Bankrupt Winick being forced to sell stake in brokerage

Auctioneer to unload mogul’s 63% share in eponymous firm

New York /
Aug.August 16, 2021 11:55 AM
Winick Realty Group CEO Jeff Winick

Winick Realty Group CEO Jeff Winick

Bankrupt brokerage mogul Jeff Winick is being forced to sell a majority stake in his eponymous retail brokerage — a palpable symbol of how far New York City’s once high-flying retail brokerage market has fallen.

A 63 percent stake in Winick Realty Group is up for sale, according to a notice published by Maltz Auctions.

The auctioneer is seeking offers for an immediate sale and is willing to “discuss and explore creative structures to any potential sale.” Court records show a bankruptcy judge in New York’s Southern District Court approved the hiring of Maltz in June.

Representatives for Winick Realty Group, Maltz Auctions and Gregory Messer, the trustee in the bankruptcy case, were not immediately available for comment.

Jeff Winick filed for personal bankruptcy nearly a year ago, claiming he owed $9.7 million in back taxes with just $530,000 in assets.

Winick Realty for a long time was the face of New York’s retail real estate boom, with its signs posted all over city storefronts and its brokers signing deal after deal as retail rents rose astronomically.

The 50-agent firm has leased more than 15 million square feet over the past 30 years, and Winick himself personified the business’s success. He rented out the most expensive and desirable cabanas at the Wynn pool party at the annual ICSC convention in Las Vegas, real estate’s biggest schmoozefest.

But the scene is much different now. After retail rents peaked several years ago the market took a sharp downturn, and with it went Winick’s professional and personal fortunes.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)
    These were the top 10 NYC retail leases in July
    These were the top 10 NYC retail leases in July
    Ricky's at 830 Broadway (Credit: NYC Go)
    Ricky’s, iconic NYC beauty shop, faces
    more closures
    Ricky’s, iconic NYC beauty shop, faces
    more closures
    From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)
    When it comes to retail, “real estate in New York is fundamentally broken”
    When it comes to retail, “real estate in New York is fundamentally broken”
    888 Broadway and ABC Carpet & Home CEO Aaron Rose (Senlac Ridge Partners, Owler)
    ABC Carpet & Home seeks Chapter 11 bankruptcy
    ABC Carpet & Home seeks Chapter 11 bankruptcy
    The Jacx at 28-07 Jackson Avenue and Tishman Speyer’s Rob Speyer (The Jacx, Tishman Speyer)
    What tenants pay at Tishman Speyer’s The Jacx in LIC
    What tenants pay at Tishman Speyer’s The Jacx in LIC
    One man, two companies, three bankruptcies
    One man, three bankruptcies: Verrino Construction files for Chapter 7
    One man, three bankruptcies: Verrino Construction files for Chapter 7
    Churchill Real Estate’s Justin Ehrlich and 945 Bergen Street (Formworks)
    Churchill plans bankruptcy sale of Nassau Brewery project in Crown Heights
    Churchill plans bankruptcy sale of Nassau Brewery project in Crown Heights
    From left: 130 South 2nd Street, 318 Bedford Avenue, 740 Driggs Avenue, 144 Huntington Street in Brooklyn (Google Maps)
    Brooklyn landlord scores rescue loan on apartment portfolio
    Brooklyn landlord scores rescue loan on apartment portfolio
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...