DeCrosta of Crown Retail leases 902 s/f to RITUALS at ESRT’s 1333 Broadway

Fred Posniak, ESRT

New York, NY According to Empire State Realty Trust, Inc. (ESRT), RITUALS Home & Body Cosmetics will establish a retail outlet at 1333 Broadway in Herald Sq. The property, owned by ESRT, also is home to Urban Outfitters’ largest U.S. store and Shake Shack (opening spring 2016).

The RITUALS store, comprising 902 s/f, is scheduled to open in early 2016, under a long-term lease.

Christopher DeCrosta from Crown Retail Services represented RITUALS in the lease negotiations. ESRT was represented in-house by Fred Posniak, along with Andrew Goldberg and Matt Chmielecki of CBRE.

“RITUALS is the first major international brand to move to Times Square South and signifies the retail transformation that is occurring there,” said Thomas Durels, executive VP, director of leasing & operations for ESRT. “Retailers are being attracted by the improved tenant mix in the area and the increased pedestrian flow along the Broadway Pedestrian Plaza that connects Times Sq. with Herald Sq. and retail demand from the growing office population.”

Founded in 2000 and headquartered in Amsterdam, RITUALS has over 350 stores worldwide and offers exclusive items including body and facial care to scented candles, clothing, perfumes, gemstone makeup and tea. In 2014, the firm was named WWD Beauty’s Specialty Retailer of the Year. 

There is one more retail space available at 1333 Broadway. The asking rent for the space, which contains 1,835 s/f, is $450 per s/f.