Target has signed a 30-year, 42k SF, two-floor lease to set up a small-format store at Extell Development’s two-building East Village development.
Located at 500 East 14th St, the space—which has 302 feet of frontage—was being marketed by RKF’s Ike Bibi, Brandon Eisenman and Robert Futterman, The Real Deal reports. Extell recently spoke with Trader Joe’s for the space, as well as another 14k SF of retail space at 524 East 14th St.
While it’s not known how much Extell wanted for rent, a 2016 REBNY retail report noted that median asking retail rent below 14th Street is $104/SF.
Barnett’s development, which has been in the pipeline since 2012 after Extell paid Sol Goldman $35.1M for the properties, is expected to have 150 units and 50k SF of retail space.
Barnett (pictured) recently closed a $140M loan for the two buildings, receiving $90M from Wells Fargo and $50M from German bank Helaba.
Target has a 10-year option to extend the lease. In addition to existing stores at 517 East 117th St and 8801 Queens Blvd, Target recently signed a 38k SF lease at Infinity Real Estate and Nightingale Properties’ 1715 East 13th St and a 45k SF lease at 255 Greenwich St. [TRD]
