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The Financial District doubles down on retail

lee-block-258x30020Westfield’s World Trade Center complex may have gotten off to a wobbly start, but Lower Manhattan’s retail scene appears to finally be finding its footing. Brookfield Place’s $250 million revamp brought in luxury retailers like Hermes and Burberry, as well as a food hall that quickly became a favorite of local families. Westfield World Trade Center is now fully leased, according to a spokesperson, and Pier 17’s new 300,000-square-foot retail space is slated to open next year. Meanwhile, the area’s demographics have changed — decades of residential conversions and the recent wave of construction have established a critical mass of younger, well-to-do residents. The population has doubled since 2000, and a third of families in the area earn $200,000 or more, according to the New York State Comptroller. And financial services, once the district’s defining industry, now accounts for only 34 percent of total jobs in the area, compared to 56 percent in 2000. With that new demographic in mind, Whole Foods is set to open a new store at One Wall Street in 2018. “It’s a big deal,” said Susan Kurland, executive vice president and co-head of global retail services at Savills Studley. And it’s not just families and office workers who are driving the retail scene — the district has seen a huge influx of tourists, with the WTC memorial bringing 14 million visitors to the area annually. The greater diversity Downtown has extended the shopping day, broadened demand, and created a unique retail mix distinct from Soho or Tribeca, according to industry observers. “FiDi stands on its own,” said Lee Block, executive vice president at Winick Realty Group. “It has its own daytime workforce population, its own residential population, and retail coming in to serve that population.” For more on how retail in the area is evolving, we turn to our panel of experts.

Lee Block
Executive vice president, Winick Realty Group

Between Westfield and Brookfield Place, should there be concerns about the luxury retail market becoming oversaturated?

I don’t think there is an oversaturation. The demographics Downtown support what these retailers typically look for: extremely high population density, very high average incomes for households, as well as well above average workers’ incomes. From Century 21 to Tiffany and Hermes, there is a place for everyone to prosper in Lower Manhattan.

What was behind the huge price jump that REBNY reported last spring, and where do you see rents going six months and a year from now?

A lot of new prime, prime space has come on the market lately, and that has affected average pricing. And it wouldn’t surprise me if prices kept going up in the best corridors Downtown as space is absorbed and there is less supply. The corner of Wall Street and Broad Street acts as a pseudo-Times Square for Lower Manhattan. The WTC is a very busy area of Downtown as well. Meanwhile, secondary cross streets, like Fulton Street, John Street, Maiden Lane, are incredibly strong compared to years back. Retailers are leaving their spaces and being replaced with newer, exciting, unique types of retailers.

How could FiDi’s retail landscape be improved?

Dinner options in the neighborhood are still extremely limited.

What challenges remain for bringing in basic retail amenities like supermarkets?

The neighborhood has been serviced, just under-serviced. The infrastructure Downtown has been a challenge for any full-service supermarket to enter the market. The buildings — many of which are landmarked — on older, narrow streets were not built for that kind of an operation.

For more, download the full article in PDF

the-real-deal_110116_the-financial-district-doubles-down-on-retail

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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Two Boots Pizza Rapidly Expanding Metro New York City Footprint

two boots logoTwo Boots Pizza—the popular New York-based pizzeria with 17 locations in 6 states—has emerged as one the fastest growing pizza chains in the US.

With that explosive growth has come a focus on expansion in the Tri-State area. This week the firm has signed a 12-year lease for their Lower Manhattan flagship at 86A Nassau Street, near Fulton Street.  In addition, Two Boots is scheduled to open Wednesday its approximately 1,600-square-foot pizzeria at 717 Atlantic St., Stamford CT in the new Metro Green mixed-use development, a block from the downtown Metro-North train station.

“Two Boots Pizza had been looking in Lower Manhattan for years because they recognized that this was becoming a true seven-day neighborhood and they could provide a valuable service for the growing residential community,” said Winick Realty Group Director Aaron S. Fishbein, represented both Two Boots Pizza and landlord 86A ½ Nassau LLC along with his associate, Jeremy Wintner.

Previously a clothing store, the former tenants of 86A Nassau Street only utilized the building’s ground floor, leaving the second floor—with a hidden deco ceiling—abandoned for more than 20 years. Construction has already started on the property, as Two Boots Pizza is working closely with building ownership, spearheaded by Theresa Veltri, to fully restore the structure, bringing out the beauty in its classic architecture.

“We’re incredibly excited about both the building and the neighborhood,” said Two Boots Pizza owner Phil Hartman, “and we look forward to bringing our unique Cajun-Italian pizza and funky folk art deep into the heart of the financial district.” Plans include a pizzeria on the ground floor and a cozy bar/lounge on the second floor—plus the potential for rooftop seating. Added Wintner, “This one-of-a-kind property will give them an amazing Downtown presence.”

For more, download the full article in PDF

total food service-august 2016-Two Boots Pizza Rapidly Expanding Metro New York City Footprint

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.

Globe Street

Relocations, Renewals Happening Across The City

aaron-fishbein-print-ver-profile-001Two Boots Pizza has signed a 12-year lease for a Lower Manhattan flagship location at 86A Nassau St., near Fulton Street. The popular eatery triple net leased the entire building, which features 750-square-foot floorplates on the ground floor, second floor and lower level. Winick Realty Group director Aaron S. Fishbein represented both Two Boots Pizza and landlord 86A ½ Nassau LLC, along with his associate, Jeremy Wintner.

For more, download the full article in PDF

globe street-070116-Relocations, Renewals Happening Across The City

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.

Citybizlist

Two Boots Pizza Leases Two-Story Building for Lower Manhattan Flagship

86 Nassau St - pictureTwo Boots Pizza—the popular New York-based pizzeria with 17 locations in 6 states, plus Washington D.C. coming soon—has signed a 12-year lease for their Lower Manhattan flagship at 86A Nassau Street, near Fulton Street. Two Boots Pizza triple net leased the entire building, which features 750-square-foot floorplates on the ground floor, second floor and lower level.

“Two Boots Pizza had been looking in Lower Manhattan for years because they recognized that this was becoming a true seven-day neighborhood and they could provide a valuable service for the growing residential community,” said Winick Realty Group Director Aaron S. Fishbein, represented both Two Boots Pizza and landlord 86A ½ Nassau LLC along with his associate, Jeremy Wintner.

Previously a clothing store, the former tenants of 86A Nassau Street only utilized the building’s ground floor, leaving the second floor—with a hidden deco ceiling—abandoned for more than 20 years. Construction has already started on the property, as Two Boots Pizza is working closely with building ownership, spearheaded by Theresa Veltri, to fully restore the structure, bringing out the beauty in its classic architecture.

“We’re incredibly excited about both the building and the neighborhood,” said Two Boots Pizza owner Phil Hartman, “and we look forward to bringing our unique Cajun-Italian pizza and funky folk art deep into the heart of the financial district.” Plans include a pizzeria on the ground floor and a cozy bar/lounge on the second floor—plus the potential for rooftop seating.

Added Wintner, “This one-of-a-kind property will give them an amazing Downtown presence.”

For more, download the full article in PDF

citybiz-062716-Two Boots Pizza Leases Two-Story Building for Lower Manhattan Flagship

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.

 

New York Observer

Two Boots Pizza Coming to FiDi With Two-Story Pizzeria and Bar/Lounge

86 Nassau St - picturePopular New York chain Two Boots Pizza will be opening its first Lower Manhattan location, Commercial Observer has learned. The new location will include a pizzeria, bar/lounge and potentially rooftop seating.

Two Boots, which has 17 locations in six states since launching in the East Village in 1987, signed a 12-year lease for the entire two-story building at 86A Nassau Street near Fulton Street, according to Winick Realty Group, which brokered the deal. The space is 2,250 square feet including the basement, split evenly between the three floors. The asking rent was $250 per square foot.

“Two Boots Pizza had been looking in Lower Manhattan for years because they recognized that this was becoming a true seven-day neighborhood and they could provide a valuable service for the growing residential community,” said Winick’s Aaron Fishbein in prepared remarks. He represented Two Boots Pizza and Veltri Properties, the landlord, along with colleague, Jeremy Wintner.

Clothing store Lilly’s Boutique previously occupied the ground floor. The second floor, with a hidden deco ceiling, was abandoned for more than 20 years, Winick said in a release. Construction has already commenced on the property.

“We’re incredibly excited about both the building and the neighborhood,” said Two Boots Pizza owner Phil Hartman via a Winick spokeswoman, “and we look forward to bringing our unique Cajun-Italian pizza and funky folk art deep into the heart of the Financial District.”

Two Boots Pizza’s plans call for a pizzeria on the ground floor and a “cozy bar/lounge” on the second floor, and there is the potential for rooftop seating, Winick said in the release. The basement will be used for prep and storage. The new eatery is slated to open in the last quarter of the year.

Veltri Properties bought the property in March 2003 for $1.2 million, according to CoStar Group.

For more, download the full article in PDF

NY Observer-062316-Two Boots Pizza Coming to FiDi With Two-Story Pizzeria and Bar-Lounge

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.

New York Observer

The Plan: 1 New York Plaza’s Retail Concourse

1NYP commercial observerSometimes a little Starbucks or Subway kiosk in the lobby is a nice little perk for a building’s tenants. But when you’re Downtown—and the amenity is a big batch of new retail space—it winds up being a boon well beyond one landlord’s property lines.

Brookfield Property Partners wasn’t thinking about creating a big wave in the neighborhood, per se, last year when it redesigned 40,000 square feet of office space on the concourse level of its 2.6-million-square-foot 1 New York Plaza, where Revlon, Morgan Stanley and Fried, Frank, Harris, Shriver & Jacobson have offices. It just wanted some nice lunch options and maybe a gym or salon for the tenants in the building.

But it got a firsthand taste of the hunger for quality retail.

“What we found is when you came here in the winter, at least half the customers were wearing jackets,” said Kenneth Hochhauser, a broker with Winick Realty Group, which is marketing the space for Brookfield. “So they are walking from a distance to come here; it’s not just servicing this building.”

Brookfield wound up renovating an additional 8,852 square feet of space on the concourse level for even more retail. The asking rent is $75 per square foot, and they want something that will complement the current stores their now, which include a Starbucks, Schnipper’s Quality Kitchen, Chipotle Mexican Grill, Chop’t, Naya Express and Cappone’s Salumeria. Each retailer has lines out the door during lunch and morning rushes. Brookfield is targeting an Asian restaurant or juice bar as possible tenants.

In terms of non-food options, there is also a 17,000-square-foot Retro Fitness gym—the first in Manhattan—Cobbler Express shoe shine store, an eyeglasses shop called Optometric Arts and Spiff For Men barbershop opening soon. Brookfield is considering leaving a space for a salon to balance the gender service offerings.

Prior to its makeover, the building’s concourse level housed building management offices, an art gallery and a Dunkin Donuts, and the hallways were about twice as wide. It was due for a revamp in Brookfield’s eyes.

“It really wasn’t an amenity for the building or for the Water Street corridor,” Mark Kostic, a Brookfield vice president, said during a tour of the space. “You weren’t going out of your way to come down here.”

When Superstorm Sandy hit in 2012, it flooded and wrecked the concourse. The landlord’s plan to renovate the level was hastened, Mr. Kostic said. The $14 million renovation began in 2013 and was completed last year. Retailers gradually opened throughout the year starting with Starbucks and Chipotle in the spring.

With the redesign of the concourse, Brookfield made some safeguards for future storms, such as moving electrical equipment on upper floors in the 50-story building. They also offer flood insurance plans for retailers there.

Although the concourse is not visible to street level, it has become popular thanks to limited retailers in the area and word-of-mouth, Mr. Hochhauser said.

FiDi looks hungry for more.

For more, download the full article in PDF

NY Observer-031616-The Plan – 1 New York Plaza’s Retail Concourse

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.