Newmark Retail has arranged a 9,932-square-foot retail lease with Dear U International for its Bubble House concept at 24 Union Square East in Manhattan. Vice Chairman Jeffrey D. Roseman and Director Drew Weiss serve as the exclusive leasing agents at the property and facilitated the transaction on behalf of ownership, the S. Klein Family LLC.
Dear U, a South Korea-based global entertainment technology company focused on how fans and K-Pop artists connect, signed a long-term lease for the entire ground floor of the property. The company will debut Bubble House New York, its first permanent brick-and-mortar location and flagship U.S. store. The experiential concept will blend merchandise, exclusive activations and fan engagement experiences designed to connect artists and fans in a physical setting.
“Union Square continues to attract innovative brands seeking flagship opportunities in one of Manhattan’s most active retail corridors,” said Roseman. “Dear U’s first permanent retail location reflects the neighborhood’s appeal to experiential concepts and international brands looking to engage consumers in new ways.”
Bubble House will join recently signed tenant Activate Games, the interactive gaming concept with more than 40 locations across North America, the United Kingdom and the United Arab Emirates, which leased 14,814 square feet comprising a portion of the ground floor and the entire second floor for its own flagship New York City location.
Located between 15th and 16th Streets, 24 Union Square East is a 160,000-square-foot office tower with a rich retail history. The property was the original home of the S. Klein department store from 1912 through the early 1970s and has since housed notable flagship tenants including Toys “R” Us and Raymour & Flanigan.
Tae Moon and Jin Kim of KoriNY Inc. represented Dear U in lease negotiations. Resolution Real Estate Partners served as a consultant to ownership.
