Makeup and beauty hulk Sephora is relocating a Times Square store opposite a “bow tie,” where it has put a finishing touches on a franchise during Vornado Realty Trust’s 1535 Broadway, sources told The Real Deal.
Sephora sealed a franchise for roughly 6,000 block feet on a belligerent building and another 12,000 block feet on a reduce turn of a sell apportionment during a bottom of a 49-story Marriott Marquis hotel, sources said. Vornado controls 45,000 block feet of sell underneath a 20-year franchise it sealed with Maryland-based Host Hotels in 2012 for $213.2 million.
Representatives for Vornado and Sephora did not respond to requests for comment. Virginia Pittarelli during Crown Retail Services, who negotiated a understanding on interest of Sephora, declined to comment.
The financial sum of a understanding were not immediately clear. Average seeking rents for belligerent building space on a Times Square “bow tie” – a area on Broadway and Seventh Avenue between West 42nd and West 47th streets – is $1,930 per block foot, according to a Real Estate Board of New York’s open sell report, representing an 18 percent decrease from a year earlier.
In 2015, Vornado sealed T-Mobile to 4,000 block feet on a belligerent building of a building with a starting franchise of roughly $2,000 per block foot, or about $8 million. The cellphone tradesman afterwards inked a understanding to take LED signage above a store for another $5 million. That understanding was shortly followed by a Israeli bath-and-body emporium Laline, that sealed on for 640 block feet.
It wasn’t transparent if a Sephora understanding enclosed LED signage. The Marriott is only one of 15 properties across a city with a taxation comment of $1 billion or more.
Sephora will immigrate a Times Square store during a Tamares Group’s 1500 Broadway, where it’s on a sublease with a Walt Disney Company that expires in a small some-more than dual years, a source told TRD.
The cosmetics sequence has another plcae circuitously during RXR Realty and David Werner’s 5 Times block during 200 West 42nd Street, that sources pronounced it skeleton to keep in place.
As of April, Sephora was in talks to franchise a sizable space during Harry Macklowe’s One Wall Street office-to-residential condominium conversion, and in Feb was in talks with RedSky Capital to open a store during a 241 Bedford Avenue in Williamsburg.