Lease Beat

Urban Outfitters Coming to Herald Square

Courtesy of Flickr

Courtesy of Flickr

Urban Outfitters, the controversial retailer known for its marketing of so-called hipster fashions and other offbeat products, has inked a deal for a super store in Herald Square.

Pennsylvania-based Urban Outfitters will be taking a 61,927-square-foot retail location at Malkin Properties3 Herald Square, otherwise known as 1333 Broadway in a space previously occupied by discount chain Conway.

The space will span three floors with 18,609 square feet on the lower level, 21,180 square feet on the ground floor, and 22,138 on the second floor. The building also offers 500 feet of wraparound frontage and exposure. The prime retail location also offers 500 feet of wraparound frontage and exposure.

Herald Square is well-known for its proximity to Penn Station and the 34th Street Macy’s, which is a block away and racks in over a billion dollars a year in sales. Pedestrian traffic peaks upward of 15,000 pedestrians per hour during peak times.

The news comes in light of Dick’s Sporting Goods recent retraction for the retail space. Dick’s was initially interested in leasing 56,000 square feet for its first New York retail location but backed out of the deal in favor of 3 Columbus Circle, where they found a 29,000-square-foot space, the Real Deal noted.

The asking rent was reportedly around $300 per square foot on the ground floor and $112 for the rest of the building.

An exclusive leasing team from CBRE consisting of Andrew Goldberg, Eric Gelber, and Matthew Chmielecki represented Malkin Properties in the transaction. Stephen Plourde and Keith Fencl of McDevitt Co. represented Urban Outfitters, but neither could be reached for comment.

Since expanding as a national retailer, Urban Outfitters has made a name for itself by selling controversial products including a Monopoly spin-off called Ghettopoly that enraged NAACP leaders and a t-shirt that depicted Jewish women as money hungry that caught the eye of the Anti-Defamation League.

Launched in Philadelphia in 1970, the retailer currently boasts more than 400 locations nationally.

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