By Liana Grey
Clothing and accessories chain Fossil has nearly doubled its storefront at the base of Morgan Stanley’s headquarters at 1585 Broadway, annexing an additional 1,500 s/f of space.
“They now have over 100 feet of frontage,” said Amira Yunis of Newmark Knight Frank, who represented Fossil in the deal to expand their space to 3,272 s/f.
When the fashion company is finished renovating the space this summer, Yunis predicts its sales per s/f will increase. “The added frontage is great for Fossil’s presence in Times Square,” she said.
Located across from Hershey’s and M&M World, and adjacent to Starbucks, Sunglass Hut, and the makeup chain Bare Escentuals, the shop is in the heart of Times Square’s coveted “bowtie” section, which has among the most expensive retail rents in Manhattan.
The asking rent for Fossil’s additional space, which was previously occupied by Perfumania, was $600 per s/f. Andrew Goldberg and Eric Gelber of CB Richard Ellis represented the landlord, Morgan Stanley. The CBRE team repositioned the retail at the building which has attracted such tenants Sunglass Hut and Bare Escentuals.
The deal is the latest in a series of repositionings for Yunis, who first introduced Fossil to Times Square in 2008. Known for her knack of spotting a hot retail spot while it’s still lukewarm, Yunis has also been credited with helping build a jewelry enclave around her Parisian client Mauboussin’s Madison Avenue store and for getting in ahead of the power lunch crowd when she set up Capital Grille in the Chrysler Building.
Yunis is currently working with W&H Properties, which has committed to improving the after-hours scene in the 34th Street District. She is listing a space at 1359 Broadway which she believes is ideal for a high-end dining spot. “It’s a brand-new space,” said Yunis. “It’s a pretty large loft in the garment center, which is very heavily trafficked.”