to focus on its other brands - Old Navy and Athletica. That store opened just a month after the company announced that it would be closing 200 Gap and Banana Republic stores in the U.S. The store is “ roughly three times larger than your average Gap or Old Navy store ” and employs more than 10 times as many people, according to Gap, adding that its among the highest-volume stores in the world. ( GPS) opened a store adjacent to its sister brand Old Navy at 44th Street and Broadway in the heart of Times Square, where Toys R Us’ New York City flagship used to stand before the company filed for Chapter 11 bankruptcy two years ago. In October, right before the holiday season, Gap Inc. “You’re seeing big lease transactions in the area still occurring.” Paying top dollar for storefronts “We ended up getting 30% more rent than what we were getting from Aeropostale,” said Brett Herschenfeld, a managing director at SL Green who leads retail leasing and investment, declining to specify. Times Square billboards illuminate the area 24 hours, seven days a week. ( SLG), the retailer’s former Times Square landlord, decided to carve up the space and filled it, within a year, with three tenants: media giant Viacom ( VIA), Italian cosmetics company Keiko Milano, and Line Friends, a global brand of characters that were originally created for use as stickers for leading mobile messenger application Line. When Aeropostale filed for bankruptcy in 2016, the teen apparel retailer announced it would be closing its flagship store in Times Square. “Brands want to be seen - and this is the ultimate stage to attract attention and shoppers,” said Faith Hope Consolo, chairperson of the retail leasing, marketing and sales division at Douglas Elliman Real Estate. Those folks, almost always with a cellphone in hand, are snapping selfies and instantaneously sharing their visit on Instagram or Facebook. The neighborhood, a major tourist destination which has been dubbed the “crossroads of the world,” attracts up to 420,000 people daily, according to the Times Square Alliance, the area’s business development group. Major retailers are willing to pay top dollar to have a presence in the neighborhood just to get domestic and international exposure. that is immune to the brick-and-mortar doldrums. Times Square is one of the few places in the U.S. If you do see an ‘available for rent’ sign, there’s a good chance that a company is in the middle of negotiating with the landlord and broker to take over that space. Any republication or reproduction of the information herein without the express permission of the SAR MLS is strictly prohibited.A vacant storefront in the Times Square neighborhood of New York City is a rare sight. This information is exclusively for viewers’ personal, non-commercial use. Buyers are cautioned to verify all information to their own satisfaction. The information displayed herein was derived from sources believed to be accurate, but has not been verified by SAR MLS. The data is deemed reliable but is not guaranteed accurate by the AGMLS.įor all listings provided by the SAR MLS: Copyright © 2022 SAR MLS. ![]() All rights reserved.įor all listings provided by the ASPEN/GLENWOOD MLS (AGMLS): Information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. You should consult your advisors for an independent verification of any properties.įor all listings provided by the REBNY Listing Service: This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. Christie’s International Real Estate and its affiliates make no representation, warranty or guaranty as to accuracy of any information contained herein. ![]() Powered by GTS: Real Estate Websites | Real Estate CRMĪll information provided herein has been obtained from sources believed reliable, but may be subject to errors, omissions, change of price, prior sale, or withdrawal without notice. © 1999 – 2022 Christie’s International Real Estate all rights reserved.
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