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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.

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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.

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For the Record

aaron-fishbein-web-ver-profile-001Dear Rivington signed a 10-year lease for 3,300 square feet at 37 Great Jones St. in NoHo. The designer-fashion boutique will leave its namesake location on Rivington Street on the Lower East Side for the ground-floor and lower-level space. The tenant was represented by Aaron Fishbein and Darrell Rubens of Winick Realty Group. The landlord, DIB Management, was represented by Rebecca Bruce of Daizy Realty. The asking rent was $150 per square foot.

For more, download the full article in PDF

CRAIN’S_070314_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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Lenox Hill’s Hartstrings 

Darrell-rubensHartstrings signed a 10-year lease for 5,500 square feet at 1114 First Ave. in Lenox Hill. The national children’s apparel company’s first Manhattan outpost follows a four-month pop-up test at the location. The tenant was represented by Benjamin Srour of Norman Bobrow & Co. The landlord, Himmel + Meringoff, was represented by Lee Block and Darrell Rubens of Winick Realty Group and in-house agents Mark Stein and Jason Vacker. The asking rent was $150 per square foot.

For more, download the full article in PDF

CRAIN’S_040314_Lenox Hill’s Hartstrings

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

lee-block-258x30020Gourmet Garage signed a multispace lease with co-op building Collect Pond House at 366 Broadway in lower Manhattan. The upscale market, with five other Manhattan locations, will occupy 6,400 square feet of ground-floor space, 3,500 square feet on the lowest level, and a 900-square-foot mezzanine. The tenant was represented by Chase Welles of Shopping Center Group and Jonathan Clott of Vision Property Group. The co-op board at Collect Pond House was represented by Darrell Rubens of Winick Realty Group and broker Lee Block. The asking rent was over $100 per square foot.

For more, download the full article in PDF

CRAIN’S_032714_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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Taqueria Hits a Park Avenue Micromarket

100 park avenueA rapidly expanding New York City-based Mexican restaurant chain recently has joined the battle for midtown lunchers’ wallets. Choza Taqueria has inked a 10-year lease at the base of 100 Park Ave., between East 40th and East 41st streets. And although the competition seems fierce, the eaterie’s owners see each block in the area as its own micromarket—with this one being ripe for the taking.

“(East) 41st Street is untapped,” said Ross Burack of Winick Realty Group, who represented Choza, referring to the block where the eatery plans to open this spring. The 1,000-square-foot space, facing East 41st Street at the base of the building, will be the outlet’s third location after opening stores in the West Village and the Flatiron district. The asking rent was $150 per square foot.

In the new space, chef Dominic Giuliano will churn out creations styled after the fare from roadside taco stands in northern Mexico, to office workers who crowd the sidewalks each day at lunchtime. According to Mr. Burack, these workers typically don’t stray far. Instead, they tend to stay within a short radius of their buildings, which is why some restaurants have numerous locations in the neighborhood. Eventually, Choza hopes to not only attract clientele from several class A office buildings in the area, but also draw foot traffic from Grand Central Station, one block north. The hope is to build a loyal following that has already stretched lines out the door of its West Village location, according to Mr. Burack.

Jeffrey Roseman of Newmark Grubb Knight Frank represented landlord SL Green Realty Corp. in the deal.

For more, download the full article in PDF

CRAIN’S_031814_Taqueria hits a Park Avenue micromarket

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.