Midtown is getting a huge Target store on 34th Street.
The discount department store signed a lease for 43,000 square feet at Empire State Realty Trust’s 112 West 34th Street, the New York Post reported.
The store, which is set to open in October, will anchor a 92,000-square-foot retail center with tenants that include Sephora, Foot Locker and Swatch.
There will be an entrance on 34th Street across from Macy’s, as well as one on 33rd street, where there will also be grab-and-go food options and a CVS pharmacy.
Target is best known for its huge stores in suburban strip malls that can be well over 100,000 square feet, but the chain has been increasingly opening smaller-format locations as it looks to break into urban markets where space is limited.
The company already opened a smaller store in Tribeca at 255 Greenwich Street and has two others in the works at Extell Development’s 400 East 14th Street and Xinyuan Real Estate’s condominium project at 615 10th Avenue in Hell’s Kitchen.
It has larger stores at East River Plaza in East Harlem and at the Atlantic Terminal mall in Brooklyn.
“Retail is very challenged around New York and it speaks to the strength of the location because today in New York City, if the retailers can’t make money, they won’t take the location.” said ESRT CEO Anthony Malkin, according to the Post.
Asking rents for the retail space were around $1,000 per square foot.
Ripco Real Estate’s Peter Ripka, Richard Skulnik and Jeffrey Howard represented Target. Cushman & Wakefield’s Joanne Podell, Ian Lerner and Mary Clayton represented ESRT, along with the in-house team of Fred Posniak and Shanae Ursini. [NYP] – Rich Bockmann