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Uniqlo's Herald Square Location Faces Some Costly Hurdles

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Image via Fashion Herald

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Back in August we informed you that Uniqlo was eying a three-floor space on 34th Street, adjacent to Herald Square. Slated to be the Japanese retailer's third Manhattan shop (once that Fifth Avenue monster opens its doors), the space is currently home to one floor of Loft and two floors of Dr. Jay's.

Seems Uniqlo is still after the space and intends to sublease it for $7 million a year; but the building's owners—deep-pocketed and "notoriously" cheap—are after an additional $7 million. The current lease-holders have retaliated, with a lawsuit. From the Real Deal:

A tenant of the notoriously tight-fisted estate of the late Sol Goldman is claiming in a new lawsuit that the sprawling real estate company is harassing it to extract a $7 million payment to approve a sublease by Japan's top clothing retailer, Uniqlo, at 31 West 34th Street near Herald Square.

Tenant El Fassi Realty claims the Goldman estate is using New York City Fire Department violations to claim the lease, which expires in 2086, is in default, because the lease requires violations to be cleaned up quickly. If they are not, the Goldman estate will terminate the lease.

Oy. Long story short—Uniqlo wants a non-disturbance agreement and to be open and operating on 34th Street's big-money international shopping corridor. Sol Goldman Investments wants to cash in. We just want more Uniqlo. We'll keep you posted.
· Goldman estate wants $7M to approve Uniqlo's 34th Street lease: suit [Real Deal]
· Get Excited: Uniqlo Wants a Herald Square Location [Racked NY]
· Uniqlo's Giant Plywood Already Dominates Fifth Avenue [Racked NY]

Uniqlo - Soho

546 Broadway, New York, NY 10012 Visit Website

31 W. 34th Street, New York, NY