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If out-of-date phones become a trend among high-powered developers, you read it here first.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

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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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Winick branches out in South Florida

triptych-design-district-aaron-butler-jeff-winick-kenneth-hochhauserWinick Realty Group, one of Manhattan’s Top 5 retail brokerages, is expanding outside the tri-state area for the first time.

The retail specialist has entered into a partnership with seven-year-old Miami Beach brokerage Avenue Real Estate Partners to team up on exclusives in the South Florida market.

Winick Executive Vice President Kenneth Hochhauser, who will be spearheading the Miami initiative alongside company founder Jeff Winick, said the move south made sense as the company’s northeast clients become more active in South Florida.

“Our clients have been pushing us as some of the investment flows from New York to Miami,” he said.

Richard Wagman’s Madison Capital, for example, paid $57.3 million in October to buy South Beach’s Boulan building, and the Chetrit Group is active with projects like its massive Miami River development, which will include nearly 1,700 residential units, 330 hotel rooms and 266,000 square feet of office and retail space built in five phases.

Winick and Avenue will be teaming up to market the 40,000 square feet of retail at Madison Capital’s 2000 Collins Avenue, and 100,000 square feet of retail and office space at Venezuelan developer HES Group’s 530,000-square-foot Triptych Miami Design District mixed-use project.

“These aren’t just local properties, which is great,” said Avenue president Aaron Butler.

Avenue is headquartered on Miami’s trendy pedestrian-shopping boulevard Lincoln Road, where rents have begun to cool following a surge in investment and high-profile projects. The firm is handling leasing at New York-based TriStar Capital’s 800 Lincoln Road, which is being redeveloped with three stories, 8,400 square indoors and an 1,800-square-foot rooftop terrace; as well as TriStar’s leased 500 Lincoln Road, adjacent to the Miami Beach Community Church. That property will have 15,236 square feet and is expected to be completed in 2018.

Hochhauser declined to comment on the financial details of the arrangement, but said that the deal “motivates both sides.”

Winick ranked No. 5 among Manhattan’s top retail brokerages with 293,282 square feet of closed deals in the past year, according to a recent ranking by The Real Deal.

For more, download the full article in PDF

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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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Nine Takeaways from ICSC New York Conference, Day One

17-tablesAttendees at this year’s ICSC New York’s National Deal-Making Conference tell us the mood on the floor is generally optimistic, and the buzz of businesses filling the halls of level one at Jacob Javits Center seemed to echo that.

“There’s definitely energy at the show. The election is over, people are cautiously optimistic about retail,” says Hal Shapiro, senior director at Winick Realty Group.

Here we present nine takeaways from interviews with industry professionals on the show floor.

  1. Deals are taking longer to close, as the decision-making for site selection is becoming a longer process, says Anjee Solanki, national director of U.S. retail services with Colliers International. Retailers are becoming more active in site selection and more selective in the types of store formats they want in specific markets. “Retailers are now asking to see the numbers,” Solanki says, adding “data is a must” in their strategy decisions.
  2. Rents undergo a market correction: The softening of rents across some retail property types shows “the market is correcting,” Solanki says. “Deals are still being done, especially if you have good co-tenancy and location, but you are no longer going to garner rents like seen at the peak.” For tenants with good financial standing, landlords are now willing to offer not only several months of free rent, but also help with build-out costs, Shapiro says.

For more, download the full article in PDF

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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

MAPIC Event Draws Thousands to Cannes

lee-block-danielle-winick-michael-gleicher-emily-musilli-sl-green-danny-cardenas-avenue-miami-aaron-butler-avenue-miamiOver 8,000 retail industry players journeyed to Cannes, France last week for the 2016 MAPIC conference.

France, Italy and the UK made up the top three national delegations of the 78 countries represented.

Participation from Asia and the Middle East both grew, and following last year’s USA Country of Honour programme, the US pavilion added 16 new exhibitors.

On the retail front, MAPIC 2016 welcomed 2,100 retailer delegates. An eclectic mix of retailers and brands included John Lewis, Mars, Yo! Sushi, Tesco, Subway, Ikea, Primark and McDonald’s.

For more, download the full article in PDF

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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

How To Succeed In A Family CRE Business

1st-panelThe numerous legacy family CRE businesses throughout the city that have bought, developed and/or sold properties are thriving.  Today, the next generation at such firms joins the industry with a new approach to the business and a different outlook on how to succeed, GlobeSt.com has learned EXCLUSIVELY.

A group of four such professionals—and one non-family member who works at a family operated firm—gathered in Midtown Wednesday afternoon at RealShare New York.

“In 2010, we decided to take money out of the properties and put it right back in with capital improvements,” declared Jonathan Kaufman Iger, president and CEO, Sage Realty Corp.

“We spent $160 million in six years and went through a full repositioning of our properties, putting in amenity spaces, shared boardrooms, outdoor spaces with features such as movie nights as well as indoor and outdoor yoga. Programing the space and working with the community has been our focus.”

Added Danielle Winick, associate, Winick Realty Group, “We see a shift to data and analytics, clients want more information  on neighborhoods. We’re able to track where tourists and residents are and map it, providing information in a format millenials like. We’re also building a social media platform and using it to brand ourselves by sharing what’s going on in the market and what’s happening around our properties.”

Winick also is using social media for research, she noted, allowing the firm to curate information. “We’re able to get trends on hotels and other properties all around the city and maybe find a tenant that isn’t known to any of our competitors.”

Others are focused on pockets of the city. “We invest in areas with scarce supply and insatiable demand,” shared Jared Epstein, VP and principal, Aurora Capital Associates. “The Meatpacking district has some unique qualities to offer, so companies will continue to chomp at the bit to be there.”

Epstein isn’t related to anyone at Aurora, but notes that he has been “adopted” by the Cayre family, which runs the firm. The family dynamic can present challenges, but it offers up opportunities too, the panelists noted.

“To be surrounded by people you love is great in some respects but it can be really complicated,” acknowledged Levine. “If we have an argument, it doesn’t end in the office—it spills over.”

So how does he address this issue? “It’s about creating a balance and talking to others who’ve been through it. If I have a beef with father, we will settle it in private. You have to stand up for yourself but you also need to respect the other family members.”

According to Winick, open discussion is encouraged at her family’s firm. “My father always has welcomed opinions and advice from anyone on what steps we should take and what we can improve. Also, our generation gap allows us to challenge each other and come up with new ideas together that we may not have been able to find on our own.”

For Kalikow, there is a litany of advantages to working with his relatives. “When you’re in a family business, you are able to voice your opinion in ways that others may not be able to do. I act as a conduit between others and my father, and I have an open door policy.”

He continued, “If a decision is made by my father or brother, I may have insight into it that others don’t have. We keep things in check: from 9 to 5 we’re a business but after that, we’re family.”

For more, download the full article in PDF

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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.