Discount Retailer to Open 27,306-SF Flexible-Format Store at 500 East 14th Street
NEW YORK (October 10, 2016) – RKF, the country’s leading independent real estate firm specializing in retail leasing, investment sales and consulting services, announced that it has arranged a 27,000-square-foot lease with Target at Extell Development Company’s 500 East 14th Street, which is within one of two mixed-use building’s Extell is developing in the East Village. When the store officially opens in 2018, this will be Target’s third location in Manhattan and its second New York City flexible-format store that was specifically designed to accommodate the needs of city dwellers.
RKF Chairman & CEO Robert K. Futterman, Vice Chairman Ariel Schuster, Vice President Brandon Eisenman and Director Ike Bibi, as exclusive agents, represented Extell Development in the transaction. Ripco Real Estate Corp.’s Richard Skulnik and Peter Ripka represented the tenant.
Located at the southeast corner of Avenue A and directly across from Stuyvesant Town and Peter Cooper Village, Extell’s new-construction development encompasses two seven-story buildings that will offer 56,610 square feet of retail space on the ground and lower floors. Target will occupy 9,649 square feet on the ground floor and 17,705 square feet in the lower level. There is 14,509 square feet of retail space still available for lease in 500 East 14th Street for which RKF is seeking tenants. At 524 East 14th Street, there is 9,771 square feet on the ground floor available for lease and 4,560 square feet in the lower level for a total of 14,331 square feet. The spaces can accommodate a variety of large or small format retailers, as well as various uses.
The new developments sit in the heart of the bustling East Village in close proximity to a wide array of restaurants, indie bookshops, cafes, clubs, and galleries. Neighboring retail tenants include Artichoke Pizza, The Vitamin Shoppe, CVS/pharmacy, Empellón Cocina, Blink Fitness, McDonald’s, Starbucks and Associated Supermarket. In recent years, and with the influx of New York University students and new residential developments, the area has become a prime shopping and dining destination, attracting residents and tourists alike.
“Target will be transformative for 500 East 14th Street, its sister project at 524 East 14th Street, as well as the entire market,” said Eisenman. “We are actively in discussions with other prospective retail tenants who are drawn to the remaining 28,840 square feet. Retailers are coming to the neighborhood because of its growing residential population. Target’s commitment makes 500 and 524 East 14th Street all the more desirable.”
The country’s leading independent real estate firm 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 disposition. 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 Las Vegas, Los Angeles, Chicago, Miami, Northern New Jersey, and San Francisco. 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