Target has signed a lease with Extell Development Company’s 500 East 14th Street for 27,000 sqf of retail space. Located at the southeast corner of Avenue A, directly across from Stuyvesant Town and Peter Cooper Village, the new development will encompass two 7-story buildings with 56,610 sqf of retail space on the ground and lower floors. Target will occupy 9,649 sqf on the ground floor and 17,705 square feet in the lower level. Slated for completion in 2018, the 500 East 14th location will mark Target’s third location in Manhattan and its second New York City flexible-format store designed for city shoppers. RKF Chairman & CEO Robert K. Futterman, Vice Chairman Ariel Schuster, Vice President Brandon Eisenman and Director Ike Bibi, represented Extell Development in the transaction.
“Target will be transformative for 500 East 14th Street, its sister project at 524 East 14th Street, as well as the entire market,” said Vice President Brandon Eisenman, RKF. “We are actively in discussions with other prospective retail tenants who are drawn to the remaining 28,840 square feet. Retailers are coming to the neighborhood because of its growing residential population. Target’s commitment makes 500 and 524 East 14th Street all the more desirable.”
