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For the Record

Chelsea Piers inked a deal for 52,000 square feet at 33 Bond St. The 22-year-old entertainment and sports firm plans to open a gym in the Downtown Brooklyn building. The average asking rent for the ground-floor space was $100 per square foot. The landlord, TFC, was represented in-house along with a team from Winick Realty group. The tenant was represented in-house.

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CRAIN’S_091017_For the Record

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

Juice Generation opening at 10 Astor Place

Newmark Holdings announced that &pizza and Juice Generation have taken space at 740 Broadway and 10 Astor Place, respectively.

&pizza, a popular Washington, D.C.-based brand, has leased a 1,500 s/f store at 740 Broadway, a 12-story, Noho building.

Juice Generation juice bar signed an 850 s/f lease at neighboring 10 Astor Place, a seven-story mixed-use building.

Donna Vogel of Newmark Holdings and Ross Kaplan of Newmark Grubb Knight Frank Retail represented the ownership in the deals with &pizza and Juice Generation. Michael Cohen from RKF acted on behalf of &pizza and Steve Baker of Winick Realty Group represented Juice Generation.

“We are excited for &pizza and Juice Generation to join the mix of health and wellness tenants at 740 Broadway and 10 Astor, respectively,” said Vogel.

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rew_081717_Juice Generation opening at 10 Astor Place

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.

CVS opening up its newest pharmacy this weekend on the Long Island City waterfront

Long Island City residents will have a new, more convenient place to pick up prescriptions, toiletries, household items and snacks this coming Sunday.

According to a spokesperson for CVS, the pharmacy will open a new location at 1-50 50th Ave. on Aug. 20. The neighborhood lacks retail despite the uptick in development. Currently, the pharmacies, which include Duane Reade, Vernon Blvd. Pharmacy and Nature’s Prescriptions Pharmacy, are concentrated in the Hunters Point section.

In a Department of City Planning meeting discussing the possible rezoning of the neighborhood earlier this year, residents expressed frustration with the lack of options.

Rebecca Olinger, who has lived in Long Island City for 21 years, said the neighborhood has a dearth of useful retail like drug stores and that much of the retail is concentrated along the waterfront or in luxury high-rise buildings.

“My concern is the retail for the rest of us who do not live in these high-rises,” she said in the February meeting. “The businesses we get are expensive grocery stores, all the amenities that are needed in a neighborhood we are not getting. There is a tremendous amount of us now that do not live on the waterfront. When I moved to this neighborhood we had hardware stores, we had a butcher.”

The new CVS location will also be located along the waterfront, illustrating Olinger’s concern.

At a breakfast forum focusing on real estate in March, Long Island City business owners and real estate agents also discussed the neighborhood’s retail problem. Aaron Fishbein, director of retail real estate at Winick Realty Group, said he is hopeful about retail in the neighborhood.

So far, many of the clients expressing interest have been fitness, medical and education tenants. He calls this the “first wave” of retail tenants and predicts that as more residential buildings attract people to the neighborhood, restaurants will move in, followed by big box stores.

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queens courier_081617_CVS opening up its newest pharmacy this weekend on the Long Island City waterfront

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.

 

The UES is facing a retail vacancy epidemic

In the heart of retail’s “Gold Coast” on the Upper East Side, the space that once housed trendy dress shop BCBGMAXAZRIA collects dust. The retailer called the five-story townhouse home at 770 Madison Avenue for over a decade, but shut the doors in February amid a larger corporate bankruptcy. The landlord has yet to find a replacement.

Over on Lexington Avenue, there are four retail vacancies near the corner of East 85th Street. And on the 13-block stretch of 3rd Avenue between East 70th and 83rd streets, there are only two blocks that aren’t marred by at least one empty storefront.

Manhattan’s streets are awash with empty storefronts after retail asking rents climbed to untenable levels and tenants started to push back. But the sheer number of vacancies on the Upper East Side is alarming: The Real Deal counted 82 empty storefronts along Madison, Lexington, Third and Second avenues between 57th and 96th streets during an afternoon in late July.

“That is a lot, and there’s probably 20 percent more that’s on the market,” in terms of space that’s currently occupied and available for lease, said Greg Tannor, a retail specialist who left Cushman & Wakefield in April to join Lee & Associates as a principal.

Third Avenue between East 57th and 79th streets saw the biggest increase in its availability rate during the second quarter among the 11 retail corridors tracked by Cushman. The availability rate rose 7 percent year-over year to 16.6 percent, according to Cushman’s most recent retail report.

And Madison Avenue between East 57th and 72nd streets saw the second-highest increase: a 5.3 percent jump to an availability rate of 23.5 percent, which is the third highest among the corridors the brokerage tracks.

The forces at play are different among Upper East Side’s different retail corridors. Madison Avenue, for example, is one of the city’s premiere luxury shopping strips with asking rents to prove it (an average of $1,431 per square foot).

Over on Third Avenue, asking rents average $283 per square foot, and experts in the area said the avenue’s shops are geared more toward chain apparel stores and national brands due to the kinds of large retail spaces that line the avenue. The struggles faced by national retailers, therefore, are having more of an impact on storefronts on Third Avenue than they would on a tony strip like Madison, brokers said.

“Third [Avenue], I think, is the first market to really struggle with some of the difficulties we’re seeing with national soft goods retailers,” Cushman’s Steven Soutendijk said. “They’re the ones that are struggling in malls across the country.”

In recent months, for example, stores went empty at 1030 Third Avenue when American Apparel closed up one of its last shops following a bankruptcy auction earlier this year. And Reebok left behind and empty storefront at 1132 Third Avenue after shutting down its FitHub location.

By comparison, Second Avenue is considered more neighborhood-focused, geared toward service retail like dry cleaners and restaurants located in smaller stores where top-line rents are more manageable.

Beyond the general woes facing retail, the avenue was long impacted by construction along the Second Avenue subway line, which finally opened earlier this year.

“Certainly, now that the construction has completed, those vacancies should naturally have to fill in,” Winick Realty Group’s Kelly Gedinsky said. “They’re not obstructed by bridges over the sidewalk space anymore.”

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THE REAL DEAL_080417_The UES is facing a retail vacancy epidemic

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.

The top 10 NYC retail leases in July

Between upscale fitness chains and consignment shops to even e-commerce monster Amazon, the city’s retail leasing market saw it all in the month of July.

The 10 biggest retail lease deals signed last month totaled 219,942 square feet, up 46,370 square feet from May’s total, 173,572 square feet. And the largest lease happened to be inked in Brooklyn.

Check out the top 10 list below:

1) Chelsea Piers, 300 Livingston Street, Downtown Brooklyn – 52,000 square feet

The sports and entertainment company inked a lease for a new fitness club with 52,000 square feet of retail space at 300 Livingston Street. This new location will be the company’s second, with the first being — yep, you guessed it — Chelsea Piers in West Chelsea. Steve Gonzalez of TF Cornerstone represented the landlord in-house, along with a Winick Realty Group team comprised of Steven Baker, Aaron Fishbein and Daniyel Cohen. Chelsea Piers represented itself in-house.

For more, download the full article in PDF

THE REAL DEAL_080217_The top 10 NYC retail leases in July

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

The latest leases inked under 20,000 s/f

JRT Realty Group arranged a 2,000 s/f 10-year lease for Barre3, an international fitness barre studio, on behalf of The Hakimian Organization and Gorjian•NY at 44-16 23rd Street, Long Island City, Queens. The landlord’s leasing team consists of JRT Realty Group’s President Greg Smith, Executive Managing Director Ellen Israel and Director Lauren Calandriello. The tenant will occupy part of the ground floor of the 22,294 s/f property. The building is comprised of two, 10,000 s/f floors with high ceilings and expansive floor plans. This will be the studio’s second establishment in New York City; its first being in the West Village. Barre3 has multiple studios throughout the U.S. as well as locations in Canada and the Philippines. Aaron Fishbein of Winick Real Estate represented the tenant in the transaction.

For more, download the full article in PDF

rew_080117_The latest leases inked under 20,000 sf

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.