CityTarget, the big-box chain Target’s smaller store model, will find its first New York home at City Point, the 1.8-million-square-foot development under construction in Downtown Brooklyn.
First reported by the New York Daily News last Friday, the lease for CityTarget was signed over a year ago and includes 125,000 square feet of retail and storage space. A press release issued by Target noted that the location in Albee Square will target neighborhood residents, students and straphangers who use the nearby DeKalb Avenue subway station.
“People are increasingly moving into city centers and guests want that Target experience they love closer to home,” said Target’s Scott Nelson in a prepared statement. “While we continue to innovate in our general merchandise stores, broadening our stores portfolio to include smaller formats brings great design, value and convenience to our guests in urban communities.”
According to the Daily News, average rents range from above $20 per-square-foot to approximately $40 per square foot.
The store is set to open in 2016.
According to a 2012 Reuters report, CityTargets are generally two-thirds the size of regular Target stores, which are roughly 135,000 square feet. Target announced that the East Coast’s first CityTarget will open in Boston in 2015.