The Bromley Companies just announced that Banana Republic has signed a new 28,000 sf lease for a new flagship location at 105 Fifth Avenue (at 18th Street), consolidating the Men’s and Women’s stores a few blocks north into a single, multi-level store. The space was previously home to a Barnes & Noble.
Nicholas Haines, Chief Executive Officer of The Bromley Companies, represented ownership on the transaction. He stated that “The lease is a testament to the continued strength of the Lower Fifth Avenue retail market as a core location for large national retailers in New York City; we expect this lease will further solidify this major submarket.”
With Banana Republic’s new flagship location and recent major renovations by neighboring retailers Zara, Coach and Express, it’s clear that this is the perfect time to set up shop in Union Square. Our recent Biz & Broker Quarterly reported that there are prime locations available in the busy neighborhood, notably the 31,000 sf space at 853 Broadway along 14th Street and the 8,500 sf space in the new New School University Center at the corner of 14th Street and Fifth Avenue.