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Real Estate Weekly

Colombian coffee joint Devocion opening at 300 Livingston in Boerum Hill

Winick_300Livingston_Retail_Closeup_011216-low-res-e1471380803752-1-938x535Colombia-based coffee purveyor Devocion has signed a long-term lease for a 1,722 s/f café at 300 Livingston Street, the retail strip located at the base of a 714-unit residential building known as 33 Bond.

Developed by TF Cornerstone, the building is situated at the crossroads of Boerum Hill and Downtown Brooklyn.

“The building at 300 Livingston Street is uniquely situated between two of Brooklyn’s fastest-growing neighborhoods and, specifically, it is positioned on the traffic path that leads Boerum Hill residents to the many area train stations,” said Winick Realty Group president Steven E. Baker.

“This accessibility helped draw Devocion to 300 Livingston Street and will help to make them a staple to the neighborhood.”

Baker, along with Winick Realty Group’s Aaron S. Fishbein and Daniyel Cohen, represented TF Cornerstone. Devocion was represented by Covell Consulting.

Founded in 2006 in Colombia and then brought to New York in 2013, Devocion’s second Brooklyn location, which will open in late 2017, will occupy the corner location of the building at Livingston and Bond Streets.

The street level space 17-foot ceilings, as well all-glass corner frontage.

The new 40-seat café will offer the brand’s trademark farm-fresh direct trade coffee, in addition to a variety of in-house freshly baked pastries and sandwiches.

Baker, Fishbein and Cohen are continuing to market the remaining retail at 300 Livingston Street, which ranges from 1,500 to 5,500 s/f spaces.

For more, download the full article in PDF

rew_063017_Colombian coffee joint Devocion opening at 300 Livingston in Boerum Hill

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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The Fourth Annual Long Island City Summit Sees Big Turnout

licsummit_2017_06_23_q03_zThe fourth annual LIC Summit, convened once again at the Museum of the Moving Image by the Long Island City Partnership, had an introduction and six panel meetings.  The 2017 session seemed to temper the enthusiasm shown by the earlier summits, becoming cautious about the meaning of all that construction.  At the moment, Queens Plaza and Hunters Point are looking awesome in their partially-completed state, but it was generally agreed the equitable dispensation of residential and commercial prosperity will be necessary if the completed buildings are to be filled successfully.

The retail panel was moderated by Patricia Dunphy of Rockrose Development Corp.  The first panelist introduced was Donna Drimer of Matted LIC, a gallery and artistic items store that she has run for eight years on Vernon Boulevard.  When first in LIC, she was told that the coming building boom would soon surround her.  Instead, at the four-year mark, the last of the retailers she had met when she arrived closed shop.  It’s still sparsely populated on the street near 46th Avenue and Drimer says she’s desperate for neighbors and needs the foot traffic.  Next was Amber Jacobsen, the owner of Toby’s Estate Coffee on Jackson Avenue, one part of a five-store enterprise that she and a partner have established in Queens, Brooklyn and Manhattan.  She recalled that when she opened her shop in the West Village it was displeasing to see a Starbucks moving in nearby, but with growth she learned coexistence was easy.  She has no fear of a Starbucks near her in Hunters Point.  Dunphy said Toby’s has two coffee shops not named Starbucks located within a few doors, and as she recalled the many nail salons that opened near each other when Battery Park City was new, she said that’s not unusual.

Drimer, who lives on Queens Plaza and considers it a retail badlands, said LIC rents should be appropriate to what you want situated locally.  Big Box?  Charge it big bucks, say $300 per square foot, while charging smaller rates to smaller places.  Melissa Burch of Lendlease Americas Development said that LIC’s residential growth is exciting, since it ties to retail consequentially.  Regarding retail following residential development, Aaron Fishbein of Winick Realty said that retailers are often stumped about how and when to act.  Dunphy spoke for local light industry, referring to a building at 21st Street and 43rd Avenue where there’s working space for lampmakers, upholsterers and gold leaf artisans, among others.  She said she’s been asked if the building would be “developed,” and has replied that it’s fine as is.

For more, download the full article in PDF

queens gazette_062817_The Fourth Annual Long Island City Summit Sees Big Turnout

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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145 Vacant Storefronts an Upper East Side ‘Epidemic,’ Study Finds

hal-shapiro-258x300An “epidemic” of empty storefronts is plaguing the neighborhood — with nearly 150 vacant retail spaces clogging First, Second and Third avenues, a survey by mayoral candidate Sal Albanese found.

Albanese, who is running for mayor for a fourth time as an independent, and a couple of volunteers for his campaign surveyed a 114-block section of the Upper East Side — from 57th to 95th streets, along First, Second and Third avenues — and discovered 145 vacant shops.

Over the past few years, several neighborhood staples and mom-and-pop shops have closed up — many due to too high rents — including Mimi’s Pizza, Mon Petit Café and a number of grocery stores.

“It’s an epidemic,” Albanese, a former city councilman from Brooklyn, said on Thursday. “We had a lot of feedback from people complaining about that in their neighborhoods the local shoe repair shop or pizzeria went out. Two of my volunteers got out to survey the area and what we came up with is pretty dramatic.”

Michael Eigen, owner of Premier Cru Wine Merchants on Madison Avenue at East 86th Street, said it’s getting harder to hang on.

“With rents this high, you can’t have a bad month because there’s no margin for error,” he said in a statement. “As rent continues to increase, it is simply too difficult for me to fight this fight anymore. I have been able to navigate New York small business for over 27 years but feel that, soon, I will no longer be able to continue because there is no seeming upside.”

The Small Business Congress estimates that the city is losing roughly 1,000 small businesses per month, taking with it an average number of eight employees per business and about 8,000 local jobs every month.

Hal Shapiro, senior director of Winick Realty, said that while landlords are partially to blame for upping rents, many storefronts remain empty after eight years of Second Avenue Subway construction. The neighborhood is still catching up after the subway line’s opening in January, he noted.

“It is a lot [of vacancies],” Shapiro said. “A lot of sidewalks were closed — there were obstructions on Second Avenue, and there was an increase in the flow of pedestrian and vehicular traffic. It was very disruptive.”

He added that some landlords “priced themselves out,” but now they’re starting to “come back to reality and are more open to doing a deal,” noting that the landlords of four or five properties Shapiro works with in the area have gotten more reasonable.

“They’re becoming more creative, open and receptive to tenants’ needs and wants,” he said. “A lot of landlords want to make deals.”

For more, download the full article in PDF

DNA Info_062817_145 Vacant Storefronts an Upper East Side ‘Epidemic,’ Study Finds

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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Long Island City won’t be retail ghost town forever, panel says

LIC-panelLong Island City’s notorious lack of retail was one of the main points at this year’s LIC Summit, with developers and realtors saying they finally see light at the end of the tunnel.

During the summit’s “Retail as Placemaking” panel discussion, which was moderated by Rockrose Development’s Patricia Dunphy, local realtor Donna Drimer said a lack of stores is still a major problem in the area — and it makes it hard for her business Matted LIC to survive.

“It’s horrible. I’m the only destination. There is no place else to go shopping,” she said, “so rather than coming to me, it’s a lot easier to hop back on the 7, go into Grand Central and go wherever and go shopping,” she said.

Aaron Fishbein, who heads up retail real estate at the Winick Realty Group, said he doesn’t believe the problem will continue for too much longer. He said Long Island City is currently in the first wave of retail, which consists largely of fitness, medical and education tenants. Fishbein maintained that this will be followed by a wave of restaurants, which will in turn be followed by big box retail.

“Long Island City is big league. Let’s get that out of the way,” he said, adding that the neighborhood has the key ingredients in transportation, office space, schools, hotels and residential space.

“It has everything,” he said, “so it has the infrastructure, currently, for retail.”

For more, download the full article in PDF

THE REAL DEAL_062017_Long Island City won’t be retail ghost town forever, panel says

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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Real estate leaders discuss maintaining mixed-use identity of Long Island City

lic summit 2017Leaders in real estate, business and government attended the fourth annual LIC Summit on June 20 to discuss the future of Long Island City’s growth.

Hosted by the LIC Partnership at the Museum of the Moving Image, the event brought together stakeholders to discuss how to maintain the neighborhood’s mixed-use identity.

Aaron Fishbein, director of retail real estate at Winick Realty Group, said he is hopeful about retail in the neighborhood. So far, many of the interested clients have been fitness, medical and education tenants.

He calls this the “first wave” of retail tenants and predicts that as more residential buildings attract people to the neighborhood, restaurants will move in, followed by big box stores. He added that the neighborhood “has everything it needs for retail” including transportation options and a growing number of families moving in.

“[Retailers] see the value; they see the lack of competition,” Fishbein said. “There’s a lot of interest.”

For more, download the full article in PDF

queens courier_062017_Real estate leaders discuss maintaining mixed-use identity of Long Island City

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

Brick And Mortar Being Used For Differentiation

lee-block-258x30020“We are seeing more and more non-traditional companies turning to brick and mortar retail to engage with their customers.” That is according to Lee Block, EVP of Winick Realty Group.

He recently told GlobeSt.com that whether it was short term or long term, a physical retail location allows the retailer to give their customer a different, more unique experience they can’t get online.

Companies like Snap Inc., Line Friends, Trunk Club, BirchBox, Kellogg, Pepsi and Chobani, to name a few, have all made their mark on the NYC physical retail landscape, he explains. “We don’t see this trend ending any time soon.”

And as more and more companies from all different industries look at ways to differentiate themselves from their competition, he expects to see brick and mortar retail being used to that effect. “New York City will continue to be the most sought after destination for such customer engagement by these large, multi-faceted companies.”

And anything you cannot get online is a key trend for brick-and-mortar stores, adds Randee Stratton, managing director of Newmark Grubb Knight Frank, based in the La Jolla, CA office. “This type of retailer will be more relevant than ever and will proliferate in the coming years. Examples of tenants within this category include service types such as spas and salons, restaurant concepts, and online fulfillment centers.”

For more, download the full article in PDF

globe street-061917-Brick And Mortar Being Used For Differentiation

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.