Movie Services Inc signed a deal for 500 sf of space at 71 Houston St. in SoHo for he first Moviebank totally automated video rental store in the US. The franchises charge as little as 99 cents to rent a video or DVD for six hours. Movie Services has exclusive licensing rights to operate the Moviebank store concept in the US. Its parent company, Cinebank, currently runs more than 7 500 automated video stores all over Europe. Those locations typically range from 350 to 1,000 sf. The size of location is determined by the number of products the site carries for distribution.
Christopher Owles, managing director of Sinvin Realty, represented thelandlord in the transaction, while Eric Le Goff, a retail broker at Cushman &Wakefield, repped the tenant.
"The landlord had been seeking a store or another tenant with full-time employees. He eventually came to believe that the relatively high, 24-hour usage that this tenant promises was appropriate for the building and the neighborhood," says Owles. Other tenants include Joel Name Optique and a new restaurant and lounge, which is building out its space on the second floor. MovieBank takes over space that has been vacant for several months and formerly was Desk&DesK, a home furniture store.
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