Target planning yet another NYC store in Chelsea

28K sf store on Eighth Avenue to be added to New York portfolio

New York /
Nov.November 25, 2020 05:00 PM
258 8th Avenue (Google, Target)

258 8th Avenue (Google, Target)

Target is opening yet another location in New York City.

The big-box retailer has signed a lease at 258 Eighth Avenue in Chelsea, currently occupied by a sprawling — and bankrupt — New York Sports Club.

Target will take up a 28,000-square-foot retail space in the base of a to-be constructed mixed-use rental building, according to a statement by a spokesperson for JJ Operating, who purchased the site in 2017 for $107 million. The building will encompass a full city block from 23rd to 24th streets.

A Target spokesperson confirmed that the Chelsea store is in the works.

Richard Skulnik of Ripco Real Estate represented Target as the broker in the transaction.

Target is currently planning to open at least 15 stores across New York state, including locations in Yonkers, Times Square and Washington Heights. The Eighth Avenue store is not yet listed on the company’s website.

The retail giant has seen a record year amid the pandemic. In its most recent earnings call, the company announced plans to open up to 40 stores a year moving forward.





    Related Articles

    arrow_forward_ios
    Before the pandemic, national tenants paid 94 percent of rent. (Getty)

    Retail rent collections rebound to 90%

    Retail rent collections rebound to 90%
    Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

    7 Manhattan hotels head to auction block

    7 Manhattan hotels head to auction block
    As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

    Silicon Valley exodus: Where’d everyone go?

    Silicon Valley exodus: Where’d everyone go?
    TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

    The 10 biggest new project filings in NYC

    The 10 biggest new project filings in NYC
    Gov. Andrew Cuomo announced that a major development surrounding Penn Station. (Getty)

    Cuomo adds housing to $51B Midtown West project

    Cuomo adds housing to $51B Midtown West project
    Alex Sapir (Getty)

    Former Sapir employee accuses company of retaliation

    Former Sapir employee accuses company of retaliation
    229 West 43rd Street in New York and Two Westlake Park in Texas. New York and Texas are the states with the largest exposure to loans with appraisal reductions. (Photos via iStock; Google Maps; JLL)

    What appraisal reductions mean for future losses on CMBS loans

    What appraisal reductions mean for future losses on CMBS loans
    Cushman & Wakefield CEO Brett White, Mayor Bill de Blasio, and Donald Trump, Eric Trump and Donald Trump Jr. (Getty)

    Cushman & Wakefield, NYC cut ties to Trump Organization

    Cushman & Wakefield, NYC cut ties to Trump Organization
    arrow_forward_ios

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

    Loading...