The Gap has signed a lease for the base of the forthcoming Marriott Residence Inn at 170 Broadway in Lower Manhattan.
The space includes 5,400 square feet on the lower level, 6,500 square feet on the ground floor and 7,000 square feet on the second floor. Ground-floor space was asking $600 per square foot. Crown Acquisitions’ Haim Chera represented the hotel, while RFK broker Ariel Schuster represented the Gap, a San Francisco-based public company.
As of last month, Crown Acquisitions, the Carlyle Group, Tribeca Associates and Highgate Holdings were in contract to sell the retail condominium for roughly $70 million. The firms bought the entire Lower Manhattan building for just $55 million in 2011.
Banana Republic, a division of the Gap, signed a 15-year lease taking 28,000 square feet in the Flatiron District building at 105 Fifth Avenue last month, as The Real Deal reported. [NYP, 2nd item] — Mark Maurer