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He is based at ALM Real Estate Media Group's offices in New York City.","imageLarge":"http://images.globest.com/contrib/content/uploads/sites/299/2016/01/Paul-Bunny_avatar_1453917953-136x136.jpg","webUrl":"/author/profile/paul-bubny/"}],"publication":"Globe Street","kicker":"","kickerNode":[],"prettyDate":"January 22, 2009","pubDate":"2009-01-22 10:54:00:000","modifiedDate":"","isDownload":"false","primaryCategory":{"channelName":"","sectionName":"","name":"","uri":"","slug":"","channelUri":""},"tags":[],"image":{"uri":"","width":"","height":"","alt":""},"embed1":"","embed2":"","summary":"NEW YORK CITY-The beauty products chain will take 12,000 square feet of retail space on three levels at AVR Realty's 5 Times Square.","categories":[{"name":"","uri":"","channelName":"GlobeSt Market"},{"name":"","uri":"","channelName":"Globest Sectors"},{"name":"","uri":"","channelName":"Globest Topics"},{"name":"Leasing","uri":"/globest-topics/leasing/","channelName":"Globest Topics"},{"name":"National","uri":"/markets/national/","channelName":"GlobeSt Market"},{"name":"New York","uri":"/markets/new-york-metro/","channelName":"GlobeSt Market"},{"name":"","uri":"/markets//","channelName":"GlobeSt Market"},{"name":"Retail","uri":"/sectors/retail/","channelName":"Globest Sectors"}],"bodyArray":["<p>The three-level store, with ground level at the base of the 1.1-million-square-foot office tower, is scheduled to open sometime this summer, says Zelnik, president of Zelnik &amp; Co. Taking advantage of the location's visibility, Sephora plans to incorporate an undulating sign with animations.</p>","<p>Zelnik says the space was vacant due to the bankruptcy of Times Square Brewery, its former tenant. AVR acquired 5 Times Square <b><a href=\"/news/845_845/newyork/152981-1.html\">from Boston Properties</a> for $1.3 billion in early 2007 and subsequently negotiated a mutually beneficial termination with leaseholder Disney. This gave AVR the leeway to market the location, and Zelnik says \"we went out to traditional retailers as well as exploring branding opportunities for corporate tenants.\"</b></p>","<p>Due to its configuration, the space was going to be multi-level regardless of the tenant that took it, but Zelnik says having it on three levels was not set in stone. \"The mezzanine level might have come out, depending on the tenant,\" he says. In the event, Sephora opted to stay with the three-level format and will incorporate it into its build-out for the retail space, which is intended to integrate the Times Square image, as well as Sephora's. The space will house product lines not found in any other Sephora store, according to a release.</p>","<div class=\"paywall-content\"><p>Zelnik worked with AVR COO Jeffrey Gansberg on negotiating the deal. 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