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The Third Age of American Retail

Reports about retail in North America show nothing but doom and gloom, with predictions of store closings, mall shut-downs and more. But no-on seems to have told retail real estate owners and developers. Retail complexes are adding other uses, especially food and beverage (F&B) to their complexes, while high streets are adding retail, especially dining, to office buildings.

All are doing so to attract a shopper who increasingly wants a big-city, pedestrian-friendly feeling and is looking for experiences above and beyond merchandise. It isn’t surprising, then, that projects in urban markets are adding other uses—office buildings such as the Willis Tower (formerly the Sears Tower) in Chicago are expanding their retail offerings, while retail projects are including more F&B.

And don’t count out New York City, says Lee Block, executive vice president of Winick Realty Group. “The high street in retail is still thriving, especially in New York in areas where tourism is strong,” he says. “International retailers want a global audience.

The high-income earners in the best-known retail streets are supplemented by a strong tourist base. Block says he is bullish about Lower Manhattan, especially the street retail, as well as the Westfield World Trade Center and Brookfield Place. The region is under-retailed and under-served, he believes. “The area from Broadway to the East River is as dense as anywhere else in the city, and retail has just started to perk up,” he adds. “We’re also seeing really cool restaurants”—a sector that he says is particularly needed.

But other areas are coming on the radar screen, including Downtown Brooklyn and Brooklyn Heights, just across the East River. “Brooklyn has a cachet to it and there are certain tenants that belong there first,” Block says. “There are different opportunities depending on where the customer base is.”

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MAPIC News-October 2017-The Third Age of American 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.

 

Real Estate Weekly

Schuss Takes the Lead in Doggie Deal

Biscuits & Bath, a full-service dog care business with 11 locations throughout Manhattan, has signed a lease for its first Lower Manhattan spot at the base of 71 Broadway.

The location, which is set to open in early 2018, will be situated across from the incoming Whole Foods and near Dean & Deluca.

Winick Realty Group’s Matthew Schuss said the Biscuits & Bath location will offer a range of dog care services, including day care, boarding, walking, grooming, training, veterinary care and transportation and sell retail products.

“Over the last 10 years, Lower Manhattan has experienced an incredible residential boom with more than 60,000 people currently living down there and more coming every year,” said Schuss.

“However, the abundance of landmarked buildings left few opportunities for the retail services that these residents require, making Biscuits & Bath a much-needed amenity for not only the building but for the entire neighborhood.”

Biscuits & Bath leased 3,100 s/f of space that had previously been home to The Factory Shoe Outlet for 60 years.

Schuss and Winick Realty Group executive Darrell Rubens represented both tenant and landlord, Equity Residential.

For more, download the full article in PDF

rew_072617_Schuss takes the lead in doggie deal

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

Winick Realty Group Leases Retail at 71 Broadway to Biscuits & Bath

Biscuits & Bath, the only full-service dog care business in New York City with eleven locations throughout Manhattan, has signed a lease for its first Lower Manhattan location at the base of 237 apartments at 71 Broadway.

The location, which is set to open in early 2018, will be situated across from the incoming Whole Foods and in close proximity to Dean & Deluca, both of which are indicators of the strong residential population that will make up Biscuits & Bath’s customer base, according to Winick Realty Group’s Matthew Schuss. The Biscuits & Bath location will offer a full range of dog care services—including day care, boarding, dog walking, grooming, training, veterinary care and transportation—as well as sell retail products.

“Over the last 10 years, Lower Manhattan has experienced an incredible residential boom with more than 60,000 people currently living down there and more coming every year,” said Schuss. “However, the abundance of landmarked buildings left few opportunities for the retail services that these residents require, making Biscuits & Bath a much-needed amenity for not only the building but for the entire neighborhood.”

Biscuits & Bath leased 3,100 square feet of space that had previously been home to The Factory Shoe Outlet for 60 years. Its location offers an entrance on Broadway in the heart of Downtown Manhattan, allowing the location to pull customers from as far west as the West Side Highway and as far east as the FDR Drive. The landmarked building, which was built in the 1800s and housed the flagship offices for the United States Steel Corporation, was one of the first residential conversions to take place in Lower Manhattan in the 1990s.

Schuss and Winick Realty Group executive Darrell Rubens represented both Biscuits & Bath and landlord Equity Residential in the lease transaction.

For more, download the full article in PDF

citybiz-072417-Winick Realty Group Leases Retail at 71 Broadway to Biscuits & Bath

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

Letting the Cat Out of the Bag: Biscuits & Bath Nails First Lower Manhattan Deal

71 broadwayIn the dog days of summer, Biscuits & Bath has sealed a deal to bring its business to Lower Manhattan for the first time, Commercial Observer has learned.

The full-service dog care business, which has 11 locations throughout Manhattan, has leased 3,100 square feet at the base of 71 Broadway, which was home to The Factory Shoe Outlet for 60 years, according to a press release from Winick Realty Group provided to CO. The asking rent in the 13-year deal was $90 per square foot, a Winick spokeswoman indicated.

“Over the last 10 years, Lower Manhattan has experienced an incredible residential boom with more than 60,000 people currently living down there and more coming every year,” Winick’s Matthew Schuss said in prepared remarks. “However, the abundance of landmarked buildings left few opportunities for the retail services that these residents require, making Biscuits & Bath a much-needed amenity for not only the building but for the entire neighborhood.”

Schuss and Winick’s Darrell Rubens represented Biscuits & Bath and the landlord, Equity Residential, in the deal.

The building at 71 Broadway, also known as 65 Trinity Place, is at Rector Street. There remains 3,502 square feet of available retail in the residential building (previously leased to Champs Deli and a hair salon). Above are 237 apartments with studios starting at $3,055 per month, one-bedrooms at $3,535 a month and two-bedrooms at $4,820 monthly, according to Equity Residential’s website.

The new Biscuits & Bath is slated to open early next year.

For more, download the full article in PDF

NY Observer-071917-Biscuits & Bath Nails First Lower Manhattan Deal

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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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.