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After 114 years, Spring Street building sprouts two shops

22 Spring PhotoA Brooklyn jeweler has signed on for its first foothold in Manhattan, in a Nolita residential building that has never before had retailers. Clay Pot, the Park Slope jewelry shop that began life more than 40 years ago as a pottery studio, has signed a 10-year deal for 700 square feet at 22 Spring St., between Mott and Elizabeth streets. The asking rent was $240 a square foot.

The deal, one of two recently signed, marks the start of a new income stream at the five-story building, which has had no ground-floor retail space since it went up 114 years ago. The ground floor on either side of the front door previously housed residential apartments. After buying the property two years ago, Samy Mahfar spent an undisclosed sum to convert the two ground-floor units, with a total of 1,400 square feet, into commercial space.

“He refaced the building and created retail space at the base in order to make the block, and the building, a better fit for the neighborhood,” said Darrell Rubens, the Winick Realty Group broker who, along with colleague Lee Block, represented Mr. Mahfar. Mr. Block noted that the renovated spots are almost turnkey spaces to ensure a smooth transition after retail tenants, attracted to the hipness of the neighborhood and relatively low price for the area, move in.

The Clay Pot deal follows a similar one for the storefront on the other side of the property recently signed with PaintBox, an art gallery and framing shop with five other Manhattan locations. PaintBox is already open, while Clay Pot should open in time for the holiday season. Lindsay Charles and Andrew Mandell of Ripco Real Estate Corp. represented the jewelry shop in negotiations.

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CRAIN’S_101414_After 114 years, Spring Street building sprouts two shops

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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For the Record

charles-rapuano-258x3009Just Salad signed a 10- to 15-year lease for 2,700 square feet at 2056 Broadway on the Upper West Side. The eatery’s new location will be its 16th in New York City. The tenant was represented by Charles Rapuano of Winick Realty Group. The landlord, the Brodsky Organization, was represented by Winick’s Steven E. Baker. The asking rent was $25,000 per month.

For more, download the full article in PDF

CRAIN’S_100214_For the Record

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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For the Record

11 broadwayArrojo Studio signed a lease for 3,400 square feet at 11 Broadway in South Williamsburg, Brooklyn. Nick Arrojo, a celebrity hairstylist, will open a salon on the ground floor. The tenant and the landlord, L+M Development Partners, were represented by Diana Boutross of Winick Realty Group. Asking rents in the area are $175 per square foot.

For more, download the full article in PDF

CRAIN’S_092414_For the Record

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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For the Record

295 Park AvenueDos Toros Taqueria signed a 10-year lease for 1,200 square feet at 295 Park Ave. South in the Flatiron district. The site will be the restaurant’s sixth New York City location. The tenant was represented by Adam Langer of Zelnik & Co. The landlord, Abington Properties, was represented by Steven Baker and Ross Burack of Winick Realty Group. The asking rent was $200 per square foot.

For more, download the full article in PDF

CRAIN’S_091114_For the Record

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 landlords mix it up

East Coast DevelopmentWhen developer TF Cornerstone went shopping last year for retail tenants to fill 30,000 square feet of ground-floor space at its six-building East Coast residential complex in Long Island City, Queens, many deep-pocketed national chains quickly responded. While a number of them did indeed land space, so, too, did several relative unknowns, including Sweetleaf Coffee and Espresso Bar, a java slinger with a six-year record in the neighborhood, which added alcohol to its offerings in its newest location.

“[TF Cornerstone] felt the community wanted local operators,” said Aaron Fishbein, the Winick Realty Group broker who represented the landlord in the project. “We took Sweetleaf over some nationals who were interested.”

Welcome to New York’s new retail game. Today, landlords increasingly seek to create a quirkier, less predictable mix of retail tenants, one that can bring more energy and help etch out a distinctive identity on what would otherwise be interchangeable strips. The shift comes at a crucial time, as several big landlords gear up to lease the millions of square feet of retail space scheduled to open in New York City in the next several years, everywhere from the World Trade Center to the outlet mall in Staten Island. Already those quests have yielded some odd winners, ranging from a simple grilled-cheese shop to a seller of handcrafted Moroccan tile.

Sweetleaf, for instance, is no Starbucks. It has a total of three stores, two in Queens and one in Brooklyn, and prides itself as much on the scientific precision of its brewing as on the reclaimed wood and antique furniture that help visually define its shops. While such outfits cannot offer landlords the financial yield of the big chains, they pay off in other ways, whipping up the foot traffic and buzz that can spill over into other stores, not to mention the offices and/or apartments in the floors above.

“In developments such as the East Coast in Long Island City, we seek out retail tenants that not only service the immediate neighborhood, but help create a destination,” said Steve Gonzalez, director of retail leasing at TF Cornerstone.

For more, download the full article in PDF

CRAIN’S_090314_Retail landlords mix it up

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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San Francisco designer dud reseller hits town

aaron-fishbein-002Downtown fashionistas will soon have a new place to both sell and buy designer duds. Fillmore & 5th, a San Francisco-based designer resale company, has signed on for its first store here. The retailer signed a 10-year deal for 1,700 square feet at 398 Broome St., between Mulberry Street and Cleveland Place.

Fillmore is owned by Crossroads Trading Co., a consignment shop which first entered the New York market with a store in Williamsburg five years ago. Crossroads also has a location on West 26th Street. Fillmore, on the other hand, deals with more high-end and designer apparel, but the store concepts are similar, according to Jordan Cohn, the SCG Retail broker who, along with colleague Jacqueline Klinger, represented Fillmore in negotiations.

“Obviously they’re happy with this market for the Crossroads [brand] and they see the potential here,” he said, noting that he is currently scouting additional locations for Fillmore in downtown Brooklyn, the Upper East Side and New Jersey.

Asking rent for the deal was $150 a square foot, a bargain compared to the prices nearby. Half a block away, on Lafayette Street, prices are over $200 a square foot, while they hover near $400 a square foot on Spring Street.

“The rents are quickly rising—we hit it very well in terms of timing and value,” said Mr. Cohn. The new store, expected to open for business by October, will be at the base of a New York University dormitory.

Darrell Rubens and Aaron Fishbein of Winick Realty represented landlord Coral Broome Street in the transaction.

“As the retail in Nolita continues to grow, the area is seeing a lot of trickle from nearby SoHo with similar brands and use groups setting up shop to serve a similar customer base,” said Mr. Fishbein. “In particular, there is a need for clothing stores in the area and Fillmor & 5th fits perfectly with the current trend in the neighborhood.”

For more, download the full article in PDF

CRAIN’S_071814_San Francisco designer dud reseller hits town

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.