Target Takes Space From Vornado Affiliate for Rego Park Shop

Target is taking over another large space in Queens.

The big-box retailer leased 135,000 square feet at the Rego Park Shopping Center at 61-35 Junction Boulevard in the Rego Park neighborhood, the Commercial Observer reported. The shopping center is owned by Alexander’s, an affiliate partly owned by Steven Roth’s Vornado Realty Trust.

The 15-year deal brings the shopping center to 99 percent leased, according to ownership. The Target will occupy nearly a quarter of the multilevel, 600,000-square-foot open-air mall, which counts Costco an anchor tenant. Other tenants include Burlington, Best Buy, Marshalls, T.J. Maxx, Aldi and Petco.

In 2020, At Home — the Texas-based home decor superstore — took roughly 130,000 square feet for its first store in New York City. The store proved to be one of dozens closed by the company after the company filed for bankruptcy last year.

The asking rent and brokers involved in the Target deal were not disclosed. The average asking rent for retail leases in Queens is $42.47 per square foot, according to CommercialCafe.

The Rego Park location will be Target’s ninth in Queens. The company’s most notable recent splash was in Long Island City, where the retailer leased 31,000 square feet at Savanna’s One Court Square in 2021 for a two-floor location.

The Rego Park Shopping Center is also referred to as Rego Park II, not to be confused with the recently sold Rego Park I.

In March, Northwell Health agreed to acquire the vacant, 338,000-square-foot Rego Park I complex from Alexander’s for $235.5 million. The identity of the buyer suggests the potential for a major healthcare conversion, such as a medical campus or outpatient hub, to expand access to care in Queens, though that hasn’t been confirmed.

Roth gained control of Alexander’s in the mid-1990s after a high-profile ownership fight with Donald Trump. Trump owned about 27 percent of the company while Roth held roughly 29 percent. Trump’s stake was ultimately seized by lenders and sold to Roth in 1995 after he defaulted on loans tied to his hotel and casino properties.

— Holden Walter-Warner