search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aBillionaire hedge funder Larry Robbins makes South Florida moveBillionaire hedge funder Larry Robbins makes South Florida moveYellowstone drops approximately $200M on 1740 Broadway debtYellowstone drops approximately $200M on 1740 Broadway debt
Commercial
New York

Cover Girl to open first store in easy, breezy, beautiful Times Square

Cosmetics store will be located in SL Green’s 719 Seventh Avenue

A rendering of 719 Seventh Avenue and the previous building (Credit: CityRealty)
A rendering of 719 Seventh Avenue and the previous building (Credit: CityRealty)

Times Square is going to get its first Cover Girl store at SL Green Realty’s  719 Seventh Avenue.

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.

Sign Up for the undefined Newsletter

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

Tags
Commercial Real EstateSL GreenTime Square