Ian Schrager Taps CBRE for 20 Times Square Retail
Al Barbarino May 21, 2014, 11:57 a.m.
Ian Schrager and his joint venture constructing the Times Square Edition hotel at 20 Times Square has named CBRE as the exclusive leasing agent for the development’s 76,000-square-foot retail component.
Mr. Schrager, along with Witkoff Group, Winthrop Realty Trust, New Valley LLC and Maefield Development, are creating a mixed-use development at the site that will include the 452-key hotel, 40,000 square feet of flagship dining, entertainment and event space, according to an announcement.
The retail, at the northeast corner of Seventh Avenue at 47th Street, in Times Square’s bow-tie and across the street from 2 Times Square and the iconic Coca-Cola sign, will feature 200 feet of wraparound frontage, a 25-foot-tall glass storefront and flexible floor sizes ranging from 10,700 to 14,700 square feet.
The 39-story hotel, created in collaboration with Marriott International, will be Manhattan’s second Edition, as Mr. Schrager has plans for another at the landmarked Clock Tower at 5 Madison Avenue. The “luxury lifestyle” Edition brand was conceived as Marriott’s “answer to competitors attuned to younger, hipper clientele — especially Starwood Hotels and Resorts’ W line,” according to a report in the New York Post earlier this year, which noted that Marriott will manage the hotel under a long-term agreement.
An enormous, reportedly 18,000-square-foot high-def LED sign will wrap around the property, making it one of the largest in Times Square.
A CBRE team led by Stephen Siegel, Andrew Goldberg and Susan Kurland will oversee the retail leasing efforts.