A trendy Japanese retail store is entering the American market at a storefront adjacent to the Port Authority Bus Terminal.

Muji, a manufacturer of minimalist household goods, announced yesterday it agreed to lease a 5,000-square-foot space in the New York Times building being constructed between 40th and 41st streets along Eighth Avenue.

The company’s decision to locate at the base of the 52-story tower, in an area considered anything but chic, illustrates the real estate climate in Manhattan, where even the dingiest of blocks can see new construction that fetches sky-high rents from big players.

Completion is expected in the fall, and development company Forest City Ratner said it has tenants committed for about 85% of its 700,000 square feet of office space.

The developer has set a high standard by signing Muji for its first of five retail spaces in the building, which could help spawn greater interest in the area, analysts say.

“From Forest City’s perspective, it’s a home run with the bases loaded,” a broker at the real estate firm Newmark Knight Frank, Jeffrey Roseman, said.

Muji, which had $1.3 billion in sales worldwide last year, has said the site will act as its flagship store as it makes its entrance into the American market. The company sells housewares such as sushi frying pans and wall-mounted CD players, and has been expanding its international presence in recent years. It currently operates 387 stores in Europe and Asia.

It sells a small sampling of goods at the MoMA design store, but has no locations in America.

The president of Muji USA, Hiroysohi Azami, said the company is considering opening 20 to 30 stores in America. He said he expects the store to attract some tourists, but believes most shoppers would be New Yorkers.

Due to its proximity to Times Square, the constant stream of tourists and office workers on the streets will boost the company’s brand, he said.

“It’s not unusual for these stores to be loss leaders” even while building name recognition for the company, a real estate attorney, Michael Pollack, said. “They’re getting a lot of eyeballs on a daily basis by going in there.”

The location could be further boosted by a rezoning of the nearby Garment District to allow for commercial space, Mr. Pollack added.

Once shunned by developers of skyscrapers, Eighth Avenue in Midtown has seen several recent large projects. Hearst Corporation opened its 46-story tower on 57th Street last year, a 40-story office building is planned just across from the Times’s building, and on Monday, the New York Post reported a deal for a 30,000-square-foot site at 46th Street that could potentially hold a giant office tower.

With success for the site hardly a guarantee half a decade ago, Forest City Ratner took a risk while building the tower with few tenants signed, analysts said. But as the strong market has allowed Times Square’s powerful presence to radiate nearby, stores such as Muji can come in and aid landlords eager to boost the land value and attraction of the neighborhood.