Target is rapidly ramping up its stores in New York City, signing yet another lease.
The big-box retailer signed a lease for over 27,000 square feet of space at Aurora Capital Associates and Alex Adjmi’s 600 Broadway in Soho.
A representative confirmed the company’s plans to open the store.
The memorandum was signed on Nov. 25 and was recorded on Dec. 4, according to PincusCo, which first reported the news. The store is also listed on Target’s corporate website.
Richard Skulnik of Ripco Real Estate represented Target in the deal.
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This marks the 11th building that Target has taken over in the past 14 months. It will soon open locations in Chelsea, Yonkers, Times Square and Washington Heights.
The retail giant has seen a record year amid the pandemic. Its operating income was $1.9 billion from August through October, nearly doubling the $1 billion from the same time last year. Total revenue grew to $22.6 billion, a 21.3 percent year-over-year increase.
In its most recent earnings call, Target execs announced plans to open up to 40 stores a year moving forward.
Its new Soho home has had a curious history: Its tenants left years ago, but have agreed to pay millions of dollars in rent for the vacant space. Abercrombie & Fitch, the parent company of former tenant Hollister, is locked into a 20-year lease that expires in 2028. It’s unclear how the Target news affects that.