Chinese Camera Company Insta360 to Open Store in Times Square – Commercial Observer
Insta360, a China-based global optics and camera company, has signed its first U.S. lease for a 1,100-square-foot store at 1515 Broadway in Manhattan’s Times Square, Commercial Observer has learned.
The world’s No. 1 360-degree camera brand, which is a direct competitor to the popular GoPro brand, has been used for purposes ranging from undersea exploring to documenting sustainable outer space adventures. The company expects to open its new Times Square shop in August or September, where it will feature immersive demo zones, creator-led sessions, on-site product education and marketing events.
Louis Franco and Joseph Isa of Isa Realty Group represented the tenant, while Ross Berkowitz of Newmark represented the building owner, SL Green Realty.
The asking rent on the two-year deal was $1,000 per square foot. Sources said the short term of the lease was at the behest of SL Green, which wants to preserve options for the property that it had hoped to convert into a casino once Paramount‘s office lease ends. SL Green has also indicated it may still continue with a hotel, entertainment and observation deck conversion plan at the property between West 44th and West 45th streets.
“We approached Insta360 with the idea of opening a flagship store in Times Square because there is no better retail destination in the world to make a statement for a U.S. launch,” Franco said. “Insta360 is an innovative global brand, and 1515 Broadway gives them the visibility, energy and foot traffic that only Times Square can provide.”
Insta360 has previously run successful New York pop-up events for its X series of cameras, including one at Grand Central Terminal. A spokesperson for the camera company said its new, more permanent space in Times Square will give it the opportunity to “deepen connections” made through those pop-ups and “serve as a hub for the city’s creative community.”
Asian brands are focusing on Times Square due to its global tourism, video billboards and late-night shopping that accommodates those accustomed to other time zones.
A few years ago, Isa Realty Group represented Swarovski in a sublease at 1565 Broadway to Heytea Lab, which is known for its “cheese” tea. Pop Mart will open a 7,000-square-foot flagship at 1540 Broadway on Aug. 1, while 1515 Broadway is already home to TopToy’s 2,000 square feet and South Korea’s Line Friends, which has been located in 4,600 square feet since 2017.
