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It appears that Toys R Us has decided it might not no longer need its massive Times Square flagship, that just so happens to include an indoor ferris wheel. Crain's reports that the company "is scheduled to vacate roughly 100,000 square feet at 1514 Broadway in 2016, leaving behind a space worth tens of millions of dollars in annual rent."
The article explains that Toys R Us could renew their lease, but it would cost them, adding, "the toy retailer would have to renew at market rates, a sum that is sure to be exorbitant in a neighborhood where retail rents have reached record highs in recent years." According to Glenn Rufrano, the CEO of Cushman & Wakefield Inc., this is big news; he explains that "this is by far one of the most valuable retail spaces in the city to hit the market in a long time."
Th brokerage firm has been marketing the location at an annual retail convention in Vegas, so it sounds pretty certain that Toys R Us won't hang on to the spot.
· Huge Times Square Toys R Us space in limbo [Crain's]