Search
 

Toys 'R' Us VP Speaks Out About Times Square Move

NEW YORK CITY-Building owner Charles Moss and Insignia/ESG brokers were his only contacts, says the retailer's real estate veep. He also says the site is designed to knock FAO Schwartz down a peg.

By Anthony Garritano | Updated on January 23, 2001

NEW YORK CITY-Toys “R” Us, one of the largest purveyor of toys in the world, has decided to open its flagship store in the heart of Times Square, at 1530 Broadway. Toys wants to re-brand and replace long-time New York stalwart FAO Schwartz as the dominant toy store here. The new outler, set for a September 2001 opening, will sport a working Ferris wheel and a glass shell so passersby can see right into the store from the street.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.