Coty USA has signed a lease for a 10,040-square-foot retail space at 30 Times Square, which also has the address, 719 Seventh Avenue. The new building, which sits on a development site, was designed for a flagship and features 5,800 square feet of LED signage.
Brett Herschenfeld, managing director and head of retail leasing at SL Green, who represented the landlord of 30 Times Square, said the neighborhood continues to attract new tenants. Case in point: Line Friends, the South Korean brand that sells products based on its sticker characters for mobile messenger app Line.
“Levi’s, Sephora and Swarovski recently opened new stores in Times Square,” he said. “People have this idea that retail is suffering, but Times Square continues to thrive and do better than any other submarket in Manhattan. The first Hard Rock Hotel in Manhattan will open in close proximity to 30 Times Square.”
Herschenfeld declined to discuss specific prices, but said “rents in Times Square are still at their all-time high and holding firm. There hasn’t been the need to adjust rents.”
According to the Real Estate Board of New York, the average ground floor asking rent on Broadway and Seventh Avenue between 42nd and 47th Streets was $2,100 in fall 2017, compared with $1,930 in spring 2017.
“Part of the attraction of Times Square is the signage and media. [Coty] is getting over 5,000 square feet of LED signage with visibility from every angle of the Bowtie,” Herschenfeld said, referring to the bow tie-shaped plaza formed by the intersection of Broadway and Seventh Avenue.
Coty could not be reached for comment.