Currently viewing the category: "Fourth Quarter 2016"

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Landlords look to pull Fifth Ave. north of GM Plaza

59th-night-snapchat-cropHarry Macklowe famously transformed Fifth Avenue retail when he brought the Apple cube to the base of the General Motors Building in 2006. Now, 10 years later, the GM Building’s neighbors have a similar idea, but this time they’re thinking in two dimensions.

Property owners on East 59th Street are repositioning retail spaces looking out onto the GM Plaza in the hopes of creating a shopping “square” that piggybacks on the recent Cartier and Under Armour deals, anchoring the north end of the plaza the way that Bergdorf Goodman does on the southern end.

And early signs indicate the changes will pay off.

Techies have lined up outside Snapchat’s pop-up shop at 5 East 59th Street ever since it opened in late November in the building that once served as home to the Playboy Club, which owners GreenOak Real Estate and Capstone Equities overhauled earlier this year.

The partners quickly bought out the Italian restaurant Bottega del Vino and several office tenants above. They’re marketing the property now as a 40,000-square-foot combination space, looking for a single tenant that will sell trendy wares off the ground floor and use the ones above for offices or showroom space once Snapchat’s short-term lease is up.

One of the major selling points is the building’s 5,000-square-foot façade that can be used as an eye-catching sign seen across the plaza.

“I think part of the appeal is that it’s the only unencumbered building you can occupy in this neighborhood and use the façade as frontage,” said Kelly Gedinsky of Winick Realty, which is marketing the space. “It’s visible as far as Park Avenue in the 50s and 7th Avenue.”

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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.

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.

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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Italian eatery serving up fried dough opens on McDougal St.

panzerotto-jpgFried dough is a favorite of many cultures, from America’s sweet donut to the versatile churro that dominates simple fast food options from Spain and Portugal to the South of France. The Italian version is a panzerotto.

The fried dough specialty has a new haven at 124 McDougal St., with the opening of Mr. Panzerotto.

The half-moon shaped dough comes from the South of Italy’s Apulian region, and was originally made with tomato and mozzarella.

The menu will include sweet sausage with broccoli rabe, salmon with avocado and honey with granola — with vegetarian and vegan options.

It will be open daily — and up to 3 a.m. on weekends. Francesco Bardazzi of PD Properties represented the tenant, Christian Francone, while Josh Siegelman, of Winick Realty Group, represented the landlord.

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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

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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.

New York Observer

Are Super-Specialty Businesses a Gimmick or Actually Profitable?

kelloggsEvery two weeks Winick Realty Group broker Michael Gleicher and his fiancée head from their apartment in Chelsea to the Flatiron District to refill their earthenware pot with fresh French mustard served from the pump at the Maille shop.

The couple generally switches off between Dijon Originale Mustard with white wine and the seasonal specialty flavor, which is now black truffle and Chablis mustard.

“The product is so much more fresh and it’s direct to the consumer,” said Gleicher, an executive vice president at Winick. “There’s seasonality. It’s addictive.”

La Maison Maille, the flagship store for the mustard purveyor at 927 Broadway between East 21st and East 22nd Streets, has been open since late-April and appears to be doing well. It sells 35 different mustards as well as cornichons, vinegars, oils and kitchen accessories and has an on-staff mustard sommelier.

Gleicher may be somewhat of an anomaly. Steven Soutendijk, an executive director at Cushman & Wakefield who worked on the Maille (pronounced “my”) lease, is a slightly less voracious consumer of mustard: He said that he can polish off a 17.6-ounce reusable pot of mustard in about six months.

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

the-real-deal_120716_winick-branches-out-in-south-florida

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.