I Love NY Gifts Takes Space in 9 Times Square for Flagship
I Love NY Gifts has signed a lease for close to 9,000 square feet at a Times Square building for a new flagship location, according to a press release from the landlord and information on its broker’s website.
Early this month, the tourist memento shop signed a 15-year lease at 9 Times Square, also known as 570 Seventh Avenue and 200 West 41st Street, and will open the three-level space there—at southeast corner of Seventh Avenue and West 41st Street—in spring 2019. The asking rent wasn’t immediately available.
I Love NY Gifts’ space includes 3,933 square feet on the ground floor, 3,500 square feet in the basement and 1,250 square feet on the mezzanine level, per RKF’s website. The store will sell licensed products and novelty items for tourists.
Jordyn Comras, TJ Cholnoky, Jackie Totolo and Ariel Schuster of RKF, a Newmark Group company, represented the landlord and the tenant in the transaction.
Totolo touted: ”The new facade and glass storefronts, 125 feet of wraparound frontage and the amazingly high ceilings of the retail space.”
Schuster declined to provide further information and directed a reporter to the press release.
The space has been vacant since American Realty Capital New York City REIT—a public non-traded real estate investment trust referred to as NYCR—acquired the building in November 2014 for $170.3 million. At the time of the purchase, the roughly 170,000-square-foot building was 76 percent leased, per a 2014 press release.
Zachary Pomerantz, a senior vice president at NYCR, said in the release: “We are excited to add I Love NY Gifts as our primary retail tenant at NYCR’s 9 Times Square property and to now have achieved almost 85 percent occupancy in the building.”
Office tenants at 9 Times Square include office provider Knotel, acoustical consultancy Longman Lindsay and law firm Horowitz Horowitz & Paradis.