The new store is set to open in October 2016, and will occupy 7,358 square feet on the ground floor and 40,894 square feet on the lower level, landlord Jack Resnick & Sons announced today in a news release.
Asking rents for ground-floor retail space in the area range from $200 to $250 per square foot, according to the release. The length of the deal was not disclosed.
“Given its great appeal to residents, office workers, visitors and students, we believe Target is an ideal addition to this dynamic, 24/7 community,” Jack Resnick & Sons’ Dennis Brady, who represented the landlord in-house with colleague Brett Greenberg, said in a prepared statement.
The new Target store at the 14-story, 625,000-square-foot mixed-use building between Murray Street and Park Place will be a smaller version of its normal-sized stores, as Fortune first reported.
“Target was considering smaller stores and this amazing space came up in Tribeca, where a lot of positive factors are happening,” Ripco Realty’s Peter Ripka, who represented Target in the deal with colleague Jeff Howard, told Commercial Observer.
Target has been focusing on opening its smaller stores recently. The smaller outlets are two-thirds the size of regular Target stores, which are roughly 135,000 square feet. A flexible-format, 20,795-square-foot Target is set to open in 7000 Austin Street in Queens next year, as CO previously reported.
Other tenants in the building include RR Donnelley & Sons, Tradition North America, and the Borough of Manhattan Community College.