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Wall Street Journal

Under Armour Makes the Leap To Fifth Avenue

ross-burack-print-ver-profile-001Under Armour Inc. hopes to up its game with a sprawling retail store in one of Manhattan’s most expensive shopping districts.

The Baltimore sportswear maker’s chief executive told analysts Tuesday the company would put “the world on notice” by taking most of the space once occupied by the FAO Schwarz toy store on Fifth Avenue between East 58th and East 59th streets.

The 53,000-square-foot space in the General Motors Building will give the company a showroom in a section of Midtown Manhattan brimming with high-end retail and year-round throngs of tourists.

“Effectively, the goal that we have is to build the greatest single retail store in the world,” CEO Kevin Plank said in a conference call with analysts. “And we know that’s a big statement with a big company, but I think that that’s the opportunity we have.”

The stretch of Fifth Avenue is also known for its high rent. Toys “R” Us Inc., owner of FAO Schwarz, cited the rising costs of operating on Fifth Avenue when it closed its store in July 2015.

However, some brokers say the high asking rents don’t tell the full story. Landlords are able to attract big retailers because they are willing to offer generous tenant improvement packages to pay for costs such as building the store interior, said Ross Burack, a broker with Winick Realty Group LLC.

“These landlords pay tenants millions so they can get their asking rents, ” Mr. Burack said. “That’s how certain areas, such as Upper Fifth Avenue, are able to keep attracting these retailers at above comparable rents.”

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wsj_072716_Under Armour Makes the Leap To Fifth Avenue

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.

 

Wall Street Journal

Appetite for Casual Restaurants Grows Among City Building Owners

wsj fields chickenSome landlords are becoming foodies.

As fast-casual restaurants, juice shops and gourmet coffee bars have been expanding their presence in Manhattan, they are finding a receptive audience not only among time-strapped, health-conscious New Yorkers. They also are attracting Manhattan building owners looking to boost the appeal of their office and residential towers, according to industry experts.

Several factors are driving the proliferation of restaurants such as Pret A Manger and Sweetgreen. Among them: consumers’ continued focus on health and fitness, a strong demand for specialty fast-casual eateries from a large millennial workforce and a dense, affluent population.

But the sector’s steady consumption of retail real estate also comes as sectors such as apparel have been trimming store counts and store sizes.

“Less is being bought in physical stores and more is being bought online, but what hasn’t changed is the consumption of food and beverage,” said Kenneth Hochhauser, a retail broker with Winick Realty Group LLC.

“You can’t order your burrito on Amazon and have it delivered in 20 minutes,” he said. “You still go out for lunch.”

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wsj_062716_Appetite for Casual Restaurants Grows Among City Building Owners

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.

Wall Street Journal

Todd Snyder Signs Deal for U.S. Store

todd snyderDesigner menswear label Todd Snyder plans to open its first U.S. store at the base of a Madison Square Park office building.

Todd Snyder, founder and president of the eponymous fashion firm, signed a 5,700 square-foot lease at the base of 60 Madison Ave., a 13-story building recently renovated by its owner, the Moinian Group. The spot, at 23 E. 26th St., was fitting for Mr. Snyder, who lives and works in the area and who said he has drawn inspiration from New York City and the styles seen when walking through the park and riding the subway.

The new store, expected to open in October on the northeast corner of the park, will have a New York sensibility but include elements similar to those found in the label’s Tokyo store. Called the Townhouse, the Tokyo location is one of four Todd Snyder stores in Japan. It has a tailor shop, a barber and a whiskey bar in addition to apparel and accessories.

The area is at the heart of New York’s technology sector and the store will draw highnet-worth individuals looking for convenience, said Ross Burack, of Winick Realty Group LLC, who represented Moinian.

“We dress younger techie guys but we also dress guys who go into boardrooms,” Mr. Snyder said.

Steve Asch of City Connections Realty Inc. represented Todd Snyder.

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wsj_032016_Todd Snyder Signs Deal for U.S. Store

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.

Wall Street Journal

Coffeehouse Signs Lease in Gramercy

think coffee gramercyAn expanding local coffeehouse chain is looking to create a hangout spot in Manhattan’s Gramercy Park neighborhood.

Think Coffee LLC signed a 12-year lease for its ninth New York City location at 280 Third Ave., said Ross Burack, the broker at Winick Realty Group LLC representing the retailer in the lease deal. At the base of a condominium development, the 1,680-square-foot store is located in an area where there has been substantial residential development but few competitors, Mr. Burack noted.

The 10-year-old specialty coffee retailer has been growing rapidly in the past few years, opening three stores in 2015, said Jason Scherr, founder and managing partner of Think Coffee.

Part of the specialty retailer’s profile is its charitable work. The company has spearheaded projects benefiting the communities of the farmers supplying the coffee beans, he said. And the company donates 10% of its profits to nonprofit organizations in the communities where its stores are located.

“We’re starting to find our stride,” Mr. Scherr said. “We have had long-term staff take on more responsibility, and I want to make sure they have room to grow as well.”

While many local coffee operations were attracted to the corner location, “Think Coffee really emerged as the right fit with the area demographics,” said Mark Tergesen, senior managing director at ABS Partners Real Estate LLC. Mr. Tergesen and Robert Kempner, director at ABS Partners, represented the owner of the retail space, 280 Third Avenue Retail LLC.

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wsj_010416_Coffeehouse Signs Lease in Gramercy

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.

Wall Street Journal

Between the Bread Plans 40th Street Store

jordan-kaplan-print-ver-profile-001Catering company Between the Bread plans to test a retail concept with a new shop near Bryant Park.

Between the Bread, founded in 1979, will set up a “grab-and-go” store at 20A E. 40th St., and plans to add more locations if the store is successful, said Jonathan Eisen, vice president of development.

The company started with a cafe on East 56th Street, but its catering business, launched in 1982, eventually became its focus. It no longer has the East 56th Street location.

Between the Bread, which has a commissary and a very small shop at 145 W. 55th St., will offer a “streamlined” version of its food model, Mr. Eisen said. The shop is expected to open this fall.

The East 40th Street location, a 1,200-square-foot space, will have strong foot traffic from a target clientele of office workers, said Jordan Kaplan, part of the team at Winick Realty Group LLC representing Between the Bread on the lease deal.

“With a million square feet of [surrounding] office space, you hit the ground running,” he said.

For more, download the full article in PDF

wsj_072015_Between the Bread Plans 40th Street Store

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. 

 

Wall Street Journal

Roosevelt Island Gets a Makeover

roosevelt island wsjRevitalization of the retail strip on Main Street, which has already received a $3 million upgrade from a partnership between Related and developer Hudson Cos., also continues. Several new shops were brought in—among them a wine store and an organic grocer—and two more leases could be signed soon, said Hal Shapiro, a broker with Winick Realty Group. A white-tablecloth restaurant and a wine bar with a bakery component have shown interest, he said.

“There are so many new residents here, and everyone wants more services,” Mr. Shapiro said. “Although the retail revamp has been a bit slow, all the new tenants say they are doing well. Each business certainly has a captive audience since there’s no competition.”

For more, download the full article in PDF

wsj_050415_Roosevelt Island Gets a Makeover

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.