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British toy store Hamleys close to inking 15-year lease at 2 Herald Square
Store would occupy about 30K sf in the building
The British toy store Hamleys is close to opening its first store in the U.S. at SL Green’s 2 Herald Square.
The 258-year-old toy seller would lease about 30,000 square feet in the building, according to Commercial Observer. This would be split between about 11,000 square feet at grade, 15,000 square feet on the second floor and 4,000 square feet in the basement.
The deal is likely to close at the beginning of 2019, and the store would then open at the beginning of 2020. Hamleys would have a 15-year lease, and the asking rent is $8 million per year.
Meanwhile, other toy retailers have struggled. Toys “R” Us declared bankruptcy earlier this year and is selling off its portfolio, although a group of stakeholders in the company are working on a plan to relaunch the brand as a toy wholesaler. Famed New York toy store FAO Schwarz just reopened a store at Rockefeller Center. [CO] – Eddie Small