$1,800/sf lease rate may be the pain threshhold Times Square retail

TrafficCourt, and The Real Deal, report:

...Express had walked away from a 45,000-sq.-ft. deal at 4 Times Square, on 42nd Street, though the company didn’t disclose its reasons. The store would cost Express $45 million a year, and created downward pressure on its performance expectations for 2012, according to The Real Deal. Retail space in the Times Square area reportedly goes for about $1,800 per sq. ft.