Building owners Charley and Ben Moss of Bow Tie Partners were represented by C. Bradley Mendelson and David A. Green of Insignia/ESG's Retail Group, while Mark Finkelstein of Retail Strategies brokered the 15-year deal for Foot Locker.
"This is the second major deal for Foot Locker in a little under two months," notes Mendelson. "In late March, Foot Locker's athletic footwear division Champs signed an equally big lease for a bi-level store at Five Times Square."
Observers have been expressing concern of late that entertainment venues and restaurants were taking over the Crossroads of the World, particularly on the Deuce, the famous stretch of 42nd Street between Seventh and Eighth avenues. Those fears have been quelled somewhat by recent deals such as the Champs lease, reported by GlobeSt.com in April. Click here to read the original story.
"There is definitely a growing influx of non-entertainment retailers to the area, pioneered by Toys R' Us which established its flagship next door at 1540 Broadway in 2001," adds Mendelson.
Known as the Bow Tie Building, 1530 is located in the heart of Times Square at the intersection of 45th and Broadway. "The visibility we anticipate procuring for our products in Times Square is extraordinary," says Mathew D. Serra, president and CEO of Foot Locker, Inc. "No other neighborhood in New York enjoys such great pedestrian traffic, literally 24/7."
Built in the 1930s, the building was once home to vaudeville house the Criterion theater. It later was converted to a movie theater and eventually became the home of the Roundabout Theatre Company.
When Roundabout vacated the space roughly two years ago, a releasing program was launched. A deal with cosmetics retailer Sephora fell through, paving the way for the Foot Locker lease.
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