British aristocrats sue to quit Park Ave purchase
Rothmans, the famed men’s department store at Union Square, is leaving its home of 25 years for a larger, cheaper space one block north, according to the Post. The retailer, which currently resides in 7,500 square feet at ABS Partners’ 200 Park Avenue South, will relocate to 11,000 square feet at 222 Park Avenue South, whose retail co-op is also owned by ABS, later this year. Rothmans had five years left on its lease, but the move will allow ABS to hike up the rent sooner at 200 Park, while Rothmans will be paying less than it would be if it had waited and renewed. And although the store is giving up the visibility that comes with being on a prime corner on Union Square, Ken Giddon, part of the Rothmans family ownership group, said Rothmans doesn’t really need it. “We realized we’re a destination store,” Giddon said. Plus, Union Square’s demographic has “gotten very young. It’s very NYU-heavy right now. That’s a wonderful thing, but it isn’t truly our audience.” [Post]
