Toys “R” Us Could Roar Out of Times Square After $38 M. Rent Hike

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A team from Cushman & Wakefield is marketing a prime retail space at 1514 Broadway currently occupied by Toys “R” Us – a move that comes in anticipation of a reported $38 million jump in rent that could give the toy store no other choice than to run from Times Square like a wronged schoolboy.

Roar
(Credit: Gary Burke)

Crain’s reported that “current market levels” would jump the toy store’s rent to more than $50 million when its lease is up in 2016, compared with the roughly $12 million it paid back in 2000, leaving C&W to quietly market the space at the International Council of Shopping Centers’ RECon conference this week.

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“This is by far one of the most valuable retail spaces in the city to hit the market in a long time,” Glenn Rufrano, the firm’s CEO, told Crain’s.

The 110,000-square-foot Toys “R” Us flagship opened in 2001 and is known for its a life-sized T-Rex dinosaur, a 60-foot indoor ferris wheel, The Center of the Toy Universe and a 4,000 square-foot Barbie dollhouse.

Brad Mendelson, a retail broker at C&W, is handling the upcoming vacancy on behalf of the space’s landlord, Charles Moss, according to Crain’s.

Mr. Mendelson did not immediately return The Commercial Observer’s calls seeking comment.