But, as with almost every major deal, there were some wrinkles to be ironed out. As reported by GlobeSt.com, there is a lawsuit pending between Garrick-Aug and 1530 Broadway's owner, Charles Moss. Garrick-Aug broker Faith Hope Consolo claims to have had the deal all but done before Moss took her off the project and gave the deal to Insignia/ESG. Now she is suing for a full commission.
"I would say we were able to consummate the deal within two months of our initial contact with Moss," Toys vice president of real estate David Picot tells GlobeSt.com. He also asserts that the only people he dealt with were Moss and members of Insignia/ESG, the brokers of record.
Both Moss and members of Garrick-Aug refused to comment due to the sensitivity of the pending litigation. GlobeSt.com will stay on top of the on-going court case.
Speaking about the requirements for the new space, Picot explains that, "to accomplish all of our goals, we were looking for a building that was centrally located for our flagship store. Fifteen-thirty Broadway met all of our requirements. Toys will occupy over 100,000 sf of space, which in that area is very rare. We're very excited about it."
Aside from the space the building offered, the location was key. The entire Times Square area has been revamped over the years to make the area family-friendly. "We saw it as an ideal location for a themed setting," Picot explains.
Industry squabbling aside, the executive is jazzed about his new location. "This store is really part of the whole new vision and direction that we want Toys to be going in," he says. "The public is going to love it."
Anthony Garritano is assistant editor of Real Estate New York and Real Estate New Jersey.
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