Gap, Old Navy stores to take over Toys R Us Times Square location

The store at 1514 Broadway will be divided up to accommodate flagship locations for both Gap and Old Navy stores, said Sean Piazza, a spokesman for the San Francisco company.

“This signature spot builds on Gap Inc.’s continued commitment to showcase its brands in ideal locations that best serve customers,” Piazza said in an e-mail.

The company’s results have been buoyed by strong sales at the Old Navy chain, which has lured shoppers with lower prices and athletic styles.

Combined, the Gap and Old Navy stores will account for 62,000 square feet of the 100,000-square-foot store, Piazza said.

Rates for ground-floor retail space in the area averaged $2,413 per square foot in the spring, higher than anywhere in Manhattan except for Fifth Avenue between 49th and 59th streets, according to a report by the Real Estate Board of New York.

The 21,000-square-foot ground floor was being marketed for $2,500 per square foot, according to Bradley Mendelson, vice chairman at Cushman & Wakefield Inc., who handled leasing for the building’s owners, Bow Tie Partners.

“Bow Tie Partners welcomes Gap and Old Navy to their Bow Tie Building and looks forward to a long and prosperous relationship,” Ben Moss, partner of Bow Tie Partners, said in an e-mail.