REBNY presents Retail Deal of the Year awards at annual cocktail party

The Real Estate Board of New York (REBNY) recently presented its 2007 Retail Deal of the Year Awards, which recognize the most creative and significant retail deals, at the retail committee's annual cocktail party at the 101 Club. Patrick Smith and Hugh Kelly of Staubach Retail and Jeffrey Roseman, Marc Leber, David Falk and Stephen Schofel of Newmark Knight Frank Retail LLC won the award for the most creative retail deal of the year for the Walgreens at One Times Sq. Jeffrey Winick of Winick Realty Group, LLC won the award for the retail deal that most significantly benefits Manhattan for Columbus Village on Columbus Ave. between West 97th and West 100th Sts. "The 2007 winners demonstrate the highest levels of skill, creativity and effort that is required to make these remarkable deals happen, and to help major retailers make a bigger mark in New York City," said Steven Spinola, REBNY president. "We celebrate the winners but commend all of this year's exciting entries." Staubach approached Walgreen Co. twice and was denied both times. The deal had its challenges. Staubach Retail had to find a way to get a 15-year commitment from Walgreens and a marketing allocation that ultimately reduced real estate costs, resulting in the drug store chain's approval of the site. In addition, Newmark Knight Frank Retail had to market a 25-story building with three levels of retail space that had been vacant for seven years. After nearly a decade of effort, Walgreen Co. signed a 15-year-plus-options lease last September. The five building, multi-level retail space at Columbus Village, with 400,000 s/f of retail space and 65,000 s/f of community use space, was planned as a west side regional shopping attraction rather than a bunch of neighborhood retail stores. The project will create 700 residential units and roughly 1,000 full and part-time jobs with reputable retailers. These early deals, which were submitted for consideration, are only the beginning for the Columbus Village project, which will permanently alter the retail landscape of this part of the Upper West Side. In addition, the project will be a pioneer of multi-level retailing in residential buildings in Manhattan. Judges for this year's submissions were Robin Abrams of The Lansco Corp., Vahap Avsar of Brooklyn Industries, Debbie Badalucco of Citibank, NA, Dennis Brady of Jack Resnick & Sons, Inc., and Lori Buchbinder of Buchbinder & Warren. The cocktail party was sponsored by Cushman & Wakefield Global Real Estate Solutions, The Durst Organization, Vornado Realty Trust, CB Richard Ellis, Winick Realty Group, W&M Properties and the New York Post. The Real Estate Board of New York is one of the city's leading real estate trade associations with over 12,000 members. REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city's real estate. REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation. In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors.