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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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Retail flourishes in outer boroughs amid trying times

aaron-fishbein-print-ver-profile-001Across the water, Long Island City in Queens is also experiencing a construction boom. It has a new Aloft hotel — funky, trendy and colorful, as that Starwood brand is known to be — plus a whopping 36 hotels on the way. Not to mention the neighborhood has an existing 12,000 apartments and another 22,000 units coming online in the next two years alone, making it a bright spot for future retail growth.

Starbucks has already rented in Long Island City, while Western Queens’ first Chipotle is open at 26-16 Jackson Ave. Other retailers, from wine shops to pharmacies and banks, are going on site visits in the area.

Many young professionals — some with kids — live in the Queens Plaza area but work in Manhattan. They pump life and bucks into the retailers before and after work.

“We are already consulting on new big-box store locations,” says Aaron Fishbein, director of Winick Realty Group. “Residents are currently waiting to buy a cup of coffee, and retailers want to lock in [lower] rents and not miss out like they did in Williamsburg [in Brooklyn].”

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NY Post_052317_Retail flourishes in outer boroughs amid trying times

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.

For more, download the full article in PDF

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.”

For more, download the full article in PDF

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.

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Q&A with Winick’s Aaron Fishbein

22-22 Jackson Ave RetailThe Court Square Blog recently caught up with Winick’s Aaron Fishbein, who will be bringing several retail spaces to Court Square. Here’s what he had to say:

The Court Square Blog: Tell us about your commercial real estate practice at Winick.

Aaron Fishbein: The firm has been around for over 30 years, specializing in retail real estate, leasing and investment sales. We represent and consult on behalf of all types of owners, ranging from institutional to mom and pops, as well as tenants including everyone from public national retailers to mom and pop local retailers.

I have been working in retail real estate for approximately 6 years and during this time, my focus has been on Long Island City, Manhattan and Downtown Brooklyn. My first introduction to the Long Island City real estate market was through working on a project for TF Cornerstone. My team was selected as the exclusive agent to represent their East Coast Development, which comprises of 6 buildings with approximately 3,000 residential units and 30,000 sf of retail. TF Cornerstone is an incredible company and really put LIC on the map.

From there, we represented Lightstone Group’s Gantry Park Landing building on the waterfront. Then, Related Companies’ first phase of Hunter’s Point South development. It was very interesting that we received more offers and more action on our LIC properties than our Manhattan properties. Retailers are really intrigued by Long Island City’s low rent numbers mixed with the density and low competition relative to other New York City markets. The retailers can do real business. Not one of our tenants has gone out of business, which is amazing.

In the beginning, it was all about the LIC waterfront. Now it’s all about Court Square and Queens Plaza. Currently, around 90% of our projects and time is spent in the Court Square and Queens Plaza market..

TCSB: What do you feel Court Square needs most right now?

AF: At this point, what Court Square needs are the basic uses that will service this first wave of residential, hotel and office development and density. For example: Gourmet markets, Quick Service Restaurants, Pharmacy, Fitness, Salons, Café, Hardware, Dry Cleaners, Pet Supply shops etc.

To service the second and third wave of development and density, we will need Big Box uses, and they are already started to poke around. Big box tenants follow each other, so once the first big box tenant signs, they will all follow.

TCSB: The residential component has already arrived in Court Square. When do you think the retail will catch up?

AF: Retail lags residential so, naturally, we are now starting to see retailers arrive. There is a major excitement and urgency coming from retailers in that they want to enter the LIC market right away in order to lock in current rents. Many don’t want to be late to the party, as many were in areas like Williamsburg. You have residents living in Court Square and Queens Plaza who are just waiting for the retailers to open up and so they can give them their business.

For more, download the full article in PDF

The Court Square Blog-051017-Q&A with Winick’s Aaron Fishbein

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.