The brand is owned by the cosmetics manufacturer Coty, which inked a 10-year, 10,040-square-foot deal at the five-story building earlier this month for its flagship location, according to the Commercial Observer. The deal includes 5,800 square feet of LED billboards, and the asking rent was $6.5 million per year.
The Cover Girl store should open sometime this year and will include sections for makeovers and manicures.
Average asking rents for retail in Times Square have dropped by about 14 percent in recent years from the peak of $2,413 per square foot. This is still a less significant drop than other parts of the city have seen, which may be due to the area’s willingness to try out experiential retail concepts. [CO] – Eddie Small