PRESSMAN OUT TO BUY REALTY FIRM
Byline: David Moin
NEW YORK — Robert Pressman and his partners at Newmark & Co. Real Estate are seeking to purchase a retail real estate firm in an effort to become a dominant national adviser to stores.
According to reports, Pressman — the former co-chief executive of Barneys New York and member of the Barneys founding family — has met with officials from a handful of firms that advise retailers and wholesalers on matters related to real estate and opening stores. One source said New Spectrum Realty was the most likely target.
Officials from Newmark and New Spectrum were not available for comment Monday.
Two other retail real estate firms, Robert Futterman & Associates and Winick Realty Group, are also said to be possibilities. Pressman had other meetings with Blatteis and Garrick-Aug, but they are less likely to be sold to Newmark, according to the source. The firms are all based in New York, except Blatteis, which is based in Los Angeles and San Francisco.
Pressman became chief executive officer and managing partner of Newmark Retail Restructuring LLC last May. Newmark owns the majority stake in the retail restructuring group, and Pressman has a minority stake.
Newmark is a major player in office real estate, but wants to expand its retail practice, with Pressman heading it, overseeing all of its retail real estate brokerage and consulting activities. Pressman advises retailers not only in how to manage their real estate assets, but also in bankruptcies, financial restructurings, creditor work, mergers, store openings and restructuring shopping centers.