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Real Estate Weekly

Brokers get some face time during ICSC RECon 2017

icsc 2017If the REBNY banquet is the industry’s Oscars, then ISCC RECon is its Coachella.

In the midst of a national retail slump, brokers partied their troubles away under a scorching sun in Las Vegas OVER the past few days. And if they were worried, they sure weren’t showing it.

One thing brokers are on the same page about is urging retailers to change their game.

“I think we’re in a time of fluctuation, and retailers might want to be re-strategizing their look into  how they approach retail in general and how their business needs to change because of all the online pacing,” said Kelly Gedinsky of Winick.

For brokers, Gedinsky said in today’s retail environment, it’s all about hitting the pavement — canvassing, cold calling, and back-to-basics hard work.

“I would say as a firm, part of our culture is to really pound the pavement and I think that has helped us in this environment because we don’t rely on just leasing our stuff off signs, or pulling in the leads based on signs,” said Gedinsky.

“So we do a lot of cold calling, street canvassing and I think that benefits our activity. Especially these days, you can’t rely on just emailing. Now emailing has become so commonplace it’s too easy to press delete. You’ve got to get on the phone and get face-to-face.”

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rew_052317_Brokers get some face time during ICSC RECon 2017

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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ICSC 2017 RECon attendees on adjusting to a new reality

steven baker and darrell rubensThe mood from the floor of the International Council of Shopping Centers’ RECon Monday was a defensive optimism, colored by a recognition that leasing volume was healthy in part because rents have declined.

“Right now, landlords are trying to embrace the new reality of lower rents and bigger contributions,” said Robert Futterman, of the retail-focused brokerage RKF.

But at the same time, tenants are closing some stores, and “right-sizing” their location, and “that’s keeping the brokers very busy,” Futterman added.

The halls were packed earlier Monday, crowded around the booths of brokerages like CBRE, JLL, Newmark Grubb Knight Frank and Marcus & Millichap.

“We all read about the negativity to the industry, but it’s expansion when I speak with brokers,” said Adam Weinblatt, a broker at NGKF. But he acknowledged that pricing has shifted, and there may be more to come.

“Rents have not bottomed out, but they will soon,” he said.

Volume was steady, said Joe Jacobson, a partner with the landlord Madison Capital. “Deals are getting done at realistic levels.”

There was broad agreement on which uses were most active.

“Food, wellness, fitness,” said William Friedland, of Friedland Properties.

David Gomez, of investment sales-focused brokerage Fountain Realty Group, said he was counseling buyers to focus on buying spaces that can accommodate tenants with food uses.

“If you can vent it, you can rent it,” is Fountain’s catchphrase du jour, Gomez said.

Brian Lindley of Chick-fil-A said he saw only a small decline in New York City rents this year compared with last year. But in part he said that’s because his company is looking at “high-profile” neighborhoods.

Generally, landlords are willing to drop rents, brokers said.

“Landlords have a [far] different attitude,” this year, said Peter Braus of Lee & Associates NYC.

Meridian Capital Group held a lunch for its clients, where attendees included Thor Equities’ Joe Sitt, Wharton Properties’ Jeff Sutton and Alex Adjmi. Ralph Herzka gave a speech about the firm’s growth, which was followed by a song and dance show put on by tiny robots. “This is the future, guys!” Herzka said.

Several insiders said they were pleasantly surprised by the number of people walking the halls.

“I’m shocked to see as many people,” said Colliers International’s Bradley Mendelson. “But I don’t think there are as many retailers.”

“We used to play football [in the hall],” said Elizabeth Friedland Meyers, because there were so few attendees. But on Monday there was no space for such games.

By the late afternoon, however, it slowly thinned out, and attendees were spotted trying to figure out which of the evening parties were worth checking out.

For more, download the full article in PDF

THE REAL DEAL_052317_ICSC 2017 RECon attendees on adjusting to a new reality

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

Inside RECon2017

danielle winick and kelly gedinskyFresh off closing a $1.67 billion construction loan for the American Dream mega-mall in Secaucus, Triple Five’s Paul Ghermezian was upbeat about the years-long venture during the first full day of RECon 2017 at Las Vegas Convention Center today. Winick Realty’s Danielle Winick and Kelly Gedinsky were all business at their kiosk while Ikea’s Russian team was confident recent political turbulence won’t stop the company’s advance.

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rew_052217_Inside RECon2017

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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New York’s retail royalty hits the Wynn Las Vegas pool

Jeff Winick and Albert LabozIn the ICSC pecking order of see-and-be-seen events, the Wynn Las Vegas poolside Sunday is perhaps at the very top. New York’s biggest retail landlords brave the sun – there seems to be a correlation between how much of Fifth Avenue one owns and their tolerance for the heat – and come together with top brokers, lawyers, and hundreds of young hopefuls.

Those holding court at cabanas and pool chairs included Jeff Sutton of Wharton Properties, Jeff Winick of Winick Realty Group, Crown Acquisitions‘ Stanley Chera, Bobby Cayre of Aurora Capital Associates, and Alex Adjmi of A&H Acquisitions. Mingling with them were Jonathan Mechanic of Fried Frank, the Feil Organization’s Jeffrey Feil (who recently settled a longstanding family battle over the firm’s $7 billion portfolio), United American Land’s Al Laboz, Zar Realty NY’s David Zar, and many others.

The scions of the retail dynasties were also out in full force, such as Bobby Adjmi of A&H, and Haim Chera’s son Stanley.

The Real Deal also hit several parties last night, including RKF’s bash at the Marquee Nightclub at the Cosmopolitan of Las Vegas hotel and Shopping Center Group’s party at the Four Season’s Ballroom.

Stanley Chera (the patriarch) said he was unfazed about where the retail market is headed, noting that over his five decades in the business, market-defining tenants had regularly faded away, only to be replaced by a fresh crop of upstarts.

“I’ve been dealing with that question all day,” Chera said, when asked if younger brokers had shared their anxieties about the market with him. Though e-commerce has certainly disrupted the landscape, Chera believes that e-commerce players will only up their demand for brick-and-mortar stores, a la Bonobos, Warby Parker and others.

Landlords who had bought their retail real estate needing to charge tenants $3,000 a foot to make their numbers work might get burned while the market adjusts itself, Chera said, but noted, with a smile, that he was not one of them.

One particularly sprightly real estate player, who had partied the prior night away at XS Nightclub, yet showed no signs of wear and tear, revealed his secret: “banana bags” of IV fluids, administered by pros, “Billions” style. “Five minutes of that in the morning,” he said, “and I’m a new person.”

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THE REAL DEAL_052217_New York’s retail royalty hits the Wynn

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 Real Estate Journal

Year in Review Spotlight

What was your most notable project, deal, transaction or professional achievement in 2016?

kelly-gedinsky-258x300182016 has been an exciting year overall, but I would have to say that leasing 5 East 59th Street to Snapchat would be the most notable deal of this year. When Darrell Rubens, Lee Block and I began marketing the building, we had always envisioned an experiential retail who would utilize the building’s branding as part of the deal. Eventually we were able to share our vision with the CEO of Snapchat and not only did he agree, but he fell in love with the idea. Snapchat launched their first product, Spectacles, in the location, and so far the lines have been so long that it has created a media sensation. As a broker, there is nothing more satisfying than procuring a brand new brand and having the location we chose become a tremendous success for that new brand.

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NYRE Journal_122016_Year in Review Spotlight

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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Inside Moinian Group’s holiday party

ross-burack-and-kelly-gedinskyYou’d think Marc Holliday, who made $23 million as CEO of SL Green Realty in 2015 alone, would dish out cash for the latest gadgets.

But on Tuesday night he whipped out a near-ancient iPhone 5 to jokingly pretend to take family photos of the Moinians – much to the delight of Mitchell Moinian. As soon as he saw Holliday’s device, the real estate executive, and son to Moinian Group CEO Joseph Moinian, pulled out his own medieval clunk: the exact same model.

If out-of-date phones become a trend among high-powered developers, you read it here first.

What else did we learn at the Moinian Group’s annual holiday party? Deals are still being done, the industry’s mood is cautiously optimistic, and the Far West Side is slowly but surely growing into its own.

“It’s an emerging market,” said SRS Real Estate Partners retail broker Mark Kapnick, who was chatting with Newmark Grubb Knight Frank’s Jeffrey Roseman. In September, Kapnick had brokered Volvo’s 60,000-square-foot lease at Moinian’s Sky tower (the holiday party was held next door at 635 West 42nd Street) at what he said was an asking rent of $6 million per year. A special zoning that makes running a car shop easier helped get the deal done.

“It’s like a liquor license when no one else has it,” he said.

Holliday spoke of the prospect of lighter bank regulations under a Trump administration. The business community is hopeful that Trump, who is set to take office on Jan. 20, takes a look at reforming some of the more unreasonable regulations, he said.

Also spotted: Vector Group’s Howard Lorber, Meridian Capital Group’s Ralph Herzka, Empire Capital Holdings’ Josh Rahmani, the Amirian Group’s David Amirian, Winick Realty’s Jeff Winick, Iron Hound Management’s Rob Verrone and Greenberg Traurig’s Robert Ivanhoe.

Photo Credit: Adam Pincus

For more, download the full article in PDF

the-real-deal_121316_inside-moinian-groups-holiday-party

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.