Retailer-to-the-tweens Aeropostale is taking an adult-size bite out of Times Square.
The retailer has nearly completed a lease for one of the neighborhood’s most prominent locations: the about 17,000-square-foot storefront at 1515 Broadway, according to sources close to the negotiations. Real estate database CoStar indicates this includes some of the same space formerly occupied by the MTV Studio. The storefront sits at the bottom of the 54-story cloudbuster between 44th and 45th streets, smack-dab in the middle of Times Square.
When fully completed — it’s said to be just millimeters away from done — this lease will be just the latest coup for landlord SL Green, which earlier this month announced the successful $475 million refinancing of the scraper. That came just over a year after SL Green convinced anchor tenant Viacom to keep its global headquarters in the building.
Aeropostale couldn’t be reached for comment. But the store, which saw robust sales over the holiday season and recently increased its earnings estimate, is taking a big bet on the Times Square market. Gossip on the retail street puts the annual rent at around $10 million. That number couldn’t be confirmed. But it wouldn’t be out of the realm of possibility given Times Square’s tremendous foot traffic and tourist allure. Other retailers have also been jumping into the Times Square mix, including Disney, which recently signed a 25,000-square-foot-lease at 1540 Broadway.
Neither Newmark Knight Frank‘s Jeffrey Roseman, who represented SL Green, nor SL Green would comment for this story.
Editor’s Note: The former version of this article incorrectly described the new Aeropostale store as including the old MTV Store space, rather than part of the MTV studio space.