Newmark Retail Arranges 9,932-SF K-Pop Company Flagship Lease at Union Square East Office Tower

Newmark has arranged a 9,932-square-foot retail lease with Dear U International at 24 Union Square East in Manhattan, the firm announced June 22, 2026. The South Korea-based entertainment technology company will use the space to open Bubble House New York, described as its first permanent brick-and-mortar location and U.S. flagship store.

Dear U signed a long-term lease for the entire ground floor of the property, which is owned by the S. Klein Family, LLC. The experiential concept is designed to blend merchandise, exclusive activations, and fan engagement experiences intended to connect K-Pop artists and fans in a physical setting.

Newmark Brokers and Representation

Newmark Vice Chairman Jeffrey D. Roseman and Director Drew Weiss served as exclusive leasing agents for the property and facilitated the transaction on behalf of ownership. Tae Moon and Jin Kim of KORINY INC represented Dear U in lease negotiations. Resolution Real Estate Partners served as a consultant to ownership.

"Union Square continues to attract innovative brands seeking flagship opportunities in one of Manhattan's most active retail corridors," Roseman said. "Dear U's first permanent retail location reflects the neighborhood's appeal to experiential concepts and international brands looking to engage consumers in new ways."

Property Background and Retail Context

Located between 15th and 16th Streets, 24 Union Square East is a 160,000-square-foot office tower with a documented retail history. The building was the original home of the S. Klein Department Store from 1912 through the early 1970s and has since housed notable flagship tenants including Toys "R" Us and Raymour & Flanigan.

The Dear U lease follows a separate transaction at the same property in which Activate Games — an interactive gaming concept with more than 40 locations across North America, the United Kingdom, and the United Arab Emirates — leased 14,814 square feet comprising a portion of the ground floor and the entire second floor for its own flagship New York City location.

Dear U and the K-Pop Retail Expansion

Dear U is a global entertainment technology company focused on facilitating connections between K-Pop artists and their fan communities. The New York flagship represents the company's first permanent physical presence in the United States. The Bubble House New York concept is structured around merchandise, fan activations, and immersive experiences.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate services firm operating across owners, occupiers, investors, and developers. For the twelve months ended March 31, 2026, Newmark generated revenues of more than $3.4 billion. As of that date, Newmark and its business partners operated from over 185 offices with more than 9,600 professionals across four continents.

Sources

Newmark Press Release — June 22, 2026