search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomVornado nabs $34M deal at 220 Central Park SouthVornado nabs $34M deal at 220 Central Park South
New York

Times Square Bowtie site seeking $8M rent: sources

Insiders say Durst looking to get $2,500 per square foot for property's ground floor space

Gary Trock, Amira Yunis and 4 Times Square
Gary Trock, Amira Yunis and 4 Times Square

Retailers looking to stake their claim within the frenetic heart of Times Square have a new option. A space recently vacated by drug store chain Duane Reade — and located next to department store H&M — is on the market. The unofficial asking rent for the property: nearly $8 million per year, sources told The Real Deal.

The space at 4 Times Square has 3,100 square feet on the ground floor and up to 8,000 square feet in a sub-basement, insiders said.
There was no official asking rent, but insiders said the landlord Durst Organization was seeking about $2,500 per square foot on the ground floor, which would yield an annual rent payment of $7.8 million per year.

That is slightly above the average asking rent for the center of Times Square — known as the Bowtie. Rent in the area is pegged at $2,250 per square foot, data from a CBRE Group retail market report from the fourth quarter of 2013 showed.

Sign Up for the undefined Newsletter

The CBRE Group retail leasing team of Gary Trock and Amira Yunis has the listing. The pair brought H&M to 4 Times Square in one of the largest deals of 2012 after retailer Express opted to go to Jeff Sutton and SL Green Realty’s 1552 Broadway. H&M is paying about $13 million per year in rent, according to industry sources.

Duane Reade had been in the location since 2001. At the time, the ground floor rent in the area was about $250 per square foot, insiders said.

 

Tags
Durst Organization