The Real Deal New York

Target signs for 23K sf at Essex Crossing

Chain to open on the second floor of 145 Clinton Street on the LES
May 01, 2017 11:00AM

Rendering of 145 Clinton Street (Credit: Beyer Blinder Belle via The Lo-Down)

Target is opening a 22,500-square-foot store at the Essex Crossing development, which will be the retailer’s first outpost on the Lower East Side.

The company signed a lease for the second floor of 145 Clinton Street, the Wall Street Journal reported. Trader Joe’s is taking space on the first floor of the building, and is due to open its store next year.

The building at 145 Clinton Street is known as “Site 5,” and is slated to have 211 apartments, half of which will be affordable. There’s also around 70,000 square feet of planned commercial space. Planet Fitness signed up for 22,000 square feet in the building.

Essex Crossing will span 1.9 million square feet across several blocks between Stanton and Grand streets. Developed by Delancey Street Associates, which is a partnership between BFC Partners, L+M Development Partners and Taconic Investment Partners, it will bring more than 1,000 rental units and 850,000 square feet of commercial space to the area. Goldman Sachs’ Urban Investment Group plans to invest around $500 million in the project.

More than 6,000 people have lined to apply for affordable housing at the development.

Target has been working to expand into urban areas nationwide, according to the Journal, and is expected to have more than 130 “small format” U.S. locations by the end of 2019. [WSJ]Miriam Hall