,” is home to millions of square feet of office and industrial space, more than 30 hotels, numerous education facilities and approximately 25,000 new residential units that are expected to come online in the next two years. In addition to this built-in audience for the retail at the Blanchard and The Paragon, the buildings are also uniquely situated to draw customers from across a much wider catchment area.
“Both of these buildings offer incredible accessibility to incoming tenants, given their strategic proximity to the 7 Train and LIRR stations at Hunters Point Avenue and East River Ferry, not to mention the Midtown Tunnel, Pulaski Bridge and 59th Street Bridge,” said Fishbein.
Added Shapiro, “Incoming tenants will be poised to draw from areas including Manhattan, Greenpoint in Brooklyn and the nearby Sunnyside and Astoria neighborhoods of Queens.”
The retail offering at The Paragon, which has undergone a complete gut renovation, features expansive new glass storefront on all three sides with 11,713 s/f of divisible ground floor space with 16-foot ceilings and 300 feet of wraparound frontage. In addition, 8,876 s/f is available on the garden level with 12-foot ceilings, as well as new windows and glass storefronts. A unique outdoor area can also be made available. All uses will be considered for the space.
The retail at The Blanchard consists of 3,725 square feet on the ground floor with 50 feet of frontage on 51st Avenue, new windows and glass storefront, and 12-foot ceilings. The space is ideal for cafes, commissaries and showrooms that will cater to the office and commercial populations in the area.
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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.