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New York Real Estate Journal

Now is the time for global brands to enter the New York City retail market – by Lee Block

The story of brick-and-mortar retail’s demise has been a popular narrative both far and wide. The recent spate of nationwide store closings and bankruptcies from well-established brands have caused some alarm amongst retailers. In New York City specifically, high retail rents have priced out many businesses as landlords demand top dollar. In turn, vacancy rates have steadily climbed over the past 24 months to levels approaching those seen at the height of the Great Recession.

However, the economy of New York City today is much different from that in 2008, or even at the height of the retail boom in 2014 – in fact, it is more robust than ever. The Gross City Product (GCP) of New York is $1.5 trillion, second only to Tokyo amongst cities, and would rank amongst the top 20 countries in economic output – placing it just behind Canada ($1.6 trillion). Moreover, the city’s growth rate continues to outpace other major industrialized European cities, and the U.S. as a whole. New York’s GCP has grown at a rate of 2.3% in Q1 and Q2 of 2017, while the U.S. GCP has grown at a rate of 0.7% during the same time. New York is also adding over 33,000 jobs (3.1%) per quarter in 2017. And its unemployment rate of 4.3% is the lowest ever recorded for the city. In a time where wage stagnation is a major concern for the U.S. and other industrialized economies, New York’s personal income rose 9% year-over-year from 2016.

With that knowledge in hand, it can be inferred that climbing vacancy rates and ensuing rent reductions in the retail sector are not signs of an economic downturn, but market course-correction – one that can be seen as an unprecedented opportunity for foreign retailers to break into the New York market at deeply-discounted rental rates and abundant landlord concessions.

For more, download the full article in PDF

NYRE Journal_11217_Now is the time for global brands to enter the New York City retail market

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 Real Estate Journal

Condren and Danut of CPEX act for landlord in four leases at Pioneer Building

Three national and international retailers and a fast-growing café concept have leased more than 10,000 s/f of space in the Pioneer Building at 41 Flatbush Ave., considered by many to be “the most accessible building in Brooklyn.” CPEX Real Estate’s Brooklyn Retail Leasing Team, consisting of managing director Ryan Condren and associate director George Danut, represented the landlord in all four lease transactions.

All four tenants are expected to move in by the end of this year:

Blick Art Materials will occupy 7,700 s/f on the ground level and lower level. Joshua Siegelman of Winick Realty represented the tenant.

Since 1911, artists of all ages and skill levels have looked to Blick for a wide range of high-quality art supplies at affordable prices, supported by a team of knowledgeable associates and a 100% satisfaction guarantee. Now in its third generation of family ownership, Blick currently has more than 65 retail stores in 25 states across the country.

Smoothie King will lease 1,200 s/f of ground floor retail space. The tenant was represented by Nick Masson of Schuckman Realty.

Blending fruit and vegetable smoothies with high-quality ingredients since 1973, Smoothie King has more than 800 locations in over 130 countries around the globe. The Pioneer Building will be its third location in the city.

Coffee Project New York has agreed to lease 1,000 s/f on the ground floor. Alexander Karas of Winick Realty represented the tenant in lease negotiations.

Voted “New York’s Most Loved Café” by Time Out New York in 2016, this will be its first location in the borough.

United Parcel Service (UPS), will occupy 800 s/f of ground floor space at 41 Flatbush Ave. HUDSON’s Nicole Liebman represented UPS in the transaction.

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

For more, download the full article in PDF

NYRE Journal_11217_Condren and Danut of CPEX act for landlord in four leases at Pioneer Building

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 Real Estate Journal

Gonzalez of TF Cornerstone and Baker, Fishbein and Cohen of Winick lease 52,000 s/f to Chelsea Piers

33 bondTF Cornerstone Inc. (TFC) has  signed a 52,000 s/f lease with Chelsea Piers at 300 Livingston St., the retail portion of 33 Bond St., located between Schermerhorn and Livingston Sts. situated at the crossroads of Boerum Hill and Downtown Brooklyn. This development is TFC’s first borough location and is the center of one of the fastest-growing residential, office and hotel markets today.

“Downtown Brooklyn has transformed into a multi-faceted, diverse marketplace where top retailers such as Apple, Whole Foods and now Chelsea Piers are seeing a unique opportunity to reach their target demographics where they live, work and shop,” said Jake Elghanayan, senior vice president of TFC.

Chelsea Piers, known as a leader in sports and fitness, is slated to open a fitness club at 33 Bond in early 2018. When complete, residents will enjoy access from the residential lobby and discounted memberships.

Chelsea Piers was represented in-house for the long-term lease transaction, while TFC was represented by director of retail leasing Steve Gonzalez in collaboration with Winick Realty Group’s president Steven Baker; Aaron Fishbein and Daniyel Cohen.

Baker, Fishbein and Cohen are continuing to market the remaining 8,745 s/f of retail at 300 Livingston St. They are actively speaking with a variety of similarly-upmarket retailers—including artisanal food services, pantry operations, home goods and high-quality restaurants—who will create a strong co-tenancy for the building.

The space consists of 21,000 s/f on the ground floor and 31,000 s/f on the lower level, with high ceilings on both levels. In addition, Chelsea Piers will benefit from a main entrance on Schermerhorn Street, directly across from the expected Ace Hotel.

For more, download the full article in PDF

NYRE Journal_071817_Gonzalez of TF Cornerstone and Baker, Fishbein and Cohen of Winick lease 52,000 sf to Chelsea Piers

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 Real Estate Journal

Walter & Samuels and Winick negotiate lease for Hao Noodle

According to Walter & Samuels, Inc., Hao Noodle & Tea by Madame Zhu’s Kitchen has signed a 15-year lease for 4,100 s/f of retail space at 343 West 14th St. in the Meatpacking District for its second area location.

According to Walter & Samuels chairman David Berley, who has owned the building for 11 years, restaurateur and owner Zhu Rong established her brand with a popular chain of restaurants in China before entering the North American market. Hao Noodle & Tea opened its first restaurant at 401 Sixth Ave. in the Greenwich Village, another Berley-owned property.

“We are pleased to provide Hao Noodle & Tea its second restaurant location on a prime stretch of West 14th Street with great visibility and foot traffic, which will build on the success of the restaurant’s first location,” said Berley, who as an owner of area retail for almost 50 years, has leased space to restaurants that include Tony May, Le Coq Rico and Quo Vadis.

Located between Eighth and Ninth Aves., the space features 2,500 s/f of ground-level retail with a new glass storefront, skylight, exposed brick, and 1,600 s/f in the basement.

Winick executive vice president Lee Block and associates Danielle Winick and Renee Tabache partnered with Steven Forest, a senior executive managing director at Walter & Samuels, Inc., the building’s management company, to represent the owner.

“Hao Noodle & Tea will benefit from a vibrant and diverse neighborhood that includes the world’s top fashion, media, entertainment and retail tenants, as well as proximity to the High Line and the Meatpacking District’s sole subway station, just a half a block away,” said Block, who noted that the restaurant plans to continue expanding across the East Coast.

Built in 1920, 343 West 14th Street is a five-story residential building with 16 apartments and a premium ground floor retail space. The surrounding area includes the recently completed condominium building 345meatpacking, the High Line, and area business that include Apple, Sephora, Columbia Sportswear, Sorel, Hugo Boss, and many others.

For more, download the full article in PDF

NYRE Journal_070417_Walter & Samuels and Winick negotiate lease for Hao Noodle

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 Real Estate Journal

Block and Winick of Winick represent Gracia Fashion in 9,500 s/f lease at 225 West 39th St.

225 West 39th StreetAccording to Walter & Samuels, Inc., women’s clothing brand Gracia Fashion has signed a 10-year lease for 5,000 s/f of ground-level and 4,500 s/f of lower level retail space at 225 West 39th St. between Seventh and Eighth Aves. in the Fashion District, proximate to Times Sq. and Herald Sq.

According to Walter & Samuels chairman David Berley, who has owned the building for over 30 years, the location features high ceilings and 45 ft. of visible frontage along West 39th St., making it an ideal retail outpost.

Winick executive vice president Lee Block and associate Danielle Winick represented the tenant. The Winick team partnered with Peter Weiss, principal and senior executive managing director at Walter & Samuels, Inc., the building’s management company, to represent the building ownership.

“This Fashion District asset is a wonderful historical building with great bones,” said Berley. “Yet, our interior offers fully modernized office and retail opportunities that we occupy with strong tenants, including world famous Israeli American fashion designer Yigal Azrouël and now Gracia Fashion, which has been a Fashion District retailer for many years.”

“Gracia Fashion is a successful women’s clothing brand with a solid reputation born from a loyal customer base and a long-standing history in the Midtown West neighborhood,” said Block. “We look forward to bringing Gracia Fashion into the building and having that relationship for years to come.”

Built in 1910, 225 West 39th St. features 90,000 s/f of loft space for office, showroom and retail uses across 12 floors. The surrounding area has numerous transportation options and amenities that include Skylark, Black Iron Burger and Ben’s Delicatessen.

Gracia Fashion was launched in 1998 and today is a recognizable brand in the international fashion scene. The label has been featured in In Style, Lucky, Cosmopolitan, Latina, WWD Magazine, People Magazine and Life & Style Magazine, among others. Gracia continues to create innovative styles that inspire fashion trends and gain the admiration of stylish women around the world.

Walter & Samuels, Inc. is one of New York’s most long-standing full-service real estate firms. Founded in 1933, the firm specializes in building management, leasing, asset management, financial analysis, coop and condo conversions, construction, and development. In addition to managing over three million square feet of commercial space, Walter & Samuels, Inc. is among the most successful and established converters in Manhattan, where it has performed over 30 major residential cooperative and condominium conversions.

For more, download the full article in PDF

NYRE Journal_060617_Block and Winick of Winick represent Gracia Fashion in 9,500 sf lease at 225 West 39th St.

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 Real Estate Journal

Lee NYC brokers two retail leases totaling 4,500sf, includes 3,500sf to Irving Farm Coffee Roasters by Braus and Sutro

78w3_storefront-2016-e1488302222582Managing principal Peter Braus and managing director JP Sutro of Lee & Associates NYC LLC (Lee NYC) have arranged two retail leases totaling 4,50 s/f.

The first deal was a 15-year lease for Irving Farm Coffee Roasters a 78 West 3rd St. at Thompson St. in Greenwich Village. The 3,500 s/f, two-stor space faces Washington Sq. Park and is located in New York University’s main campus.

“We received a lot of interest from restaurateurs, but ownership was especially excited to partner with such a successful local business like Irving Farm,” said Braus, who represented the owner, CEJ Properties, with Sutro.

Matthew Schuss, associate director of Winick Realty Group, represented the tenant, making this his third successful lease transaction on behalf of the brand. Irving Farm will open in spring.

For more, download the full article in PDF

NYRE Journal_032117_Lee NYC brokers two retail leases totaling 4,500sf, includes 3,500sf to Irving Farm Coffee Roasters by Braus and Sutro

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.