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ICSC New York from the floor

The International Council of Shopping Centers’ annual New York Deal Making conference kicked off Wednesday, with thousands of brokers, owners and other real estate professionals arriving at the Jacob K. Javits Center on Manhattan’s West Side for the first day of the two-day event.

Agents from the top firms as ranked this month by The Real Deal, such as RKF’s Ariel Schuster, Winick Realty Group’s Jeff Winick, Cushman & Wakefield’s Joanne Podell and Newmark Knight Frank’s Jeff Roseman, were looking to find, advance or close deals.

The crowd ebbed and flowed, and brokers speaking with TRD had a hard time deciding if the event was more or less crowded than in prior years. ICSC, for its part, expects about 10,000 attendees will walk the show.

The show comes as retail deals are taking longer to close and are more complex, insiders said.

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THE REAL DEAL_120717_ICSC New York from the floor

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.

Is retail turning a corner?

On the whole, it’s been a difficult year for the floundering retail market, which had been referred to as “fucked” by one prominent investor as recently as the spring. But sources say there’s been a significant uptick in activity in the last few months.

This month, amid that backdrop, The Real Deal ranked New York City retail firms by the amount of square footage they leased between October 1, 2016 and September 30, 2017.

In Manhattan, RKF clinched the No. 1 spot with 1.03 million square feet inked south of 126th Street, including deals like Nordstrom Rack’s 47,267-square-foot lease at the Durst Organization’s 855 Sixth Avenue. Taking the top spot was a big feather in the firm’s cap, given that so many other brokerages saw a drop in deals.

Meanwhile, Cushman & Wakefield and Newmark Knight Frank ranked second and third, with 904,206 square feet and 424,808 square feet, respectively. CBRE and Winick Realty Group rounded out the top five.

It should be noted that retail deals are notoriously hard to track because they are not logged in any public databases. As a result, TRD relied on firms’ submissions and news reports to determine totals. Not all firms participated. JLL, for example, declined.

But the numbers offer a window into a market that’s very much in flux. And this year, for the first time, TRD also ventured across the river to rank the firms brokering the most retail deals in Brooklyn.

In that borough — where prime corridors like Broadway in South Williamsburg and Flatbush Avenue from Atlantic Avenue to Grand Army Plaza are seeing significant action — Winick took the No. 1 spot with 163,109 square feet leased. RKF and Ripco Real Estate ranked second and third, with 161,774 square feet and 134,473 square feet, respectively. SCG Retail and Kalmon Dolgin Affiliates rounded out the top five.

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THE REAL DEAL_120117_Is retail turning a corner

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.

The 10 biggest retail leases of September

The retail leasing summer slowdown in New York City has continued into the fall.

The 10 biggest retail lease deals made public last month totaled 157,392 square feet, down 27,761 square feet from last month’s total of 185,153 square feet. The largest retail lease in September was for an entertainment space in Times Square.

9) Muses 35 Bar, 248 West 35th Street, Midtown South – 8,000 square feet

The karaoke bar signed a lease for 8,000 square feet of retail space at 248 West 35th Street. Richard Smith of Winick Realty Group represented the tenant. Albert Manopla of Kassin Sabbagh Realty represented the landlord, 248 West 35th Street LLC.

For more, download the full article in PDF

THE REAL DEAL_100517_The 10 biggest retail leases of September

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.

The UES is facing a retail vacancy epidemic

In the heart of retail’s “Gold Coast” on the Upper East Side, the space that once housed trendy dress shop BCBGMAXAZRIA collects dust. The retailer called the five-story townhouse home at 770 Madison Avenue for over a decade, but shut the doors in February amid a larger corporate bankruptcy. The landlord has yet to find a replacement.

Over on Lexington Avenue, there are four retail vacancies near the corner of East 85th Street. And on the 13-block stretch of 3rd Avenue between East 70th and 83rd streets, there are only two blocks that aren’t marred by at least one empty storefront.

Manhattan’s streets are awash with empty storefronts after retail asking rents climbed to untenable levels and tenants started to push back. But the sheer number of vacancies on the Upper East Side is alarming: The Real Deal counted 82 empty storefronts along Madison, Lexington, Third and Second avenues between 57th and 96th streets during an afternoon in late July.

“That is a lot, and there’s probably 20 percent more that’s on the market,” in terms of space that’s currently occupied and available for lease, said Greg Tannor, a retail specialist who left Cushman & Wakefield in April to join Lee & Associates as a principal.

Third Avenue between East 57th and 79th streets saw the biggest increase in its availability rate during the second quarter among the 11 retail corridors tracked by Cushman. The availability rate rose 7 percent year-over year to 16.6 percent, according to Cushman’s most recent retail report.

And Madison Avenue between East 57th and 72nd streets saw the second-highest increase: a 5.3 percent jump to an availability rate of 23.5 percent, which is the third highest among the corridors the brokerage tracks.

The forces at play are different among Upper East Side’s different retail corridors. Madison Avenue, for example, is one of the city’s premiere luxury shopping strips with asking rents to prove it (an average of $1,431 per square foot).

Over on Third Avenue, asking rents average $283 per square foot, and experts in the area said the avenue’s shops are geared more toward chain apparel stores and national brands due to the kinds of large retail spaces that line the avenue. The struggles faced by national retailers, therefore, are having more of an impact on storefronts on Third Avenue than they would on a tony strip like Madison, brokers said.

“Third [Avenue], I think, is the first market to really struggle with some of the difficulties we’re seeing with national soft goods retailers,” Cushman’s Steven Soutendijk said. “They’re the ones that are struggling in malls across the country.”

In recent months, for example, stores went empty at 1030 Third Avenue when American Apparel closed up one of its last shops following a bankruptcy auction earlier this year. And Reebok left behind and empty storefront at 1132 Third Avenue after shutting down its FitHub location.

By comparison, Second Avenue is considered more neighborhood-focused, geared toward service retail like dry cleaners and restaurants located in smaller stores where top-line rents are more manageable.

Beyond the general woes facing retail, the avenue was long impacted by construction along the Second Avenue subway line, which finally opened earlier this year.

“Certainly, now that the construction has completed, those vacancies should naturally have to fill in,” Winick Realty Group’s Kelly Gedinsky said. “They’re not obstructed by bridges over the sidewalk space anymore.”

For more, download the full article in PDF

THE REAL DEAL_080417_The UES is facing a retail vacancy epidemic

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.

Are pop-up shops becoming a permanent fixture?

Pop-up shops are getting access to some of the best storefronts in New York City under so-called licensing deals, with a lot less hassle than a regular retailer faces.

Stable long-term retail tenants are hard to come by in Manhattan as the market continues to soften, and the real estate industry is adapting to short-term tenancies as much as long-term ones. Additionally, many pop-ups come with celebrity backing, from Gwyneth Paltrow to Kanye West, which can help landlords promote their properties.

A pop-up tenancy, which by most industry definitions lasts from one day to one year, can be extremely attractive to both parties — a landlord monetizes the space and remains open for a long-term lease, and the tenant gets visibility in the high-profile New York market with relatively little long-term risk.

As The Real Deal reported in December, pop-ups are typically seen as a stopgap measure that landlords and brokers can use while they wait to secure more permanent tenants. But some industry players say they will become increasingly commonplace as building owners look for new ways to minimize losses and retain tenancies in the ongoing shift from brick-and-mortar retail to e-commerce.

Online sales currently make up less than 15 percent of all retail sales in the U.S., but by 2025 roughly one in every four purchases will be made online, according to a November 2016 report from the global advisory firm FTI Consulting. Retailers themselves have become increasingly wary about signing long-term deals in such a rapidly accelerating environment, Winick Realty Group broker Kelly Gedinsky said.

“Things change so drastically these days, it’s harder for retailers to consider a long-term deal,” she noted. “Unlike five years ago, landlords are more open to pop-ups because so many [potential tenants] are coming to them and their brokers saying, ‘Look, we want to test this market for a year. If it works, we’d be happy to look into a longer-term deal.’”

For more, download the full article in PDF

THE REAL DEAL_080217_Are pop-up shops becoming a permanent fixture

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.

The top 10 NYC retail leases in July

Between upscale fitness chains and consignment shops to even e-commerce monster Amazon, the city’s retail leasing market saw it all in the month of July.

The 10 biggest retail lease deals signed last month totaled 219,942 square feet, up 46,370 square feet from May’s total, 173,572 square feet. And the largest lease happened to be inked in Brooklyn.

Check out the top 10 list below:

1) Chelsea Piers, 300 Livingston Street, Downtown Brooklyn – 52,000 square feet

The sports and entertainment company inked a lease for a new fitness club with 52,000 square feet of retail space at 300 Livingston Street. This new location will be the company’s second, with the first being — yep, you guessed it — Chelsea Piers in West Chelsea. Steve Gonzalez of TF Cornerstone represented the landlord in-house, along with a Winick Realty Group team comprised of Steven Baker, Aaron Fishbein and Daniyel Cohen. Chelsea Piers represented itself in-house.

For more, download the full article in PDF

THE REAL DEAL_080217_The top 10 NYC retail leases in July

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.