234 West 42nd Street
This is a 10-year, 20,000 SF retail lease in the heart of Times Square executed by an institutional-grade landlord (Brookfield Properties / Madison International Realty) with a first-time U.S. operator (House of Spells), which introduces meaningful tenant credit risk given the absence of a domestic operating history or publicly available U.S. financials. The Times Square submarket has shown resilience post-pandemic with experiential and tourism-driven retail performing well, and the franchise IP backing (Harry Potter, LOTR, Game of Thrones) provides strong consumer demand visibility. The space previously housed IT'Sugar and Modell's — both of which experienced financial distress — suggesting some historical leasing instability at this specific unit, though Brookfield's institutional management mitigates long-term vacancy risk. Deal economics appear reasonable for the submarket, with implied rents consistent with the $50–$80 PSF range typical for secondary Times Square retail corridors, and the 10-year term provides landlord income stability. From a lending perspective, this deal is not a direct financing opportunity but signals improving retail absorption in Times Square, supporting collateral value for any debt secured by the broader building.
Deal Stats
Parties
Seller / Landlord
Brookfield Properties is one of the largest and most sophisticated institutional real estate operators in the world, with a dominant presence in Times Square through its ownership of numerous trophy assets; their partnership with Madison International Realty further strengthens the capitalization and long-term stability of this ownership structure. Brian Kingston, as CEO of Brookfield Real Estate, brings a deal volume exceeding $7.7B, reflecting deep market credibility and institutional-grade asset management.
Buyer / Tenant
House of Spells is a UK-based experiential retail brand specializing in licensed merchandise themed around major fantasy franchises including Harry Potter, Lord of the Rings, and Game of Thrones; this Times Square location represents their first U.S. store, indicating international expansion ambition but limited domestic operating history. As a foreign-market entrant with no prior U.S. credit track record, tenant creditworthiness requires additional diligence including UK financials and parent company guarantees.
Score Analysis
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Strengthen sponsor track record documentation
Prior deal history and project completions directly improve track record score.
Clarify transaction structure
A clearly documented deal structure reduces perceived risk.
Provide updated rent roll or income documentation
Verified cash flow data improves confidence in asset performance.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Retail Lease 234 West 42nd Street Daily limit: 2/10 House Of Spells Signs 10-Year Lease For 20,000 Square Feet At 234 West 42nd Street LEASED + 2 40,000 SF Leased 1 week ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $0 Total Square Footage: Transaction Type: The property asset involved in this transaction is located at 234 West 42nd Street in the Times Square market. The retail asset comprises a total area of 20,000 square feet and is notable for being the first U.S. store of House of Spells, which specializes in merchandise themed around Harry Potter, Lord of the Rings, and Game of Thrones. The store has signed a 10-year lease in the space previously occupied by IT’Sugar and Modell’s, within a building owned by Brookfield Properties in partnership with Madison International Realty. Summary of transaction details: Property Type: Retail Transaction Amount: Not specified Address: 234 West 42nd Street Market: Times Square Landlord: Brian Kingston - Brookfield Properties Tenant: House of Spells Landlord's Representative: Alan Schmerzler, Diana Boutross & Ian Lerner - Cushman & Wakefield Tenant's Representative: Peter Weisman - Weisman NYC The deal features key representatives including Brian Kingston from Brookfield Properties as the Landlord, while Alan Schmerzler, Diana Boutross, and Ian Lerner from Cushman & Wakefield serve as the representatives for the landlord. Peter Weisman from Weisman NYC represents the tenant, House of Spells. This transaction marks a significant addition to the Times Square retail landscape. See More Players All Brokers Buyers | Sellers Landlords | Tenants Peter Weisman 12 deals $36.9M volume (212) 300-3077 BROKER Ian Lerner 5 deals Alan Schmerzler 9 deals Diana Boutross 3 deals (212) 841-5097 HS House of Spells BUYER Brian Kingston 44 deals $7.7B volume LANDLORD Details Deal Summary IMAGE: Peter Weisman, Alan Schmerzler, Brian Kingston, Diana Boutross & Ian Lerner DATE: 05/19/2026 ADDRESS: 234 West 42nd Street MARKET: Times Square ASSET TYPE: Retail LANDLORD: Brian Kingston - Brookfield Properties (@BrookfieldProperties) TENANT: House of Spells LANDLORD'S REP: Alan Schmerzler, Diana Boutross & Ian Lerner - Cushman & Wakefield (@CushWake) TENANT'S REP: Peter Weisman - Weisman NYC NOTE: Times Square is getting a new 20,000-square-foot experiential retail tenant as House of Spells signs a 10-year lease for its first U.S. store at 234 West 42nd Street, bringing Harry Potter-, Lord of the Rings-, and Game of Thrones-themed merchandise into the former IT’Sugar and Modell’s space in the Brookfield–Madison International Realty-owned building. Email New York | @tradedny Contact Get in touch with the broker you want Select Brokers Ian Lerner, Peter Weisman, Alan Schmerzler, Diana Boutross, Brian Kingston Name Phone (optional) Message I'm an agent Similar Tenants These are similar tenants of Retail properties in this price range Unlock All Profiles Unlimited deal views Access investor profiles & contacts Exclusive comps & market data These are similar brokers based on this deal Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map. NEW! Search No recent news available for this market No active listings available for this market Suggestions Analyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results. Deal Type SALE LOAN LEASE Property Size (sq ft) Rent per Square Foot (Annual) Lease Term (Years) Annual Escalation (%) Lease Type NNN (Triple Net) Free Rent Period (Months) Reset Effective Rent (Annual) $2,292,775.86 Total Lease Value $22,927,758.62 Net Landlord Cash Flow Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. States National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming News Agents Agencies About About Us FAQ Testimonials Help Help Center Return Policy © 2026 Traded Media LLC . All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use