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Israeli bath and body shop inks Times Square retail lease
Laline opening flagship at Vornado’s 1535 Broadway
An Israeli bath and body shop is the latest tenant to ink a deal at Vornado Realty Trust’s retail revamp of the Marriot Marquis on the Times Square “bow tie.”
Laline, a line under the Fox Group of fashion brands, signed a long-term lease at 1535 Broadway, which the massive real estate investment trust is repositioning with the aim of capitalizing on one of the city’s priciest retail stretches.
The purveyor of scented soaps, candles and various aromatic wares is taking 640 square feet for a global flagship as it looks to expand its international footprint.
“We’re very excited to open our U.S. flagship in Times Square,” Laline vice president Elad Vered said. “We have 16 stores in Japan and over 100 stores in Israel and now we are ready to open in the center of the world, which is why we chose Times Square.”
Julia Maksimova and Ilan Bracha of Keller Williams NYC represented Laline. Nick Howell and Sherri White, who has since left to join the Witkoff Group, represented Vornado in-house.
“The retail at New York Marriott Marquis in prime bow tie area of Times Square was ideal for Laline’s flagship due to its unique mix of office, tourist and local demographic and tremendous national and international exposure,” Maksimova said.
Asking rents for the retail spaces range from $2,300 to $2,400 per square foot.
The Fox Group, which has licenses to open stores such as American Eagle and Nike in Israel, launched the Laline brand in 1999. The company is looking to open several new stores in the city, Maksimova added.
Vornado bought a 20-year ground lease on the Marriott’s retail space for $213 million in 2012.
Asking Rents On Broadway and Seventh Avenues between 42nd and 47th streets average $2,225, according to the latest report by the Real Estate Board of New York.
Mobile-service provider T Mobile signed a lease in March to take 4,000 square feet in the building, paying $2,000 per square foot. The building also has an eight-story-tall digital billboard, the biggest and priciest one in Times Square.