The first Manhattan location of educational toy store franchise Learning Express Toys will open in time for the holidays in a 1,668-square-foot ground- and lower-floor space on the Upper East Side, Commercial Observer has learned.
An outpost of the toy, book and game store with 130 U.S. locations will open in December with 818 square feet of ground-floor space at the Savoy Shops at 1029 Third Avenue at East 61st Street, according to a spokeswoman with Winick Realty Group. Dylan’s Candy Bar anchors the building.
The franchisee signed a 10-year lease with an additional five-year option for the Olshan Properties-owned storefront that carried an asking rent of $25,000 per month, the Winick representative said.
“This franchisee found the brand because she was searching for educational toys for her children,” said Winick broker Charles Rapuano in a prepared statement. “She was impressed with the company and wanted to open their first store in Manhattan.”
Mr. Rapuano represented the tenant in the transaction, while Jim Davis, Olshan’s senior vice president for leasing, negotiated on behalf of the landlord in-house.
Mr. Davis attributed the deal to the Savoy Shops’ “unparalleled location,” as well as the “service-first operating principles of Olshan’s top-notch leasing team.”