Oakley will pay what could be a record-setting retail rent for Times Square, $1,400 a square foot, for its new location at 1515 Broadway.
With prices on both sunglasses and square feet rapidly rising, Times Square may finally rival its classier retail neighbors, in fact. “It’s catching up to Fifth Avenue, which gets $2,000 a foot for the best spaces,” said Jeffrey Roseman of Newmark Knight Frank, who represented landlord SL Green.
Oakley, which joins a flagship Aeropostale store in the former MTV building, is likely to draw a much younger clientele, albeit with just as much disposable income.
“SL Green Realty Corp. has been building a strong mix of upscale retail tenants aimed at a young demographic at 1515 Broadway,” said Rick Matthews, a building spokesperson. “Oakley is a perfect fit and should do very well there.”
The New York Post first had news of the deal. The paper reports that Oakley will take 1,815 square feet that juts out next to the building’s entrance at 44th Street and Broadway, plus a storage basement.
Kenneth Hochhauser and Marc Leber, along with Mr. Rosen and also of Newmark Knight Frank, represented the landlord. Beth Rosen and David Rosenberg of Robert K. Futterman & Associates “scoured the neighborhood” for Oakley, says the Post.