NEW YORK CITY-Coming soon, youth-oriented fashion retailer Express may be joining the ranks of Ann Taylor LOFT, the Gap and Aeropostale in the heart of Times Square. Express is in talks for 45,000 square feet of retail space at the base of 4 Times Square, the former home of ESPN Zone, the New York Post reported.
Sources told the Post that the deal is not complete and could “fall apart,” but the transaction is being reviewed and awaits final corporate approval. While rents were not disclosed, the Post says Express’ price tag could range as high as $45 million a year, based on $1,000 per square-foot retail rents in the Times Square area.
The vacant site, located at 42nd Street and Broadway, is also known as the "Crossroads of the World." In 2010, Disney Regional Entertainment closed its New York ESPN Zone location as well as others in Baltimore, Chicago, Las Vegas and Washington DC.
The building’s upper floors are home to luxury publisher Conde Nast, who will relocate from its current headquarters to One World Trade Center in 2013. The Port Authority of New York & New Jersey will take responsibility for Conde’s existing lease at 4 Times Square, which expires in 2019.
A spokesperson for the Durst Organization did not return a phone call to GlobeSt.com in-time for deadline.
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