O, Hark the Herald Angels superstore
By LOIS WEISS
Last Updated: 3:55 AM, December 5, 2011
Posted: 10:41 PM, December 4, 2011
The Victoria’s Secret Angels are spreading their wings into a 50,000-square-foot flagship superstore in Herald Square.
The Post has learned that Sitt Asset Management has bought out a parking garage operator at its 2 Herald Square building and has signed a deal with Victoria’s Secret to take over the 30,000-square-foot lower level garage.
Currently, the lingerie company occupies a 20,000-square-foot store and 5,900 square feet of offices at the building, which sits on the prominent northeast corner of 34th Street in Herald Square. H&M also has a 66,000-square-foot store in the property.
Victoria’s Secret will be spending several million dollars in renovation costs, sources said, for a spread that will be large enough to have its own runway for fashion events.
“I think that’s pretty spectacular,” said retail broker Robin Abrams of The Lansco Corp., who was unaware of the transaction. “Victoria Secret’s sales are pretty strong and they are one of the lucky retailers whose business is doing extremely well.”
November same-store sales at Limited Brands, the owner of Victoria’s Secret, climbed 7 percent, topping analysts’ expectations.
While a corner store at that location could now command a rent of $750 a foot, lower level space is significantly discounted.
“I could see the landlord getting somewhere around $75 a foot, more or less. It’s tough to know without seeing the space and the height of the ceilings and number of columns,” said Abrams. The exact financial arrangements could not be determined.
A Victoria’s Secret spokeswoman did not respond to a request for comment.
Ralph Sitt of Sitt Asset Management did not return calls for comment, either.
He was, however, spotted backstage recently chatting with some of the supermodels at the Victoria’s Secret fashion show television taping at the Armory.
I would love if Abbey could get back to VS(maybe if she gets her hair in the original color) cause i was recaping the 2009 show and she was the BEST! Better than all the angels...she had so much energy and she had the best looks...
^They already shot for Valentine's Day like two/three months ago. They're shooting for Spring now. I don't think their shoot is VS related because the people on set that I know of work with like Vogue, W, and work on TV and movie sets... Posted via Mobile Device