T
he streets of Manhattan are finally seeing new life as long-abandoned retail spaces are being revitalized. Times Square, once plagued by empty storefronts and vacant lots, is experiencing a resurgence with two major leases signed for a total of 75,000 square feet.
The Liberty Theatre, a former vaudeville and movie house on West 42nd Street, has been leased by Broadway4D, which plans to create an immersive entertainment experience using the latest technology. The space will feature a newly written musical that incorporates historical songs sung by current Broadway stars.
Nearby, Path Entertainment, a London-based company specializing in immersive ventures, has leased 50,000 square feet at 11 Times Square for its interactive theater presentation, Dungeons & Dragons: the Twenty-Sided Tavern. This is not their first project in the area, as they have also brought Monopoly and Clue Live to life.
Other grand spaces are still available around Times Square, including the Good Morning America studio at 1500 Broadway, which can be divided into various areas with double-height windows and ceilings over 20 feet high. The asking rent is $10 million per year, making it an attractive option for experiential tenants seeking large, column-free space.
Matt Chmielecki of CBRE notes that some building owners are even considering removing slabs to make these spaces more appealing to potential tenants. Another notable offering is the former Crown Plaza ballroom at 1601 Broadway, which boasts 40,000 square feet of double-height space and an asking rent of $100 per foot.
In other parts of Manhattan, Moncler has made a sublease deal for a prominent storefront on Fifth Avenue facing the Apple Cube, while Bonhams Auction House is moving to the Steinway Hall Rotunda in late 2025. The former Times Building retail space, which was once home to Gulliver's Gate and Nat Geo's Ocean Odyssey, is also up for grabs after its pre-pandemic demise.
Meanwhile, Arte Museum has signed a lease for an immersive media exhibition space at Chelsea Piers, bringing another exciting experience to the area. With these new leases and developments, Manhattan's retail landscape is slowly but surely being revitalized.
