Currently viewing the tag: "New York Observer"

New York Observer

Deli, Pizza Joint Ink Deals at TF Cornerstone’s DoBro Rental

A convenience store (in two leases) and a restaurant will take more than 4,500 square feet at TF Cornerstone’s new 714 unit rental project in Downtown Brooklyn at 33 Bond Street, Commercial Observer has learned.

Dépanneur, a Brooklyn-based store that calls itself a “better bodega,” has signed two leases at 300 Livingston Street (the retail portion of 33 Bond Street) for two separate ground-floor spaces, according to Winick Realty Group.

The larger of the spaces, which is 1,820 square feet, will be an upscale “corner store” similar to the ones the company has in Williamsburg at 242 Wythe Avenue at North 3rd Street and in Clinton Hill at 519 Myrtle Avenue at the corner of Grand Avenue.

Dépanneur’s second space at 300 Livingston Street will encompass 1,051 square feet, and there it is working on a new concept, according to a Winick spokeswoman.

Both Dépanneur deals are for 15 years and the stores are expected to open in the second quarter of 2018. The asking rent in the deals was $125 per square foot.

Winick’s Steven Baker, Aaron Fishbein and Daniyel Cohen handled the deals for the landlord alongside TF Cornerstone’s Steve Gonzalez in-house. Ripco Real Estate’s Andrew Clemens and Ben Weiner, who represented Dépanneur in the deals, did not immediately respond to a request for comment.

In addition to the transactions with Dépanneur, fast-casual pizza restaurant Simó Pizza has signed a 10-year deal for a 1,633-square-foot space on the ground floor of 300 Livingston Street. Simó Pizza, created by Italian chef and restaurateur Simone Falco, did not have a broker in the deal. It is also expected to open in the second quarter of 2018. The asking rent was $125 per square foot as well.

“Dépanneur and Simó Pizza are ideal tenants for the unique retail mix we’re in the process of curating at… 33 Bond Street,” Baker in a prepared statement. “From a strategy standpoint, the retailers we’ve secured leases for represent the best possible value to the neighborhood. Additionally, they offer residents of 33 Bond with an amenity that positively contributes to their active lifestyles.”

Simó Pizza and the Dépanneur stores will join a 52,000-square-foot fitness concept by Chelsea Piers, which signed a lease at 33 Bond Street in July, as CO previously reported.

For more, download the full article in PDF

NY Observer-121117-Deli, Pizza Joint Ink Deals at TF Cornerstone’s DoBro Rental

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

Street Retail Looks to Malls in Figuring Out Ways to Cope With Big Rents

While malls and shopping centers are looking for ways to save themselves from crushing retail headwinds, at least one group thinks they’ve got something to learn from them: street retail.

The guys with the shops on the sidewalk are taking a page out of their playbook when it comes to structuring deals.

Young retail companies, e-commerce brands and even some legacy retailers looking for a brick-and-mortar presence are asking for terms long found in shopping centers—low base plus a percentage rent (meaning the retailer pays the landlord a certain percent of every dollar in sales over a certain threshold).

These deal structures aren’t confined to less trafficked and less high-profile areas of the city.

Lee Block, an executive vice president at Winick Realty Group, said that while he hasn’t closed any deals that incorporate a percentage-rent component, “we’re considering it on a handful of spaces that we represent.” That was the message conveyed by many brokers and landlords with whom Commercial Observer spoke.

For more, download the full article in PDF

NY Observer-120717-Street Retail Looks to Malls in Figuring Out Ways to Cope With Big Rents

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

How a Former Garmento Became Oldest ‘Kid’ Leasing in Garment District

Richard Smith, a senior director at Winick Realty Group, is an old-school operator in all the best ways, relying on shoe leather and people skills to score new business through cold calls, relentless networking and building relationships face to face.

Smith, 62, grew up in Hewlett, N.Y., in the Five Towns section of Long Island. His father, Al Smith, manufactured brooms and mops. (He was not the four-time governor of New York.) Richard spent his Saturdays as a child playing in his father’s broom factory in Canarsie, Brooklyn, while Al played cards with friends.

Always idolizing his dad, the younger Smith got caught up in the excitement of business in 1969, when his father took his company, Ace Industries, public.

“It really drew me in when he got involved in Wall Street, because it was very exciting,” said Smith, who lives on the Upper West Side with his wife of 31 years, Rhonda. “It was really big business, and it made me understand that business wasn’t just going to your office every day; it was Wall Street and financial information that flowed. That really got me going.”

For more, download the full article in PDF

NY Observer-120617-How a Former Garmento Became Oldest ‘Kid’ Leasing in Garment District

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

MAPIC 2017: Retail Headwinds Can’t Cloud the Vibe in Sunny Cannes

At this year’s MAPIC in Cannes, France, there was a mix of concern as well as optimism.

Fred Posniak of Empire State Realty Trust told Commercial Observer that there was “no doom-and-gloom” vibe at the international retail property trade show—and if attendance at MAPIC was any indication, things aren’t so bad. This year’s attendance was up 100 people to roughly 8,500 participants from 2016, according to MAPIC Director Nathalie Depetro. Like last year, attendees hailed from 260 countries around the world.

In New York City specifically, deals are starting up again after a dry spell, as evidenced by the recent transactions involving Levi’s, which is moving its Times Square store to a new 17,250-square-foot location at 1535 Broadway, and Vans, which agreed to take 8,573 square feet for its second Manhattan location at 530 Fifth Avenue.

“I think there is momentum,” said Lee Block of Winick Realty Group.

For more, download the full article in PDF

NY Observer-112017-Retail Headwinds Can’t Cloud the Vibe in Sunny Cannes

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

Blick Art Materials Among Retailers Opening Outposts in DoBro

Illinois-based Blick Art Materials has inked a 7,700-square-foot deal at 41 Flatbush Avenue, also known as the Pioneer Building, in Downtown Brooklyn, Commercial Observer has learned.

The company, a third-generation store that sells a wide variety of art supplies, will occupy a 1,400-square-foot part of the ground floor and 6,300 square feet on the lower level of the building between Livingston Street and Lafayette Avenue, according to information provided by CPEX Real Estate. The asking rent for the ground-floor section was $125 per square foot, and the deal is for 10 years.

Blick currently operates more than 65 retail stores in 25 states around the country. The company has six locations in the Big Apple, including one soon-to-be opened outpost in Harlem at 261 West 125th Street between Frederick Douglass and Adam Clayton Powell Jr. Boulevards. The new store in Downtown Brooklyn will be the second in Brooklyn. The first Kings County location is at 536 Myrtle Avenue between Grand Avenue and Steuben Street in the Clinton Hill section of the borough.

CPEX’s Ryan Condren and George Danut handled the deal for the landlords, Quinlan Development Group and Building and Land Technology. Winick Realty Group’s Joshua Siegelman brokered the deal for the tenant. Siegelman declined to comment via a spokeswoman.

In addition to Blick, there were three smaller-sized retail transactions at the building, which recently underwent a $30 million gut renovation, with designs by Beyer Blinder Belle, as CO previously reported. Each of the tenants are expected to move in by the end of the year. Their asking rents were $125 per square foot and the leases are all for 10 years.

Smoothie King, which makes fruit and vegetable drinks for more than 800 locations around the globe, will take part of the ground floor in a 1,200-square-foot transaction for 10 years. This will be its third location in New York City. Nick Masson of Schuckman Realty handled the deal for Smoothie King.

Coffee Project New York, a coffee shop, completed a 10-year, 1,000-square-foot lease on the ground floor for its first location in Brooklyn. Alexander Karas of Winick represented the tenant.

And the United Parcel Service (UPS) took an 800-square-foot ground floor space for The UPS Store. Hudson’s Nicole Liebman represented UPS in the 10-year transaction.

“We are happy with this mix and caliber of tenants for the Pioneer Building,” Tyler Wilkins, a partner at Quinlan Development Group, said in a statement. “This lineup will provide a good set of amenities to the office residents upstairs and the neighborhood.”

There is still 12,000 square feet of retail space available at the building, which is being marketed exclusively by CPEX. The brokerage is targeting gourmet markets, cafés, fitness centers, restaurants and gastro pubs. Asking rent for the remaining available space ranges from $80 per square foot to $140 per square foot.

“The secured tenants form a solid foundation for the overall activity at the base of the Pioneer Building,” Danut said in a prepared statement.

Digital media and podcast production company Gimlet Media signed a nearly 27,000-square-foot lease at the building to be the first office tenant, as CO reported in June.

For more, download the full article in PDF

NY Observer-102017-Blick Art Materials Among Retailers Opening Outposts in DoBro

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

Keep It Small: The Leases Where Mini Is Marvelous

While bigger is often considered better, when it comes to leases for some small businesses, the opposite can be the case.

Jewelry designer Angie Marei was looking to move her jewelry business out of her home office in Dumbo, Brooklyn, but wanted to remain nearby. She needed a space where she “could take client appointments, showcase my work in a showroom setting and also have space for my jewelry bench,” she said.

In searching around Brooklyn and Manhattan, she kept finding spaces that were just too large for her needs. But at Two Trees Management Company’s 45 Main Street in Dumbo, she found a cozy 187 square feet. She moved in on March 15 and opened Diaboli Kill Jewelry Showroom for business on June 1.

“I searched all around the Brooklyn and Manhattan, and most offices were too big for my needs. I was looking for a nice private office where I could take client appointments, showcase my work in a showroom setting and also have space for my jewelry bench. Since jewelry doesn’t take up much physical space, this 187-square-foot office was perfect for me.”

Speaking of 45 Main Street, designer Nicole Meléndez occupies 269 feet in the building and said that for her athleisure and swimwear studio, the square footage is just right.

“I’m in business to turn a profit, and it is not practical to get a big space for two to three people to be in, and [it] will be an expense that will have me chasing my tail,” Meléndez said.

The building has some shared spaces—a conference room on the floor and a fully furnished rooftop—which she and her employees can use.

“I’d rather get a well-designed space in a bright and comfortable environment that allows me to have a space to work but that I don’t have to work only to pay [for] the space,” she said.

For Rawmantic Chocolate owner Kasia Bosne, “the bulk of her business comes from selling her chocolate to other retail locations so she needed to have a presence but didn’t need a large space as long as there was a kitchen included for preparing chocolates on site,” Winick Realty Group’s Zach Diamond, the tenant’s representative, said via a company spokeswoman.

So when Rawmantic’s old landlord informed the organic chocolate company that it would be redeveloping the building where it was located, it found a 320-square-foot retail space at 1053 First Avenue between East 57th and East 58th Streets, where it will be opening in September, Diamond said.

And at 21 Crosby Street, Eastern Consolidated’s James Famularo did a series of small deals for boutique retailers Dinosaur Designs, Max-Bone, Fueguia and Annabel Ingall. He represented the landlord, Corigin Real Estate Group, and procured the tenants. The reason the tenants wanted spaces, all 400 square feet or smaller, came down to dollars and cents. “Bigger spaces were too expensive,” he said, referring to Crosby Street’s high rents. And the landlord knew as much, cutting larger spaces down to smaller ones to make them rentable to luxury goods shops.

For more, download the full article in PDF

NY Observer-072617-Keep It Small

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.