HANDLER'S WISH LIST
Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events!
|You know consignment store Second Time Around from Bravo reality show Fashion Hunters—but did you also know that Handler Real Estate Org is its national exclusive leasing agent? It helps that retail is in principal Scott Galin's blood; he's the former president & CEO of G&G Retail, the parent company of teen clothing havens G&G, Rave, Rave Girl, and Authentica. But you won't find what Handler wants this holiday in stores: more buildings and brokers. (Phew, because it would have been hard to find a LeapPad.) Scotttells us the firm is on the ground for long-term office holds with very low leverage, adding to Handler’s current 400k SF, three-building portfolio. Its sweet spot: Class-B buildings ranging from 60k-200k SF.|
|Here is Handler’s 561 Seventh Ave, where it just inked a 3,800 SF deal for financial services employment firm SearchOne Advisors and 4,000 SF for Commentary Magazine (led by NY Post columnist John Podhoretz). With its office buildings 95% leased, now’s the perfect time for acquisitions, he says. Handler is also focusing more on third-party leasing and its growing non-profit practice, recently completing deals for organizations such as International Rescue Committee, Puppies Behind Bars, and American Symphony Orchestra. This uptick in leasing and management assignments has encouraged Handler to grow its team by four this year, including Peter Simel and Peter Newman. Scott wants to add another three or four brokers to the mix.|
|Scott, showing us a photo from his days at G&G Retail, tells us that both dad and grandfather were also in retail. When his father, Jay, needed space in the late 1970s, he signed a 10k SF lease at 226 W 36th St with Jerry Handler (who’d been a founding partner of Newmark & Co), and sons Scott Galin and Scott Handler frequently crossed paths. Five years ago, Scott G. decided to exit the retail biz and try his hand at real estate, ultimately joining the Handlers in running the firm (Jerry passed away in 2010). Now, Scott G. has a case of TGIM and can’t wait to get in the office each week, he says.|