Currently viewing the category: "Second Quarter 2008"

 Supermarkets snub developers

Neighborhood supermarkets are a vanishing breed in New York City, and developers are having a tough time wooing them back.

Several real estate professionals said operators of chain grocers are turning down offers for ground-floor retail space, particularly in new luxury high-rises and emerging neighborhoods.  

John Catsimatidis, the billionaire developer who owns the Gristedes supermarket chain, said developers are asking for too much rent, leaving grocers with only two choices: raise prices or turn down spaces.

“You have no choice, it’s a matter of existence,” Catsimatidis said. “Supermarkets are a business like anything else.” 

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Tishman Speyer hosted the 8th Annual Lobster Bake at Rockefeller Center to salute New York’s real estate brokerage community.  Pictured (L-R): Ross Kaplan, director, Newmark Knight Frank; Beth Greenwald, director, Cushman & Wakefield; Jedd Nero, executive vice president, CB Richard Ellis; Jennifer Lopez, director, Winick Realty Group; Jeffrey D. Roseman, executive vice president, Newmark Knight Frank; Gary Alterman, senior vice president, Robert K. Futterman & Associates.

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Winick’s Village vision comes true

It took a (Columbus) Village to raise a Real Estate Board of New York (REBNY) award. The organization declared Jeffrey Winick’s work on a series of leases for the 400,000 s/f retail component of the five-building project the 2007 retail deal that Most Significantly Benefits Manhattan.

Now the Columbus Avenue project, located between West 97th and West 100th street, will provide the underserved neighborhood with a variety of national, regional and local retailers that appeal to the area’s diverse demographics and income levels. And once said and done, Columbus Village is expected to stimulate the economy with 1,000 new jobs.

CEO Winick partnered with Winick Realty’s director of luxury and brand retail Lori Shabtai on the project, which required the brokers to become an integral part of the planning process with both the developer and architects.

Creating the retail vision of Columbus Village was the first task charged to the team. This required a tremendous amount of patience and flexibility and once that vision was realized, Winick and Shabtai had to communicate the intangibles, to sell retailers on the neighborhood’s potential.

“Talking future to retailers is sometimes difficult living in a city where so much is available today,” Shabtai said.

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Fifth Avenue site offers once-in-a-lifetime chance

Winick Realty Group announced that the retail space at 530 Fifth Avenue on the northwest corner of West 44th Street is now available to lease.

The company has been appointed the exclusive leasing agent of the prominent space occupied by a bank for the past 50 years.

With up to 40,000 s/f on three levels, the space features 30-foot slab-to-slab ceiling heights and up to 42 feet column spacing.  

Perfectly located midway between Rockefeller Center and Bryant Park, the store has an astounding frontage of 94 feet along Fifth Avenue and 141 feet along 44th Street. “This is a once in a lifetime opportunity on Fifth Avenue.  With reported over 410 million dollars in annual retail sales in the area, Fifth Avenue continues to be New York City’s most performing retail corridor,” commented Lori Shabtai, director of luxury and brand retail of Winick Realty, who is marketing the prime space along with Jeff Winick, CEO, and Darrell Rubens, managing director.

Best Buy and Circuit City adjacent to one another are located directly across the street from the 530 Fifth Avenue retail.  Flagship stores on Fifth Avenue include such names as Apple and American Girl Place.  BCBG has recently leased a space next to Sean John one block from Lord & Taylor. Juicy Couture’s new store is under construction soon to open adjacent to H&M on 52nd Street. Gucci has just opened its 60,000 s/f flagship in Trump Tower on 5th Avenue.

“Across the globe it’s a well-known retail fact that Fifth Avenue never stops as retailers compete for signage there.  I personally look forward to marketing this rare opportunity to brand a NYC Flagship,” added Rubens. 

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