Posniak and Ursini of ESRT broker 1,187 s/f retail lease to Papyrus
New York, NY According to Empire State Realty Trust, Inc. (ESRT), Papyrus, the exclusive stationery retailer, will open a 1,187 s/f store at 1359 Broadway, where it has signed a long-term lease.
1359 Broadway, - New York, NYPapyrus’s lease in the Times Sq. South submarket follows those of other national retailers targeting the abundant pedestrian traffic of area employees, tourists and hotel guests traveling between Times Sq. and Macy’s/Herald Sq. Among those are Urban Outfitters, Shake Shack and Rituals at 1333 Broadway, another ESRT property.
“The neighborhood continues to be transformed, with the influx of thousands of office workers, and new retailers beginning to populate stores that line the Broadway pedestrian plaza, targeting the growing foot traffic between Times Sq. and Herald Sq.,” said Thomas Durels, executive vice president and director of leasing and operations for ESRT. “This section of Broadway is destined to become one of the city’s most active retail streets.”
Papyrus is the flagship brand of Schurman Retail Group, founded in 1950 as an importer of European paper products. Today, the company has 400 stores in North America.
Jacqueline Klinger and Taryn Brandes of The Shopping Center Group represented Papyrus in the lease negotiations. Landlord representation was provided by Fred Posniak and Shanae Ursini of ESRT, along with Jared Lack of Newmark Grubb Knight Frank.