Leases  ·  Retail

10K-SF Gift Shop Opening Near Penn Station

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Commuters crawling out of Pennsylvania Station will no longer have to trek very far for their next “I Heart NY” shirt or Times Square snow globe.

Souvenir and gift store Big Apple Gifts signed a 12-year lease for 10,000 square feet on the ground floor, mezzanine and basement of 14 Penn Plaza, across the street from Penn Station, according to Circle Realty Group’s Jay Futersak, who brokered the deal for both sides. Asking rent was $300 per square foot.

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The company’s gift shops around Manhattan operate under different names, including Big Apple Souvenirs & Gifts at 860 Seventh Avenue. The Penn Plaza outpost is scheduled to open March 1, taking over a storefront from women’s clothing store Lane Bryant after it closed three years ago, Futersak said.

“We’re thrilled to have Big Apple as part of our tenant roster,” Futersak said. “They’re a great, family-run business.”

The  461,396-square-foot 14 Penn is owned by 14 South Williamsport Holdings and managed by Circle Realty. Other tenants in the property include Mueser Rutledge Consulting Engineers, accounting firm Prager Metis and coworking operator Regus, which took 28,341 square feet in the building in 2021.

Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.