Recent News

Recent News

February 13, 2009—Pittston, PA

VANICK PROPERTIES INCORPORATED perfected a lease with Family Dollar Stores for approximately 8,500 square feet at its Pittston Plaza in Pittston, PA on February 12, 2009. Brentwood Management and NAVA RELATY, LLC, a VANICK affiliate cooperated on the leasing efforts. Nicholas J. Aynilian, Broker for NAVA stated that this marks a milestone for the property and proves that the Pittston, Route 11/15 corridor is a vibrant retail market. Family Dollar is expected to open for business in April of 2009.

February 11, 2009—New York City

VANICK PROPERTIES INCORPORATED perfected the lease of the north side retail of 408-410 Broadway in New York City with TriBeCa Radiation Oncology, PLLC on February 11, 2009. The medical group will occupy a 3,700+ square foot space. The group, specializing in radiation oncology was represented by Reliance Realty of Manhattan and NAVA REALTY, LLC, a VANICK affilian represented the landlord of the landmark property.

Nicholas J. Aynilian, President and Founder of VANICK PROPERTIES and Broker for NAVA stated that “we are happy to see a quality tenant doing a public good make its home in our property. The TriBeCa is going to benefit from its presence.” The group is expected to open for business in June of 2009.

January 26, 2009—New York City

VANICK PROPERTIES INCORPORATED declares that “SPIN IS IN”. SPIN MEDIA has moved into the fourth floor of 408-410 Broadway in New York City, the newly renovated 74,000+ square foot TriBeCa loft building owned in joint venture between Vanick's APOLLO ROOMS ASSOCIATES, LLC and HKARTEN REALTY, LLC. SPIN’s custom fit 14,400 square foot space is simply spectacular. SPIN is a unit of Chronicle Publishing and produces the magazine of the same name.

January 24, 2009—Pennsburg, PA

VANICK PROPERTIES INCORPORATED perfected a lease with China Wok Stores for approximately 4,000 square feet at its Pennsburg Square Shipping Center in Pennsburg, PA on January 24, 2009. Brentwood Management and NAVA RELATY, LLC, a VANICK affiliate cooperated on the leasing efforts. VJ Aynilian, Agent for NAVA stated that “we are really thrilled to be able to add a Chinese Restaurant to tenant mix and believe it will be a great asset to the center. China Wok is expected to open for business in June of 2009.

January 13, 2009—Lumberton, NJ

VANICK PROEPRTIES INCOPORATED perfected the lease of the 43,410 square foot anchor space at the Evergreen Plaza Shopping Center formerly occupied by Steve & Barry’s, to Sharkey/Gibbons, LLC who is operating as GREGORY’S FURNITURE. The former tenant vacated only two days before. GREGORY’S is a quality furniture operator and was looking for about 40,000 SF in Lumberton when their broker, NAI Mertz, learned of the Steve & Barry’s bankruptcy and the impending availability of the space. NAI Mertz immediately met with the tenant and VANICK affiliate NAVA REALTY, LLC and negotiated a lease.

GREGORY’S FURNITURE opened less than two weeks later on January 24, 2009 and is operating comfortably. “We are thrilled to have Sharkey/Gibbon’s with us at our Evergreen Plaza and consider their tenancy a ‘match made in Heaven’”, said Nicholas J. Aynilian, Broker for NAVA. “The owners are good guys, no nonsense, methodical and ready to work. We all get along and work fairly with each other which is as good as it gets. We look forward to their great success.”

January 5, 2009—New York City

VANICK PROPERTIES INCORPORATED perfected the lease of the south side retail of 408-410 Broadway in New York City with OMG on January 5, 2009. OMG will occupy a 7,300+ square foot store. OMG, a clothing retailer was represented by Taylor Rae Realty and NAVA REALTY, LLC, a VANICK sffiliate represented the landlord of the landmark property.

Nicholas J. Aynilian, President and Founder of VANICK PROPERTIES stated that “this move is more proof that SoHo is extending below Canal Street. We always knew that it would happen but we just didn’t know when. Here it is and the neighborhood is changing—Broadway in TriBeCa is going retail.” OMG is expected to open for business in April of 2009.

November 19, 2008—New York City

VANICK PROPERTIES INCORPORTAED received and approved a partial lease assignment from APICHA to Miro Café for the storefront at its 400 Broadway, NYC property. The café has had designs on moving south of Canal Street for some time now and is taking steps to join the wave of retailers moving down the street. Knight Newmark Frank represented theTenants in the assignment.

October 15, 2008—New York City

VANICK PROPERTIES INCORPORATED perfected a lease between its M. J. REALTY ASSOCIATES and NecessaryClothingOnline.Com on October 15, 2008 for the retail at their 404 Broadway, NYC property. The clothing operation is expected to open for business by March 1, 2009 and marks a major step in moving the SoHo retail community below Canal Street to TriBeCa. Vanick’s President and Founder, Nicholas J. Aynilian perfected the lease directly with Tenant through its NAVA REALTY, LLC brokerage affiliate, for which he serves as Broker of Record.

“The exciting thing is that retail has finally crossed Canal Street and there is a lot more to follow”, Aynilian said, noting the numerous other leasing opportunities he and others have been working on. “This is big news for the neighborhood and we a looking forward to new depth in the Broadway TriBeCa corridor.”

August 21, 2008—Brookville, PA

VANICK PROPERTIES INCORPORATED completed the purchase of 256 Allegheny Avenue in Brookville, PA, lovingly referred to as The Brookville Dairy Queen on August 21, 2008. Vanick’s CHERRY DIP ASSOCIATES, LLC made the purchase and Marcus & Millichap served as brokers for both the Buyer and Seller. The purchasing entity, named by Vanick’s President and Founder, Nicholas J. Aynilian, sports both a sense of humor and his personal preference on Dairy Queen’s products proving that there is nothing quite like a vanilla cone with cherry dip. Sadly no free samples have been extracted from the store yet.

July 21, 2008—New York City

VANICK PROPERTIES INCORPORATED perfected the lease of the entire fourth floor of 408-410 Broadway in New York City with SPIN Media, LLC on July 21, 2008. The newly renovated 74,000+ square foot TriBeCa loft building was purchased in February from 408 Broadway Corp. in joint venture between Vanick's APOLLO ROOMS ASSOCIATES, LLC and HKARTEN REALTY, LLC. SPIN will occupy a custom fit 14,400 square foot space as their new headquarters. SPIN is a unit of Chronicle Publishing and produces the magazine of the same name. CBRE represented VANICK PROPERTIES in the transaction that makes SPIN the first tenant in the landmark property.

Nicholas J. Aynilian, President and Founder of VANICK PROPERTIES expressed his excitement in having such a name brand as the first tenant in the property admitting that “I didn’t think I could be cool enough of a landlord to have SPIN as a tenant. Then I realized it’s the building that’s cool, I’m just the lucky guy running it. We are going to guild a spectacular office for them and it really will be cool. We are really looking forward to it.” SPIN is expected to move in by the end of January 2009.

February 19, 2008--New York City

VANICK PROPERTIES INCORPORATED completed the purchase of 408-410 Broadway in New York City on February 19, 2008. The newly renovated 74,000+ square foot TriBeCa loft building was purchased from 408 Broadway Corp. in joint venture between Vanick's APOLLO ROOMS ASSOCIATES, LLC and HKARTEN REALTY, LLC. Cushman & Wakefield served as broker to the Sellers. Vanick's President and Founder, Nicholas J. Aynilian identified and negotiated the purchase with the Sellers, the principals of which are long-time friends Aynilian and his family. Harry Karten, a member of the selling family joined Aynilian in the purchase.

VANICK is planning retail on the ground floor and basement of the building and grand, open office space on floors 2 through 5. The rear of the building opens into Courtland Alley providing additional retail access from the back of the property for both the ground floor and basement. That, coupled with high ceilings on all floors makes the project a unique opportunity. CBRE is representing Vanick on the leasing of the property. Newman & Simpson, LLP served as the counsel to the buyers with financing arranged by Estreich & Company with Capmark Finance..

The landmark property loacted in the TriBeCa East Historic District was the first home of the New York Philharmonic dating back into the 1840's. At that time the property was known as The Apollo Rooms, the predecessor of the current Apollo Theater in Harlem, hence the name for the Aynilian side of the joint venture. The current edifice was built in 1869 and most recently served as the home of Karten family's textile business.

VANICK's Aynilian said he is thrilled to have been able to complete this purchase, not only adding to his holdings on the block but acquiring a property that he has known from childhood. "This is an important purchase for us as well as a sentimental one. We are privileged and thankful that the family favored us in their decision to sell."

December 2007--Aberdeen, NJ

VANICK PROPERTIES INCORPORATED received final site plan approval for a 5800+ square foot office building at the corner of Route 34 and Lloyd Road in Aberdeen, NJ. The property was purchased in December of 2006. Construction is scheduled to commence in Spring/Summer of 2008. The property is owned by Vanick's NAWATAM ASSOCIATES, LLC.

November 2007--Bethlehem, PA

VANICK PROPERTIES INCORPORATED completed the construction of a 3000+ square foot retail site at 2142 Stefko Boulevard in Bethlehem, PA. The location will house a Quiznos Subs, already in operation. Plans also include a Java's Brewin' with a drive through. The property is owned by Vanick's STEF ASSOCIATES, LLP.

August 2007--Middlesex, NJ

VANICK PROPERTIES INCORPORATED's properties on Lincoln Boulevard on Middlesex, NJ became part of the Lincoln Boulevard Redevelopment Plan adopetd by the Borough of Middlesex. The existing properties include the Pathmark SuperCenter, the Middlesex Business Park and the former Lincoln Cabinet property. The redevelopment plan allows for a much large new building in place of the former Lincoln Cabinet building which will likely house additional retail, entertainment and office tenants. Vanick will develop plans over the next year and begin preparing for a new and improved centerpeice for Lincoln Boulevard. The properties are owned by Vanick's NAVAL CREST ASSOCIATES, LLC and NAVAL CREST ASSOCIATES II, LLC.

December 2006--Jersey City, NJ

VANICK PROPERTIES INCORPORATED received developer designation for its property at State Street and Cornelison Avenue in Jersey City, NJ. The property owned by Vanick's ZAN ASSOCIATES, LLC was approved residential development. The property is located in Jersey City's Morris Canal Development District.

November 28, 2006--Scranton/Wilkes-Barre, PA

VANICK PROPERTIES INCORPORATED completed the purchase of three shopping centers in the Scranton/Wilkes-Barre area on November 28, 2007 from Acadia Realty Trust totaling almost 333,000 square feet.

The Greeridge Plaza Shopping Center in Scranton, PA on Greenridge Street and Nay-Aug is approximately 192,000 square feet and anchored by a Giant supermarket.

The Luzerne Street Plaza in Scranton, PA on Luzerne Street is approximately 55,000 square feet and anchored by a Price Rite supermarket.

The Pittston Plaza in Pittston, PA on Township Road/Route 11/15 is approximately 86,000 square feet and anchored by a Redner' Market.

The purchase was made in a joint venture by Vanick's PERSTRUO REALTY, LLC and ELIZABETH TOWN GARDENS' ECG GREENRIDGE, ECG LUZERNE, and ECG PITTSTON. Nicholas J. Aynilian, President and Founder of VANICK identified and negotiated the purchase with Acadia. Newman & Simpson, LLP served as the counsel to the buyers with financing arranged by Estreich & Company with Bear Stearns.

Aynilian stated, "We are believers in the Northeast PA and especially Scranton. We think Scranton's best days are ahead and we want to be involved. This purchase gives us a wonderful opportunity to be a part of it."

August 3, 2006--Union, NJ

VANICK PROPERTIES INCORPORATED completed the purchase of the 96,000+ square foot shipping center at 1235 West Chestnut Street in Union, NJ on August 3, 2007 from Union Equity Partners. The property, located at Chestnut Street on Route 22 West and Hudson Street sports a numerous tenants including Strauss Auto, Washington Mutual, Planet Fitness/Image 2000, Nine West and more.

The purchase was made by VANICK's U22 Associates, LLC. The purchase was identified and negotiated by VANICK's VJ Aynilian and Nicholas J. Aynilian. Vanick affiliate, NAVA REALTY, LLC co-brokered with Lee Odell Real Estate who represented the Seller. Newman & Simpson, LLP served as the counsel to the buyers with financing arranged by Estreich & Company with Petra Capital.

The company noted that the location has extremely heavy traffic. That coupled with planned improvements such as creating two-way traffic at Hudson Street will make the property very desirable to most any retailer.

July 18, 2008 - New York City

VANICK PROPERTIES INCORPORATED signed a lease to the entire 4th floor of its newly acquired 408-410 Broadway in New York City to Spin Magazine, a unit of Chronicle Publishing, the company which produces its famous monthly magazine founded in 1985 reporting on a variety of music. CB Richard Ellis’ Derrick Ades, Matthew Bergey and Brian Feil (now of Feil Organization) represented VANICK on this 14,300 square foot floor which VANICK PROPERTIES acquired from 408 Broadway Corp. in February of 2008 in a joint venture between its APOLLO ROOMS ASSOCIATES, LLC and HKARTEN REALTY, LLC.

VANICK's President and Founder, Nicholas J. Aynilian worked with CBRE representing ownership in discussions with SPIN’s senior management. Newman & Simpson served as counsel to VANICK. Since VANICK purchased the property, Spin Magazine is the first tenant signed-on to the 5 story building located in the TriBeCa East Historic District. VANICK is excited about SPIN moving into the property and they look forward to tenanting the remainder of the building in this trendy emerging district in New York City with equally exciting and trendy tenants.

February 19, 2008 - New York City

December 2007 - Aberdeen, NJ

November 2007 - Bethlehem, PA

August 2007 - Middlesex, NJ

VANICK PROPERTIES INCORPORATED's properties on Lincoln Boulevard on Middlesex, NJ became part of the Lincoln Boulevard Redevelopment Plan adopted by the Borough of Middlesex. The existing properties include the Pathmark SuperCenter, the Middlesex Business Park and the former Lincoln Cabinet property. The redevelopment plan allows for a much large new building in place of the former Lincoln Cabinet building which will likely house additional retail, entertainment and office tenants. Vanick will develop plans over the next year and begin preparing for a new and improved centerpeice for Lincoln Boulevard. The properties are owned by Vanick's NAVAL CREST ASSOCIATES, LLC and NAVAL CREST ASSOCIATES II, LLC.

December 2006 - Jersey City, NJ

November 28, 2006 - Scranton/Wilkes-Barre, PA

VANICK PROPERTIES INCORPORATED completed the purchase of three shopping centers in the Scranton/Wilkes-Barre area on November 28, 2007 from Acadia Realty Trust totaling almost 333,000 square feet.

The Greeridge Plaza Shopping Center in Scranton, PA on Greenridge Street and Nay-Aug is approximately 192,000 square feet and anchored by a Giant supermarket.

The Luzerne Street Plaza in Scranton, PA on Luzerne Street is approximately 55,000 square feet and anchored by a Price Rite supermarket.

The Pittston Plaza in Pittston, PA on Township Road/Route 11/15 is approximately 86,000 square feet and anchored by a Redner' Market.

Aynilian stated, "We are believers in the NorthEast PA and especially Scranton. We think Scranton's best days are ahead and we want to be involved. This purchase gives us a wonderful opportunity to be a part of it."

August 3, 2006 - Union, NJ