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Times Square Tiff: Litigation Clouds Credit, Compensation for Toys R Us Deal

NEW YORK CITY-Times Square has gone from seedy mess to family-fun urban playground. Embracing this market, Toys "R" Us signed for a location here. The deal is now at the center of a "who done it" battle.

By Anthony Garritano | Updated on January 21, 2001

NEW YORK CITY-Toys “R” Us has fallen on hard times with its market share dropping and its earnings taking a turn for the worse, but that may soon change when it opens its new flagship store in Times Square. Toys took 100,000 sf at 1530 Broadway, a recognizable and often-filmed locale with neighbors like the ABC Studios and MTV. So, things are looking up for the toy purveyor, but how many brokers were involved in the deal?

Faith Hope Consolo, vice chairman, and Joseph A. Aquino, managing director, of Garrick-Aug say they did the deal. Consolo calls the transaction “the most unique use in Times Square because it’s not just another media company or themed restaurant. Who would ever think of a 100,000-sf toy store in Times Square?”

Consolo goes further to say that the deal “changes the complexion of the whole area and makes it more about family.” Seems pretty clean-cut with a happy ending and everything, but nothing is what it seems.

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