Empire State Realty Trust announced that Papyrus, the exclusive stationery retailer, will open a store at 1359 Broadway, where it has signed a long-term lease.
The asking rent for the 1,188 s/f space was $400 per square foot.
Papyrus’s lease in the Times Square South submarket follows those of other national retailers targeting the abundant pedestrian traffic of area employees, tourists and hotel guests. 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 Square and Herald Square,” said Thomas P. Durels, executive vice president at 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 approximately 400 stores in North America.
Jacqueline Klinger and Taryn Brandes of The Shopping Center represented Papyrus in the lease negotiations. Landlord representation was provided by Fred C. Posniak and Shanae Ursini of ESRT, along with Jared Lack of Newmark Grubb Knight Frank.