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.
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.