Small-Format Target Store Coming to Base of Columbus Circle Resi Condo
By Nicholas Rizzi October 29, 2018 12:14 pmreprints
Target will bring one of its new small-format stores to Columbus Circle as the anchor of AvalonBay Communities’ under-construction luxury tower, the company announced today.
The discount store signed a 15-year lease for 35,601 square feet on the ground floor, lower level and sub-lower level of 1865 Broadway between West 61st and West 62nd Streets, according to brokers from JLL (JLL), which represented the landlord in the deal. Target will take 1,546 square feet on the ground floor, 20,125 on the lower level and 13,960 square feet on the sub-lower level.
Asking rents are $600 per square foot for the ground floor, $125 per square feet for the lower level and 13,930 square feet for the sub-lower lower level, according to JLL. Target’s new outpost will open when the 172-unit, 350,000-square-foot luxury tower finishes construction in the second quarter of next year. The development still has 33,844 square feet of retail space available for rent.
“AvalonBay’s 1865 Broadway offers Target one of the most unique retail opportunities in all of Manhattan,” Patrick Smith, a vice-chairman of JLL who worked on the deal with Matt Ogle, Corey Zolcinski and Erin Grace, said in a statement. “There are no other locations in this sub-market that can offer retail space of this size and quality.”
Richard Skulnik of Ripco Real Estate Corp. brokered the deal for Target. Skulnik declined to comment through a spokesman.
In April, Target announced plans to roll out 130 small-format stores around the country—which sell beauty products, snacks, home decor and more—including locations on the Upper East Side and in Staten Island and Queens. Target previously opened a small-format store in 2017 at 112 West 34th Street in Herald Square.
The small-format stores are around 40,000 square feet, significantly smaller than the company’s average 130,000-square-foot locations.
AvalonBay bought the American Bible Society’s former headquarters at 1865 Broadway from the ministry in 2015 for $300 million, as Commercial Observer previously reported. The landlord filed plans later that year to demolish the 12-story building to build a 33-story mixed-use development designed by Skidmore Owings & Merrill.