Winick Realty launches new investment firm

Real Estate Weekly, Feb 2, 2000

Winick Realty Group CEO Jeffrey Winick reports the formation of Winick Holdings LLC, and has named Barry S. Seidel, formerly senior vice president at Republic National Bank, president of the new firm.

Winick Holdings LLC, the retail real estate firm's newest growth initiative, will seek to cultivate real estate opportunities through the purchase and development of shopping centers, urban retail properties and other mixed-use assets. The firm will also look for opportunities to acquire nonperforming and under-performing commercial mortgage loans, as well as surplus properties resulting from corporate mergers and consolidations.

Building upon Winick Realty Group's success, the new firm plans to identify and acquire properties with the redevelopment potential for prime retail space. According to Seidel, the firm "will use $100 million in committed capital to build a portfolio of properties which we will improve and hold for the long-term. We will also use the resources of Winick Realty Group to help us increase property values. We expect to create opportunities for our investors and, at the same time, meet the expansion needs of Winick Realty's retail clients."

Seidel has extensive experience in finance and real estate, serving in various roles at Republic National Bank for nearly 20 years. He joined the bank in 1981 as assistant to the CEO and became senior vice president, responsible for real estate lending, corporate real estate and special investments in real estate for the bank, its private clients and principal shareholder, Edmond J. Safra.

Seidel was responsible for the acquisition of major office buildings, including 350 Park Avenue and 546 Fifth Avenue in New York City, and the Canary Wharf office development in London. He was also responsible for the development and leasing of the bank's world headquarters at 452 Fifth Avenue, the land assembly for the bank's future development site on West 50th Street and the acquisition of 838 Fifth Avenue, which is currently under development as one of the City's newest luxury condominium developments.

Winick and Seidel originally met during Republic's acquisition of Crossland Savings Bank in 1996, and subsequently worked together on several major projects, including the sale of Crossland's headquarters building on Montague Street in Brooklyn, NY, and the long-term lease of Republics's 42nd Street property to Duane Reade.

The new investment group plans to announce senior level appointments in the coming months, designed to result in a well-rounded and highly experienced team. In addition, Winick Realty executives Cory Zelnick and Frank R. Terzulli will be instrumental in managing Winick Holding's growth, and Winick Realty brokerage staff will also support the endeavors of the new company.