Come 2016, Times Square may have one of its most prominent stores gone with the wind. The multi-level Toys R Us flagship store’s lease will be up, and it’s unclear if they’re going to be renewing. Should they not, they’d be leaving open “one of the most valuable retail spaces in the city to hit the market in a long time,” according to the CEO of the brokerage firm Cushman & Wakefield Inc.
When Toys R Us opened there in 2000, contracts were established for an annual rent of roughly $12 million. Under current market levels, the retailer’s rent would jump to more than $50 million.