Urban Retailer Takes Large Times Square Block

NEW YORK CITY-The transformation of Times Square continues as a site that used to be home to a movie theater showing Kung-Fu films is set to be transformed into a “lifestyle destination” thanks to urban apparel brand, Ecko Unlimited. This is the second long-term commitment the firm has made to the city. Late last month, the company signed on to relocate its headquarters, showroom space, sales, design and marketing operations to 275,000 sf at 28 & 40 West 23rd St. in Chelsea.

Ecko, whose brands include Ecko Unlimited, Mark Ecko Collection, Zoo York and the G-Unit Clothing Co., was headquartered in New Jersey and approximately 55,000 sf in various locations in the Garment District. That transaction is the largest direct lease in Midtown South so far this year.

In this most recent transaction, the company inked a 30,390 gross-sf lease arrangement with the New 42nd Street, a nonprofit organization responsible for seven historic theaters on 42nd Street between Seventh and Eighth avenues. According to C. Bradley Mendelson, EVP of CB Richard Ellis’ retail services team who represented New 42nd Street, the asking price for the Times Square Theater site at 217 West 42nd St. was $2 million per year. Construction is expected to begin early next year. Ecko was represented in the transaction by PBS Realty Advisors LLC.