Target Heads to Union Square

NEW YORK CITY—Extell Development Co.'s 500 E. 14th St. has hit a bullseye.

Retail giant Target has inked a ground-floor lease at the Union Square property, one of two mixed-use properties the developer is building in the East Village. Slated to open in 2018, the 27,354-square-foot store will be Target's third location in Manhattan and its second New York City flexible-format store that is designed to accommodate the needs of city dwellers.

RKF chairman & CEO Robert K. Futterman, vice chairman Ariel Schuster, VP Brandon Eisenman and director Ike Bibi, as exclusive agents, represented Extell Development in the transaction. Ripco Real Estate Corp.'s Richard Skulnik and Peter Ripka represented the tenant.

Located at the southeast corner of Avenue A—and directly across from Stuyvesant Town and Peter Cooper Village—Extell's development encompasses two seven-story buildings that will offer 56,610 square feet of retail space on the ground and lower floors. The seven-story building also will feature 106 residential condominiums.

Target will occupy 9,649 square feet on the ground floor and 17,705 square feet in the lower level. There is 14,509 square feet of retail space still available for lease at the property. Extell's other area development, 524 E. 14th St., features 14,331 square feet of retail space.

The new developments sit in close proximity to a wide array of restaurants, bookshops, cafes, clubs, and galleries. Neighboring retail tenants include Artichoke Pizza, The Vitamin Shoppe, CVS/pharmacy, Empellón Cocina, Blink Fitness, McDonald's, Starbucks and Associated Supermarket.

“Target will be transformative for 500 E. 14th St., its sister project at 524 E. 14th St., as well as the entire market,” says Eisenman. “Retailers are coming to the neighborhood because of its growing residential population. Target's commitment makes 500 and 524 E. 14th St. all the more desirable.”

NEW YORK CITY—Extell Development Co.'s 500 E. 14th St. has hit a bullseye.

Retail giant Target has inked a ground-floor lease at the Union Square property, one of two mixed-use properties the developer is building in the East Village. Slated to open in 2018, the 27,354-square-foot store will be Target's third location in Manhattan and its second New York City flexible-format store that is designed to accommodate the needs of city dwellers.

RKF chairman & CEO Robert K. Futterman, vice chairman Ariel Schuster, VP Brandon Eisenman and director Ike Bibi, as exclusive agents, represented Extell Development in the transaction. Ripco Real Estate Corp.'s Richard Skulnik and Peter Ripka represented the tenant.

Located at the southeast corner of Avenue A—and directly across from Stuyvesant Town and Peter Cooper Village—Extell's development encompasses two seven-story buildings that will offer 56,610 square feet of retail space on the ground and lower floors. The seven-story building also will feature 106 residential condominiums.

Target will occupy 9,649 square feet on the ground floor and 17,705 square feet in the lower level. There is 14,509 square feet of retail space still available for lease at the property. Extell's other area development, 524 E. 14th St., features 14,331 square feet of retail space.

The new developments sit in close proximity to a wide array of restaurants, bookshops, cafes, clubs, and galleries. Neighboring retail tenants include Artichoke Pizza, The Vitamin Shoppe, CVS/pharmacy, Empellón Cocina, Blink Fitness, McDonald's, Starbucks and Associated Supermarket.

“Target will be transformative for 500 E. 14th St., its sister project at 524 E. 14th St., as well as the entire market,” says Eisenman. “Retailers are coming to the neighborhood because of its growing residential population. Target's commitment makes 500 and 524 E. 14th St. all the more desirable.”