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Chinese variety store chain Miniso will take to Times Square for its fourth New York City storefront.
Miniso signed a 9,655-square-foot lease for the first and second floors of SL Green Realty’s 5 Times Square, according to tenant broker Cushman & Wakefield.
C&W declined to provide the terms of the deal, but average retail asking rents on Seventh Avenue between 42nd and 47th Streets were about $1,315 per square foot in the first quarter of 2023, according to a recent CBRE report.
The Times Square outpost adds to the company’s stores at 490 Broadway, in the Staten Island Mall and at 133-36 37th Avenue in Flushing, Queens, though it’s not clear when the third store will open.
“Miniso’s newest retail space in Times Square marks a significant milestone for the global brand as it continues to expand its reach and connect with customers around the world,” C&W’s Joanne Podell, who represented the tenant alongside Michael Shalom, said in a statement. “In this prime location, Miniso is perfectly positioned to offer its unique shopping experience to the millions of daily visitors that flock to Times Square.”
SL Green did not immediately respond to a request for comment. It’s unclear who brokered the deal for SL Green.
SL Green owns the retail component of 5 Times Square, which is a 38-story building owned by Scott Rechler’s RXR that was completed in 2002 and has about 1 million square feet of office.
Mark Hallum can be reached at mhallum@commercialobserver.com.
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