ESRT hits the bullseye with Target on 34th Street

Retailer signs lease for 43K sf near Macy’s at 112 West 34th St

New York /
Mar.March 20, 2017 09:30 AM

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 TRData LogoTINY 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


Related Articles

arrow_forward_ios
Many people are excited for shoppers to return, but many have switched to e-commerce. (Getty)
Is e-commerce king? Retailers reflect on pandemic changes during earnings calls
Is e-commerce king? Retailers reflect on pandemic changes during earnings calls
Empire State Realty Trust CEO Anthony Malkin and the Empire State Building (Getty, iStock)
Empire State Building owner endures painful wait for tourists’ return
Empire State Building owner endures painful wait for tourists’ return
From left to right: Gov. Andrew Cuomo, Tony Malkin, Larry Silverstein, Douglas Durst, Steven Roth and Bill Rudin. (Getty)
Vornado, Empire State Realty Trust pledge total carbon neutrality by 2035
Vornado, Empire State Realty Trust pledge total carbon neutrality by 2035
Target CEO Brian Cornell. (Getty)
Internet, shminternet: Target adds, renovates stores as money pours in
Internet, shminternet: Target adds, renovates stores as money pours in
Tony Malkin (Getty, iStock)
Empire State Realty Trust reports 97.5% drop in Q4 earnings
Empire State Realty Trust reports 97.5% drop in Q4 earnings
As of November, Target had 1,897 stores nationwide. (iStock)
Target’s expansion continues with takeover of old Kmart stores
Target’s expansion continues with takeover of old Kmart stores
(Photo illustration by The Real Deal)
Here are Manhattan’s priciest retail leases of 2020
Here are Manhattan’s priciest retail leases of 2020
Target COO John Mulligan (Getty)
Target to open 40 new stores a year; Q3 income jumps
Target to open 40 new stores a year; Q3 income jumps
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...