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Times Square Fever Not Over Yet as Toys R Us Signs Mega Deal

NEW YORK CITY-Toy retailer lives up to its ads with its new lease for 101,000-sf lease in Times Square, making the site the biggest toy store in the world. But how much can Times Square take?

By John Salustri | Updated on August 02, 2000

Toys R Us, long billing itself as the biggest toy store there is-apparently is. The Paramus, NJ-based retailer has inked a 101,000-sf deal for space in Times Square on the corner of Broadway and 44th. The space is being billed as the largest toy-retailing venue in the world. Certainly it’s among the priciest; the annual rent has been valued at roughly $12 million, although neither participant in the deal would confirm or deny the amount. “The number’s wrong,” says Brad Mendelson, the Insignia/ESG Retail Group managing director who brought Toys R Us to the deal, “but it’s not far off.” Retail rents in the district range from $100 to $125 per foot.

What is right, Mendelson tells GlobeSt.com, is that despite reports of a cooling economy, the entertainment destination shows no sign of slacking. “There isn’t a market in the city–whether it’s retail, commercial or multifamily–that seems to be showing signs of slowing,” he says.

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