Currently viewing the category: "Fourth Quarter 2007"

Winick and Shabtai of Winick Realty Ink Long-term 20,000 S/F Lease at Trump SoHo Hotel

Mishaan of Winick Realty Group brokers $22.6m sale of two New York City buildings

New York, NY As part of the company’s expansion into the investment sales arena, Winick Realty Group has brokered a $22.6 million sale of two buildings in the city: one in Manhattan and one in Brooklyn.

The company has completed a deal for a 7,000 s/f building that was sold for $15.5 million. The two-story building at 470 Broadway in SoHo was purchased by Thor Equities.

Zach Mishaan of Winick represented the seller and the buyer.

The second building brokered by Winick is located at 1818 86th St. in Brooklyn. The 30,000 s/f, three-story building was sold for $7.1 million. The building will be occupied by Americal Place, a ladies clothing department store.

Both the seller, Raymon Srour, and the buyer, John Lazzara, were represented by Mishaan.

According to Winick, Jimmy Haber of BLT has signed a long-term lease for 20,000 s/f of restaurant, F and B, and event space at the Trump SoHo Hotel at 246 Spring St.

Lori Shabtai, director of luxury and brand retail, and Jeff Winick, CEO, represented both the tenant and the landlord, Sapir Org.

The restaurant, called BLT SoHo, will be Laurent Tourondel’s fifth in the city.

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Real Estate Journal_December 2007_winick

Winick moves into investment arena with $20M retail sale

As part of the company’s expansion into the investment sales arena, Winick Realty Group, the Manhattan-based store leasing firm, announced that it has brokered $22,6 million sale of two buildings in New York – one in Manhattan, and one in Brooklyn.

The company has completed a deal for a 7000 s/f building that was sold for the purchase price of $15,5million.  The two-story building at 470 Broadway in SoHo was previously owned by Dan Aizer.  The buyer is Thor Equities, which already owns a handful of buildings on the block. Zach Mishaan of Winick Realty Group represented both the seller and the buyer.  The broker said that the building will be used for retail, most likely for a designer apparel store.

The second building brokered by Winick Realty Group is located at 1818 86th Street in Brooklyn.  Sold for $7,1 million, the 30,000 s/f three-story building features 10,000 s/f per floor.  Formerly an Oriental Manor Catering Hall, now the building will be occupied by the American Place, a ladies clothing department store. 

Both the seller, Raymon Srour, and the buyer, John Lazzara, were represented by Zach Mishaan. 

For more, download the full article in PDF

rew_122607_Winick moves into investment arena with $20M retail sale

Metro theater building offering retailer great signage opportunity

Winick Realty Group has announced that the famed Metro (Twin) theater building at 2626 Broadway at West 99th Street is available for lease. 

The company has been appointed exclusive leasing agent for the retail space that will feature 5000 s/f with 50-foot-high ceilings and can accommodate additional 5000 s/f on one or several levels. Built in 1932-33, the building now is going through a major renovation. 

“What we are trying to stress here is that we are selling a volume. Being leased with the theatre marquee, this historic façade offers an unprecedented signage opportunity and great visibility,” commented Benjamin Fox, president, Winick Realty, who is marketing the space along with Joshua Singer. 

“The space would make a terrific production facility.  There are not so many places where you can find 5000 s/f of column free space in a building that is build like a brick oldhouse,” he added. 

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rew_122607_Metro theater building offering retailer great signage opportunity

A Gem Story in Financial District

Gem Story, a custom jewelry and accessories store, will soon open at 110 Fulton Street in Manhattan’s Financial District.  The company has signed a long-term lease for a 700-square-foot store.

Winick Realty Group represented the landlord, FRA Associates; the tenant was represented by Herald Group. The asking rent was $190 per square feet.

“Rents are skyrocketing on Wall and Broad Streets: retailers are already paying $400-500 per square fee,” commented Michael Worthman of Winick Realty.  “On Fulton Street the price range is $150-$225 per square fee, but that, I believe is just a matter of time: experts predict a big increase on Fulton as well,” he added.

Just a few years ago, home only to local tenants and old buildings, Fulton Street wasn’t very aesthetically appealing. However, with all the new development and conversions on Fulton, Nassau, John and Wall Streets, retailers are now considering Lower Manhattan as key to their expansion.

“New retailers such as Starbucks, Sophie’s Cuban Cuisine, Bank of America, and GNC have changed the retail landscape on this historic street.  Consider new developments, for example, The District (over 160 luxury condos) on the corner of Fulton and William Street, and you see the burgeoning of the street. Not to mention the Fulton Street Transit Center,” added Worthman.

The new Fulton Street Transit Center will link 12 subway lines, connect to the World Trade Center transportation hub and accommodate more than 300,000 riders daily. 

The project, which is expected to profit the Financial District immensely, is slated for complication in summer 2009.

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rew_122607_agemstoryinfinancialdistrict

‘A Very Exciting Time’ for Retail in New York

Retail is as hot as a just-fired pistol in Manhattan and the other boroughs, and the credit climate and the weakened economy are not affecting the new retail developments planned throughout the city and the region. Industry experts say the weak dollar and the floods of European tourists are driving record-high rents.

Last month, Cushman & Wakefield reported that retail rents on Fifth Avenue reached more than $1,500 a square foot. “The environment in New York City, partially sparked by tourism, additionally by the continued influx of foreign retailers, adds to the great value being placed on space in all of New York City’s trading areas,” the executive director of retail service at Cushman & Wakefield, Joanne Podell, said. “It is a very exciting time for New York, and I don’t anticipate a slowdown on any level.”

The executive vice president of the tri-state retail services group at CB Richard Ellis, Richard Hodos, said the retail scene in the New York region “remains strong. Manhattan is hotter than ever due to the strength of the consumers living here and the tourists, particularly international visitors. Part of the reason for the resiliency is the weak dollar and the relative strength of the euro and other currencies. Retailers who are suffering elsewhere are bustling in New York, particularly the luxury brands.”

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The New York Sun_122007_’A Very Exciting Time’ For Retail in New York

 

 

47-story mixed-use tower planned for 885 Sixth Avenue

A 47-story, mixed-use tower is planned by Atlantic Realty Development on the southeast corner of the Avenue of the Americas and 32nd Street overlooking Greeley and Herald Squares.

The building has an address of 885 Sixth Avenue and is also known as Tower III as it extends through to 111 West 31st Street.

According to Benjamin Fox, the president of the Winick Realty Group, a leading specialist in retail real estate that is handling the retail spaces in the project, the building has been designed by Costas Kondylis.

The building will have more than 31,000 square feet of retail space on three levels with 100 feet of frontage on the avenue and 150 feet of frontage on 32nd Street.

The tower at 885 Sixth Avenue will have retail on the ground and second floors, offices on the third floor, a fitness center on the fourth floor and rental apartments in the glass-clad tower that is setback above the fourth floor, according to Mr. Fox.

The project is as-of-right, that is, it needs no zoning approvals.

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CityRealty_47-story mixed-use tower planned for 885 Sixth Avenue