Sephora has committed to 12,000 s/f of retail space at 5 Times Sq. on West 42nd St. The retailer plans to open a multi-story flagship store by the summer.
Jeffrey Gansberg, the COO of AVR Realty Company LLC, the owner of 5 Times Sq., worked with Cory Zelnik, president of Zelnik & Company Real Estate in negotiating the multi-faceted transaction.
Virginia Pittarelli and Chris DeCrosta of Madison Retail Group acted on behalf of Sephora.
"Sephora is recognized around the world as a leader in beauty products and is exactly the type of high-end retailer we wanted to attract," said Gansberg. "We are delighted Sephora has joined our tenant roster. The retailer's decision to open its flagship store at the base of 5 Times Sq. speaks not only to the allure of Times Sq., but also to its strong commitment to New York City."
"The space offered Sephora the added visibility that comes with being situated at the 'crossroads' of the world," said Zelnik. "Located in one of the most highly-trafficked neighborhoods in Manhattan, the multi-level store will serve as Sephora's international flagship and provide the brand with amazing exposure."
AVR Realty acquired 5 Times Sq. in early 2007 and subsequently negotiated a mutually-beneficial lease termination with the existing lease holder of the retail space. This allowed the ownership to market the highly-coveted location to a wide range of attractive national and international retailers. AVR Realty and Zelnik & Co were extremely selective in the type of tenant they wanted to anchor the base of the trophy property.
Sephora was an intriguing prospect due to its high-profile national and international image and outstanding reputation. After working closely with Sephora representatives, state officials and design experts, a new, bold vision for the retail space was created that integrates the dynamic image of Times Sq.and Sephora. The space will house product lines not found in any other Sephora store in the world as well as a dramatic exterior.
For more than 40 years, AVR has built a reputation for identifying intrinsic real estate value in a wide range of properties. To date, AVR has built, acquired, and developed more than 35 million s/f of commercial and residential space. AVR's portfolio includes residential communities, shopping centers, office complexes, corporate and industrial parks, hotels, and assisted living facilities. Through vision, innovation, and diversification, AVR has been able to succeed and thrive in a variety of economic and market conditions.
Zelnik is a New York City-based real estate firm founded by retail powerhouse executive, Cory Zelnik. The company provides comprehensive retail brokerage services throughout the Tri-State area. Widely-recognized for its hands-on approach, the firm's guiding principle is to deliver unparalleled real estate expertise to meet the diverse requirements of both tenants and owners of retail properties. For more information, visit www.zelnikco.com Tags: