Earl Enterprises, his global hospitality company, has signed a lease for a new, four-story, 17,500-square-foot Planet Hollywood at 140 W. 42nd St. between Sixth Avenue and Broadway, according to Realty Check. It will be located on the bottom floors of a building that currently houses a Hilton Garden Inn, however it will not be a component of the hotel.
Jeffrey Roseman of Newmark arranged the purchase with Drew Weiss and Marc Leber of his firm. The 15-year lease’s starting asking rent was in the low $3 million per year level.
Macquarie, a financial services corporation, owns the retail condominium space. Since the building’s inception six years ago, it has been unoccupied.
“Robert had a strong desire to return to Times Square,” Roseman added. “The agreement began before COVID, but everything came to a halt when it was implemented. In the summer of 2021, the talk resumed.”
It eventually relocated to 1540 Broadway, where it lost some of its celebrity cachets but profited for 20 years from the Times Square business and tourist booms. A widely publicized rent dispute with landlord Vornado was resolved.
The new Planet Hollywood on West 42nd Street will have three different components, unlike past Planet Hollywoods in the city. The concept, according to Earl, is “a new version of our restaurant” that will be “more complicated and appealing to both New York locals and tourists.”
A 100-seat branch of Chicken Guy, Earl’s fast-casual collaboration with celebrity chef Guy Fieri, will be located on the first floor.
Customers can request dishes from ten different food companies produced in the location’s “large kitchen.”
MrBeast Burger, from “Mr. Beast” Jimmy Donaldson, who was recently listed by Forbes as YouTube’s highest-earning personality, with $54 million in earnings in 2021, will be one of them. Customers can create their own meals by ordering things from multiple brands on a single order, according to Earl.
“Look, everything has evolved,” Earl, a theme-restaurant pioneer who previously had controlled the Hard Rock Café chain, said of his company. The customer has progressed. We’ve been around for 30 years and have remained contemporary and relevant.”
Earl Enterprises owns massive casinos and resorts in Las Vegas and Mexico, as well as restaurant names such as Buca di Beppe and Earl of Sandwich and Planet Hollywood locations from Los Angeles to Qatar. It will be the restaurant chain’s sixth outlet in Manhattan.
Earl is unwaveringly optimistic about the future of Times Square and the city. He described himself as a “global businessman.” “I’m continuously on the move, doing business all around the world.” “If New York does not return to its former greatness, no one will,” he argued from that standpoint.
“We have a massive buildout ahead of us,” he added. We’ll make every effort to open before the end of the year.” “I’m in a hurry,” he said, noting that it will have been three years since the old Planet closed its doors.
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