Target has signed a lease for 29,000 square feet of retail space at the base of XIN Development International’s forthcoming mixed-use retail and residential condominium development in Manhattan’s Hell’s Kitchen. Located at 615 Tenth Avenue, the project will have an 82 unit residential condominium building spanning the entire western block of Tenth Avenue between West 44th and 45th Street. The new Target store will be situated at the northwest corner of West 44th Street with retail space on the ground floor and lower level. RKF Vice President Brandon Eisenman and Associate Thomas Cholnoky represented XIN Development International, the U.S. branch of Beijing-based Xinyuan Real Estate NYSE:”XIN”, in the transaction. Ripco Real Estate Corp.’s Richard Skulnik and Peter Ripka represented Target. When it officially opens in 2019, this will be Target’s third location in Manhattan.
RKF’s vice president Brandon Eisenman said the market has transformed from an industrial corridor to a desirable residential neighborhood with many developments recently completed. “615 Tenth Avenue is really the only centrally located large-scale retail opportunity in the Midtown West/Hell’s Kitchen trade area, which makes it advantageous for large format box retailers. In addition to Target, we will be looking to bring a variety of retail, food and service offerings, such, restaurants, cafes, service retailers, and boutique fitness concepts to serve the area’s growing residential and office population, which is currently under-served.”
