NEW YORK – RKF, the country’s leading independent real estate firm specializing in retail leasing, investment sales and consulting services, announced today that it has arranged a 12,346-square-foot lease at 400 West 42nd Street, with Pip’s Island, a new immersive, interactive entertainment experience for children. Ideally situated on the southwest corner of Ninth Avenue and 42nd Street, this will be Pip’s Island’s first permanent location.
RKF CEO and Chairman Robert Futterman, Vice President Ross Berkowitz, and Senior Associates Pierce Thompson and Scott Zinovoy represented the landlord, 400 Times Square Associates, LLC. Nicole Paris-Suozzi of Nicole Paris Realty, Inc. represented Pip’s Island.
Pip’s Island will open at the base of the Pod Hotel Times Square, occupying 1,527 square feet on the ground floor and 10,819 square feet on the second floor. The space will feature 166 feet of frontage. Major Food Group’s The Polynesian recently opened on the third floor sky lobby of the 710-key Pod Hotel.
“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 Thompson. “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.”
Launching this fall, Pip’s Island is a concept that was three years in the making. It boasts a combination of live actors, cutting-edge technology and animation, and it promises to take children’s storytelling to the next level.
“After revolutionizing experiential entertainment in 2016, we are back with the first truly immersive experience for families,” said Rania Ajami, co-founder of Pip’s Island, “Our permanent flagship will delight, surprise and inspire New Yorkers and visitors alike as they join a colorful cast of characters and embark on a thrilling adventure where they become the heroes of their journey.”
Pip’s Island will be surrounded by the increasing presence of experiential retail in the western portion of Times Square, including the upcoming Lionsgate-branded indoor entertainment center at Eleven Times Square that was also varranged by RKF.
“The addition of Pip’s Island will further enhance The Pod 42nd Street by providing unparalleled children’s entertainment,” said Richard Born, Principal of BD Hotels, owner of the Pod Hotel. “We already have the rooms, Pod pads and The Polynesian tiki bar for adult entertainment. This venue moves the Times Square center of gravity further west and makes the corner of 42nd and 9th avenue, a must-visit for anyone seeking adventure and fun in NY.”
The leading independent real estate firm in North America specializing in retail leasing, investment sales and consulting services, RKF serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and dispositions. With approximately $40 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout North America for leading retailers, restaurants, owners, developers and institutional clients. RKF is headquartered in New York with offices in Chicago, Las Vegas, Los Angeles, Miami, Northern New Jersey, San Francisco, Tokyo and Toronto. RKF operates in Canada as RKF Group Canada Realty, a retail brokerage.