Ecko inks second lease at Times Square Theater

Real Estate Weekly, July 21, 2004

Just weeks after inking a deal to move its corporate headquarters to a 275,000 s/f site on East 23rd Street, urban apparel retailer, Ecko unltd. has signed a lease agreement with The New 42nd Street to open a retail location in the historic Times Square Theater at 217 West 42nd Sheet.

Designed as the world's first center for cross cultural discovery, the building is expected to emerge as a leading lifestyle destination for the millions of New Yorkers and tourists who visit Times Square each year.

"Ecko unltd. was born on the streets of New York and it has always been our vision to bring the company full circle by creating a temple to the company's heritage in the heart of the city," stated Seth Gerszberg, President of Marc Ecko Enterprises.

"Obviously, our ability to secure a building so deeply rooted in the history of Times Square is among our most significant achievements to date, and is certain to further establish Ecko unltd. as the leading barometer of global youth culture,"

Cora Cahan, President of The New 42nd Street--the nonprofit organization charged with the long-term responsibility for seven historic theaters on 42nd Street between Seventh and Eighth avenues--added, "We are delighted to have leased the last of the theaters on 42nd Street to such an ideal partner.

We believe Ecko unltd. will play an instrumental role in sustaining the success of this famous block long into the future."

The 30,390 gross s/f, three story space, expected to open in early 2006, will redefine the traditional flagship store model, elevating it to create a multi-dimensional location that serves as a navigator of contemporary youth culture.

"Taking advantage of the building's vast 42nd Street frontage and open interior, we intend to develop a location that not only appeals to loyal Ecko unltd. customers, but also invites individuals of all ages and demographics to experience the fashion, art, music and dance that define today's youth," continued Gerszberg.

Structured as an independent, nonprofit organization, The New 42nd Street was founded in 1990 by the City and State to have long-term responsibility for seven of the eight historic theaters lining both sides of the block. Five of the eight structures are now used for theatrical presentations. The Times Square Theater is the last of the seven available for adaptive re-use.

Constructed in 1920 by Edgar and Arch Selwyn, the theater was designed in the Adamesque style by architects de Rosa and Periera featuring a limestone facade and open colonnade.

The restoration and redevelopment of the theater, to be overseen by architectural firm, Janson-Goldstein LLP, is expected to commence in early 2005.

Cahan added, "With the addition of Ecko unltd. to our roster of partners, we believe we have found the significant retail element necessary to sustain the success of 42nd Street long into the future."

The deal was brokered by Brad Mendolsen of CBRE for The New 42nd Street and Laura Pomerantz from PBS realty for ecko unltd.