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Real Estate Weekly

Canal Street primed for retail transformation

Canal Street has become synonymous with the sale of cheap, knockoff goods, jewelry and electronics.

The street bustles with tourists and locals who navigate its maze of open storefronts and street vendors.

But some retail experts predict – and hope – that an imminent shift in retail demographics will cause a new kind of bustle on Canal Street, as higher-end retailers move in.

The street touches SoHo, Tribeca, Chinatown, Little Italy, Hudson Square and the Lower East Side, and it’s something of a transportation hub, with 11 different subway lines that draw people from all over the city.

“It’s an apex for all of these neighborhoods, which makes it a natural hub to bring in new retailers,” said Melinda Miller, an associate at Winick Realty who is leading the marketing efforts at 272-274 Canal Street, a four-story property with 1,800 s/f per floor.

“Canal Street is one of those streets where you go and see the black market and it seems like it only seems natural that change will take place,” Miller said.  “It only a matter of time,” she said.

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rew_082312_Canal Street primed for retail transformation

 

Another Canal Street Building Up for Lease, to Contribute to “Manhattan’s Next Great Retail Frontier”?

When most New Yorkers think of Canal Street, they probably don’t think of quality retail. There the goods tend to come rolled out on street vendor mats with the brands misspelled, not behind glass windows in fine shopping plazas.

Melinda Miller of Winick Realty Group, however, wants to usher in a new era for the downtown commercial street famous for its open storefronts, questionable electronic imports and tourist-grabbing counterfeits.

“For Canal Street, it’s a question of when, not if, the neighborhood will see its moment as the next great retail destination in the city,” she said in a recent company statement

Miller is marketing 272-274 Canal Street, a four-story, 1,800 square-feet-per-floor brick building at the northwest corner of Cortlandt Alley next to the new Tribeca Blu Hotel. As it stands, the building is unremarkable, but its owners, the Gindi family, have some big plans for its next retailer: a new glass façade and significant new signage.

“The beauty of Canal Street is that it sits at the apex of several Manhattan neighborhoods — namely Soho, Tribeca, Chinatown, Little Italy, Hudson Square and the Lower East Side,” Miller said in the statement, which added, “The potential for exposure rivals that of virtually any major street in Manhattan.”

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ny press-081712-Another Canal Street Building Up for Lease, to Contribute to “Manhattan’s Next Great Retail Frontier”

 

Winick Exclusively Represents Customizable Retail Corner On Canal Street

Winick Realty Group LLC recently announced that the company has been chosen to exclusively market an unprecedented branding opportunity at 272-274 Canal Street, located on the Northwest corner of Cortlandt Alley in the heart of the shopping corridor poised to emerge as Manhattan’s next great retail frontier-Canal Street.

“The beauty of Canal Street is that it sits at the apex of several Manhattan neighborhoods-namely SoHo, Tribeca, Chinatown, Little Italy, Hudson Square and the Lower East Side,” explained Melinda Miller, who is marketing the property on behalf of owners Iraymond-Canal LLC.

The retail at 272-274 Canal Street currently consists of four floors, each measuring 1,800 square feet, and boasts 57 feet of Canal Street frontage. Upon lease signing, ownership plans to create a new glass façade on the retail building, which makes way for significant signage capability. “The building is completely customizable,” explained Miller.

“For Canal Street, it’s a question of when, not if, the neighborhood will see its moment as the next great retail destination in the city,” Miller continued. “It will take a forward-thinking retailer who shares our excitement for the neighborhood to really be a pioneer on the street. For a retailer with true imagination and vision, anything is possible.”

For more, download the full article in PDF

mann newswire-081612-Winick Exclusively Represents Customizable Retail Corner On Canal Street

Citybizlist

Winick Realty Group LLC Exclusively Represents One-of-a-Kind Customizable Retail Corner on Up-and-Coming Canal Street

Winick Realty Group LLC proudly announced that the company has been chosen to exclusively market an unprecedented branding opportunity at 272-274 Canal Street, located on the Northwest corner of Cortlandt Alley in the heart of the shopping corridor poised to emerge as Manhattan’s next great retail frontier—Canal Street.

“The beauty of Canal Street is that it sits at the apex of several Manhattan neighborhoods—namely SoHo, Tribeca, Chinatown, Little Italy, Hudson Square and the Lower East Side,” explained Melinda Miller, who is marketing the property on behalf of owners Iraymond-Canal LLC.

Situated next to the newly-constructed Tribeca Blu Hotel, the retail at 272-274 Canal Street currently consists of four floors, each measuring 1,800 square feet, and boasts 57 feet of Canal Street frontage. Upon lease signing, ownership plans to create a new glass façade on the retail building, which makes way for significant signage capability.  “The building is completely customizable,” explained Miller. “If the incoming retailer can dream it, we can work together to make that dream a reality.”

The extraordinary corner location is uniquely positioned at a transportation hub that includes 11 different subway lines, drawing tremendous pedestrian traffic from all areas of New York City. The site also benefits from seven-day-a-week vehicular traffic from the nearby Holland Tunnel. The potential for exposure rivals that of virtually any major street in Manhattan, giving Canal Street a distinctive edge for innovative retailers looking to make their mark in the city.

“For Canal Street, it’s a question of when, not if, the neighborhood will see its moment as the next great retail destination in the city. With this retail space, the early bird will truly get the worm,” Miller continued. “It will take a forward-thinking retailer who shares our excitement for the neighborhood to really be a pioneer on the street. For a retailer with true imagination and vision, anything is possible.”

For more, download the full article in PDF

citybiz-081512-Winick Realty Group LLC Exclusively Represents One-of-a-Kind Customizable Retail Corner on Up-and-Coming Canal Street

VC duo take the floor

An ugly duckling at 272-274 Canal St., on the northwest corner of Cortlandt Alley and next to the new TriBeCa Blu Hotel is waiting to be transformed into a swan once a lease for $800,000 per year is signed for the entire property.

Melinda Miller of Winick Realty Group is marketing the four-story building with 1,800 square feet per floor on behalf of the ownership, which intends to install a new glass façade and significant signage for the next retailer.

For more, download the full article in PDF

NY Post_081512_VC duo take the floor

Fashion retailer signals changes on Canal Street

New York discount fashion retailer Necessary Clothing signed a major lease that insiders say is the largest deal on Canal Street, between Centre Street and West Broadway, in recent memory. Necessary Clothing, owned by the Cohen family, inked a deal to lease retail space at 261-263 Canal Street in late July. The landlord, 267 Canal Street Corp., was represented by Philip Chong.

The deal comes as brokers have reintroduced another neighborhood property to the market, across the street. Late last month, Winick Realty Group listed a multi-level commercial property owned by the Gindi family, at 272-274 Canal Street, with a total of 7,200 square feet with 1,800 square feet of that on the ground floor. No asking rent was included.

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THE REAL DEAL_081412_Fashion retailer signals changes on Canal Street