![]() “We anticipate a lot of activity, because our selling points are simple: the center performs extremely well and retailers report high volumes of sales year in-and-out.” “The opportunity to market this type of space, located in one of the most-visible and highly-trafficked retail destinations in Brooklyn, affords us the ability to identify a tenant that will further position the complex as one of the premier shopping centers in New York City,” Ripka said. He also praised the “robust tenant roster.” Peter Ripka, co-founder of RIPCO, said he sees a lot of potential for the space because of its location near the Belt Parkway, free parking lot and the regional demographics. An Olive Garden is slated to open there next year. It also has several smaller, food-based retailers such as Kohl’s, Starbucks and Five Guys. Located on the neighborhood’s Bath Beach waterfront, Ceasar’s Bay featuring other Best Buy, Modell’s Sport Goods and Kohls as its remaining anchor tenants. “We expect strong demand for this Toys R Us and are looking forward to putting in a retailer that will cater to the day-to-day needs of the Brooklyn customer.” “We invested in Ceasar’s Bay because it’s truly one of the most productive shopping centers in the U.S.,” Gazit Horizons CEO Jeff Mooallem said. a subsidiary of the Israeli company Gazit Globe - and CBB Realty Associates, the two companies that own the center through a joint venture, have retained RIPCO Real Estate to lead the leasing effort at the former Toys R Us location. One such strip is South Brooklyn’s 300,000 s/f Ceasar’s Bay Shopping Center in Bensonhurst, which now has 77,000 s/f dual-level, big box retail to fill. The upper floor and lower level cost less, but the toy store has been paying about half the current going rate since it began renting about 110,000 square feet of the building in 2000.When Toys R Us went bankrupt earlier this year, it left a trail of large, vacant retail spaces in its wake, many of them in shopping centers full of otherwise successful tenants. The broker told the Observer that rent on the ground floor of the 150,000-square-foot building costs $2,500 per square foot. “There really is not a tenant that can rent that.” They have 21,000 square feet on the ground floor,” said Brad Mendelson, the broker. ![]() A broker for the property told the site that rising rents forced the toy store to look into new options for its flagship location. The Commercial Observer reported this past spring that the toy store, long an anchor in New York City’s most popular tourist destination, would not be renewing its lease. The Times Square location has been popular with tourists, who take photos beside a giant LEGO Empire State Building and wait in line to ride a 60-foot-tall indoor ferris wheel. While a new flagship location has not been chosen, Toys "R" Us is "actively searching" for space in midtown, company spokeswoman Jessica Offerjost said. The company confirmed Tuesday that it will close its flagship location on Broadway between West 44th and West 45th streets on Dec. After 15 years, Toys "R" Us is leaving the bright lights of Times Square for good this week.
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