Target to Open is Third Manhattan Store in 29,000 SF Store at XIN Development International’s New Development
NEW YORK (November 15, 2016) – RKF, the country’s leading independent real estate firm specializing in retail leasing, investment sales and consulting services, announced today that for the second time this year, it has arranged a lease with Target to anchor the retail component of a new residential development. Target signed a lease for 29,000 square feet of retail space at the base of XIN Development International’s forthcoming mixed-use retail and residential condominium development to be built at 615 Tenth Avenue in Manhattan’s Hell’s Kitchen. When it officially opens in 2019, this will be Target’s third location in Manhattan.
RKF Vice President Brandon Eisenman and Associate Thomas Cholnoky represented XIN Development International, the U.S. branch of Beijing-based Xinyuan Real Estate NYSE:”XIN”, in the transaction. Ripco Real Estate Corp.’s Richard Skulnik and Peter Ripka represented Target.
615 Tenth Avenue, the new construction 82 unit residential condominium building, will span the entire western block of Tenth Avenue between West 44th and 45th Street; the new Target store will be situated at the northwest corner of West 44th Street in 29,000 square feet of space on the ground floor and lower level. There is approximately 7,500 square feet of retail space remaining for lease in 615 Tenth Street for which RKF is seeking tenants.
Target will be within walking distance of many other prominent residential developments, including the 1,238-unit Gotham West, One MiMA Tower and Silver Towers, and immediately adjacent to the new state-of-the-art P.S. 51 The Elias Howe School and across the street from The Beacon School. 615 Tenth Avenue is also in close proximity to several new arts complexes, including the Frank Gehry-designed Pershing Square Signature Center and the Baryshnikov Arts Center, opened by world-renowned dancer and choreographer Mikhail Baryshnikov.
“We’re excited to play a major role in the revitalization of Hell’s Kitchen in collaboration with such a talented team at XIN,” said Eisenman. “The market has transformed from an industrial corridor to a desirable residential neighborhood with many developments recently completed and many more expected soon. 615 Tenth Avenue is really the only centrally located large-scale retail opportunity in the Midtown West/Hell’s Kitchen trade area, which makes it advantageous for large format box retailers. In addition to Target, we will be looking to bring a variety of retail, food and service offerings, such, restaurants, cafes, service retailers, and boutique fitness concepts to serve the area’s growing residential and office population, which is currently under-served.”
Neighboring retailers and restaurants include Gotham West Market, 44 & X Hell’s Kitchen, Drybar, FIKA, The Marshal, CVS/pharmacy and Chase Bank.
In August 2016, RKF arranged a 27,306-square-foot lease with Target at Extell Development Company’s 500 East 14th Street, one of two mixed-use buildings Extell is developing in the East Village, also represented by Eisenman who stated, “our experience arranging these types of large scale retail transactions put us in the best position to advise landlords from pre-construction all the way through the deal process to lease execution”.
The leading independent real estate firm in North America specializing in retail leasing, investment sales and consulting services, RKF serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and dispositions. With approximately $30 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Chicago, Las Vegas, Los Angeles, Miami, Northern New Jersey, San Francisco and Toronto. RKF operates in Canada as RKF Group Canada Realty, a retail brokerage.
RKF’s New York City office is located at 521 Fifth Avenue, Floor 7, New York, NY 10175.
T: 212.599.3700. www.rkf.com