Times Square’s Newest Renter Will Draw Millennials, Young Parents

Real estate firm RKF is adding a new slice of fun to midtown Manhattan.

The firm  has arranged a 12,346-square-foot lease with Pip’s Island, described by RKF as an “immersive, interactive entertainment experience for children.”

Located at 400 W. 42nd St. at the base of the Pod Hotel Times Square, the space — Pip’s Island’s first permanent one — may prove to have a positive effect on footwear retailers in the area.

“Pip’s Island will be well-positioned at the convergence of three of New York City’s most dynamic neighborhoods: Times Square, Hudson Yards and Hell’s Kitchen,” said Pierce Thompson, a senior associate at RKF. “This is an incredible time in the area’s evolution, with scores of new retail, residential, office and mixed-use developments planned, underway or completed. Pip’s Island will be able to capture the area’s growing density of families, as well as tourists who come to New York City for unique family experiences.”

Adjacent footwear stores stand to benefit from the new arrival, especially as millennials — who are increasingly entering parenthood — seek out entertainment for their kids.

According to a spokesman for RKF, the spot will feature actors, “cutting-edge technology and animation,” and “promises to take children’s storytelling to the next level.”

“Pip’s Island will be surrounded by the increasing presence of experiential retail in the western portion of Times Square,” noted the spokesman.

As Karen Bellantoni — vice chairman at RKF — recently told FN, for footwear brands and retailers both old and new, “the right location is [always] essential.”

RKF’s clients include Adidas and Saint Laurent.

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