Winick Realty Group Up For Sale After Founder's Bankruptcy
One of the most ubiquitous names on storefronts across New York City is up for sale.
Winick Realty Group is seeking offers after founder and CEO Jeff Winick filed for personal bankruptcy last year, The Real Deal reports. A 63% stake in the company has been listed on the website of Maltz Auctions, which is "seeking offers for immediate sale" with a "willingness to discuss and explore creative structures to any potential sale."
The sale is being executed through Winick's bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York, according to the listing. Winick filed for bankruptcy last fall after claiming to owe nearly $10M in back taxes against assets listed at $530K.
Winick's firm has listings all over New York City, including the portfolios of some of the city's largest landlords, such as Chetrit Group and TF Cornerstone. It has executed millions of square feet of retail leases over the years, but there has seldom been a more challenging time, place and type of real estate market than the past few years in New York City retail real estate.
Property values have plummeted, resulting in billions in losses to major owners like Vornado, as availability has continued to rise and leasing activity hasn't recovered. Even before the coronavirus pandemic, midsized brokerages had struggled, with some, like Eastern Consolidated, closing completely.