Sabon to open Times Square store

November 17, 2011 08:50AM

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From left: A Sabon NYC store and 1450 Broadway
Bath and body brand Sabon will open its ninth New York City store after signing a 10-year lease for a 665-square-foot space in Times Square, according to Zar Group, the landlord of the property.

The store will open at 1450 Broadway, on the corner of 41st Street, at the base of the 42-story office tower. The Tel-Aviv, Israel-based company, with locations around the country, will pay about $475 per square foot for the first year of the lease. Winick Realty agent Michael Gleicher represented the Zar Group in the lease.

The Zar Group picked up the property in June for $204 million from a partnership of the Chetrit Group, Moinian Group and Edward J. Minskoff Equities. At the time the firm indicated it may eventually transform the office building into a residential property. But those plans appear to have been put off, as the firm said in a statement that it wants to position the property as a premier, boutique office building. It’s currently 90 percent occupied, according to CEO Bobby Zar. — Adam Fusfeld