Toys “R” Us flagship to leave Times Square space

New York /
May.May 22, 2013 12:30 PM

Toys “R” Us plans to vacate its signature 100,000-square-foot space in Times Square — Ferris wheel and all — by 2016, Crain’s reported.

If the toy retailer were to renew its retail space at 1516 Broadway, the annual rent would jump to more than $50 million a year under current market levels. It has the option to renew its lease for an extended period of time, but it’s unclear if it will, Crain’s said. Ground-floor retail space in Times Square goes for $2,000 per square foot.

Brad Mendelson of Cushman & Wakefield is overseeing the upcoming vacancy on behalf of landlord Charles Moss. The brokerage firm has been marketing the space at the International Council of Shopping Centers’ annual retail conference, RECon.

However, the building is up against some competition in the area. Vornado Realty Trust is planning a large retail space at the base of the Marriott Marquis to open in 2015. [Crain’s]Mark Maurer


Related Articles

arrow_forward_ios
National chains and mom-and-pop stores are seeing increasing sales per square foot and shrinking occupancy costs (Getty)
National chains paid 93% of rent in April
National chains paid 93% of rent in April
(RIPCO, iStock)
Target, Five Below, Smashburger open in new Brooklyn shopping center
Target, Five Below, Smashburger open in new Brooklyn shopping center
Simon Property Group CEO David Simon. (Getty, Simon)
Simon says suburbia is hot, raises guidance for 2021
Simon says suburbia is hot, raises guidance for 2021
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Cushman & Wakefield CEO Brett White (Cushman)
Cushman eyeing M&A opportunities post-pandemic
Cushman eyeing M&A opportunities post-pandemic
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
RXR Realty's Scott Rechler with 75 Rockefeller Plaza (Getty, David Shankbone/Wikimedia)
RXR Realty serves American Girl with a lawsuit
RXR Realty serves American Girl with a lawsuit
Manhattan Borough President Gale Brewer and Helen Rosenthal (Getty, iStock)
New bill would mandate retail lease renewals in NYC
New bill would mandate retail lease renewals in NYC
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...