Currently viewing the tag: "Northeast Real Estate Business"

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Cammeby’s International Breaks Ground on Mixed-Use Development in Coney Island

NeptuneSixth_view10-702x336Cammeby’s International has started construction of Neptune/Sixth, a mixed-use development located at 532 Neptune Ave. and 626 Sheepshead Bay Road in Brooklyn’s Coney Island. As the comprehensive redevelopment of the former Trump Village Shopping Center and Royal Palace Baths, the community-oriented development will feature a variety of services and retail options, residential and office space, public space and parking for more than 800 vehicles.

Construction on the first phase — a standalone, seven-story, 161,000-square-foot retail and commercial building at 626 Sheepshead Bay Road — is underway, with completion slated for summer 2017.

Cammeby’s plans to begin site work for the 90,000 square feet of retail space at Neptune Avenue this fall, and the project’s second phase, including a residential component, is scheduled to break ground in late 2017.

New York-based S9 Architecture is designing the project. Winick Realty Group has been retained as the exclusive retail leasing agent, while The Lawrence Group is overseeing leasing for the project’s office space.

For more, download the full article in PDF

Northeast Real Estate Business_August 2016_Cammeby’s International Breaks Ground

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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Winick Realty Brokers $4.6M Acquisition of Retail Property in New York

td bankWinick Realty Group has arranged the sale of an under-construction TD Bank location in Greenlawn. A 1031 exchange buyer acquired the property from CLC Greenlawn LLC for $4.6 million.

Situated on 1.8 acres at the corner of Pulaski and Cuba Hill roads, the 2,500-square-foot bank, which is under a 20-year lease, is adjacent to the BAE Systems office complex.

Michael Cleeman of Winick Realty Group represented the buyer, while Stan Johnson Co. and GFI Realty Services represented the seller in the transaction.

For more, download the full article in PDF

Northeast Real Estate Business_April 2016_Winick Realty Brokers $4.6M Acquisition of Retail Property in New York

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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How New Jersey Retail Gains After Losing A&P

tyler-bennet-258x3005The dissolution of The Great Atlantic & Pacific Tea Company, better known as A&P, after 156 years in business was not a complete shock—they had, after all, applied for bankruptcy protection once before already this decade. However, the company and its many legendary brands occupied 296 stores in the United States and Canada at the time of liquidation, which meant a seismic shift was bound to occur in those real estate markets.

In Northern and Central New Jersey, the resulting repositioning of A&P’s highly-coveted retail properties is proving to be an unexpected positive for a variety of reasons. For one, A&P occupied space in many of their shopping centers for decades, meaning they were paying less than market rent. Landlords are now able to negotiate new deals at higher rents, resulting in an important market correction. This is also an opportunity to reassess the makeup of centers and figure out not only what categories are missing but also what use groups will best drive traffic and stabilize the centers.

Owners are able to repurpose the anchor spaces to accommodate smaller uses. For example, on Route 35 in Middletown, the former Pathmark has been subdivided into a TJ Maxx and a Bed, Bath & Beyond. Or a space can be reconfigured for a first-time grocer coming to the market, such as on Route 1 in Edison where a former Pathmark is being replaced by local grocer Tawa. The loss of general-purpose grocery tenants has changed customers’ shopping patterns, and while the loss does sometimes result in lesser sales for other tenants within the centers, some retailers may find the likes of a Bed, Bath & Beyond to be a more complementary neighbor.

Not all of these supermarket sites are being redeveloped. Many of the former A&P-owned locations have been absorbed by existing brands like Acme, which took 35 sites from Maryland to Connecticut, and Stop & Shop, which took 24 A&P locations, including three in Northern New Jersey. In these cases, the incoming tenants purchased the existing leases, meaning the landlords will still be collecting below-market rents. However, this is still a positive as these properties are not sitting vacant and hurting co-tenants.

It’s true that the A&P bankruptcy ate into a lot of the gains in the absorption rates in Central and Northern New Jersey—where 2015 vacancy rates were 8.8 percent and 7.8 percent, respectively—but the absorption has been very successful in part because people saw this coming. Brands were keeping an eye on these potentially vacant spaces and landlords had contingencies in place that limited the damage to their assets and to the market.

For tenants, the A&P liquidation is helping to eliminate much of the uncertainty that occurred after their first bankruptcy filing in 2010. Back then, a cloud hung over A&P-anchored centers as prospective tenants would hesitate to sign leases in a center where the anchor was not secure. Now there is some clarity and the speculation and doubt has subsided. Retailers see the benefit of stronger tenants coming into the centers and, even if it does raise rents throughout the center in the long term, they feel it’s worth it to pay more for the stability of a proven anchor.

Looking ahead, the biggest question is whether there is enough juice in the grocery market to sustain all of these players, new and old. Only time will tell. What can be said with certainty is that at the end of the day, the A&P bankruptcy was something that had to happen for the good of the market, and the future of the retail leasing markets seems brighter as a result.

For more, download the full article in PDF

Northeast Real Estate Business_April 2016_How New Jersey Retail Gains After Losing A&P

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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Nordstrom Signs as Retail Anchor for 3 Columbus Circle in NYC

3_columbus_circle_472-retouchSL Green Realty Corp. and The Moinian Group have signed a lease with Nordstrom to anchor three levels of retail space at 3 Columbus Circle in New York City. The store has signed a 23-year lease for 43,000 square feet of retail space.

The new location will serve as an expansion of the Nordstrom full-line flagship store, which is debuting on West 57th Street.

Derek Trulson of JLL and Stephen Stephanou of Crown Retail Services represented Nordstrom, while Jeff Winick of Winick Realty Group represented the landlord in the lease transaction.

For more, download the full article in PDF

Northeast Real Estate Business_February 2016_Nordstrom Signs as Retail Anchor for 3 Columbus Circle in NYC

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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Winick Realty Group Brokers Two Retail Leases at 22 Spring St. in Nolita

matthew-ball-print-ver-profile-001Winick Realty Group has brokered the leases of two retail storefronts at 22 Spring St., which is located between Mott and Elizabeth streets in the Nolita neighborhood of New York City. The two 700-square-foot spaces were previously ground-floor apartments and recently underwent renovations to become retail space. Paint Box, an art gallery and custom framing store, and The Clay Pot, a boutique jewelry store, have leased the storefronts.

Matthew Ball of Winick Realty Group represented Paint Box, which is opening in October. Andrew Mendel and Lindsay Charles of Ripco represented The Clay Pot, which plans to open in time for the holiday season. Darrell Rubens, Lee Block and Matthew Ball of Winick Realty Group represented the landlord, Samy Mahfar, in the transactions.

For more, download the full article in PDF

Northeast Real Estate Business_October 2014_Winick Realty Group Brokers Two Retail Leases at 22 Spring St. in Nolita

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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Winick Realty NJ Brokers Leases of Two Jersey Mike’s Sandwich Shops

JM Northvale OpenWinick Realty Group NJ has brokered the leases for two new Jersey Mike’s locations in Bergen County, N.J. The sandwich shop leased 1,736 square feet at 557 North Franklin Turnpike in Ramsey and 1,750 square feet at 246 Livingston St. in Northvale. The Northvale location opened in June and the Ramsey location is expected to open in September. Gary Krauss of Winick Realty Group NJ represented Jersey Mike’s in both transactions. Gregg Slater of Equity Associates represented the landlord, Northvale Shopping Center Associates, in the Northvale lease, while the Ramsey landlord, Landmark Real Estate, was represented in-house.

For more, download the full article in PDF

Northeast Real Estate Business_August 2014_Winick Realty NJ Brokers Leases of Two Jersey Mike’s Sandwich 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.