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
    Attorney General Letitia James with 198 Scholes Street, 11 Gunther Place, 506 Dekalb Avenue and 65 Kent Avenue (Illustration by THe Real Deal with Getty, Google Maps)
    Yoel Goldman’s All Year Management investigated by NY attorney general
    Yoel Goldman’s All Year Management investigated by NY attorney general
    Why real estate shoppers are bagging grocery-anchored plazas
    Why real estate shoppers are bagging grocery-anchored plazas
    Why real estate shoppers are bagging grocery-anchored plazas
    Macy’s CEO Jeff Gennette (Getty)
    Macy’s converts 1M sf to fulfillment space
    Macy’s converts 1M sf to fulfillment space
    (Photo Illustration by The Real Deal with Getty)
    Black Friday store traffic jumps, but sales don’t
    Black Friday store traffic jumps, but sales don’t
    (Illustration by The Real Deal with Getty)
    Retail real estate continues climb, reaches record low availability
    Retail real estate continues climb, reaches record low availability
    1 Wythe Avenue in Greenpoint, Brooklyn and Brooklyn Brewery CEO Eric Ottaway (Google Maps, Twitter/@EricOttaway)
    Brooklyn Brewery to expand in move to Greenpoint
    Brooklyn Brewery to expand in move to Greenpoint
    350 East 52nd Street (Google Maps)
    Landlord seeks $10M from mom over rent overcharge claims
    Landlord seeks $10M from mom over rent overcharge claims
    Madison Realty's Josh Zegen with plans for 159 Broadway (LinkedIn, Rosewood Realty Group, The Corbin Group)
    Madison Realty to take control of Isaac Hager’s Williamsburg hotel project
    Madison Realty to take control of Isaac Hager’s Williamsburg hotel project
    arrow_forward_ios

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

    Loading...