Old Navy Signs Outlet Deal in Staten Island
Gap Inc.’s Old Navy has signed a deal for 13,382 square feet in Staten Island’s Empire Outlets. The outlet store will open this fall, as per a press release from the developer, BFC Partners. The lease is for five years, as per a BFC spokesman, and although he declined to cite rents, in past transactions the asking rent was $125 per square foot.
“We’re excited to grow Old Navy’s presence in the New York City area,” Julie Van Vliet, Old Navy’s spokeswoman, said in a prepared statement. “We look forward to being a part of this unique shopping experience and welcoming families from all over the city and the world into our new Old Navy Outlet store.”
While Gap Inc.’s Gap and Banana Republic brands have been flailing, sister brands Old Navy and Athleta have been faring well. The company announced last September that over the next three years it would close 200 Gap and Banana Republic stores, while opening 270 Old Navy and Athleta stores, as Commercial Observer previously reported. (There will be a Banana Republic Factory in Empire Outlets.)
The Old Navy deal at Empire Outlets, according to The New York Post—which broke the story—brings the 340,000 square feet of retail and restaurant space to 71.54 percent leased.
James Prendamano, the leasing broker for Empire Outlets, said in prepared remarks that Old Navy “is a brand that has captured multiple generations of shoppers.”
There will be 100 retailers in the shopping center, located at 55 Richmond Terrace adjacent to the St. George Ferry Terminal. Joseph Ferrara, a principal of BFC Partners, developer of Empire Outlets, touted in a press release that upon opening in the fall, “Empire Outlets will provide an unforgettable visitor experience and become one of New York City’s top shopping and dining destinations.”