Target Signs Two Manhattan Leases, Will Replace UES Barnes & Noble
Target has signed two Manhattan leases totaling 79,000 square feet, and will replace the Barnes & Noble at the corner of East 86th Street and Lexington, Commercial Observer has learned.
Target signed a 20-year lease with Vornado Realty Trust (VNO) for the 55,614-square-foot retail condo at the base of 150 East 86th Street, according to property records.
Barnes & Noble announced earlier this week that it would be permanently closing that location and that it’s looking for a smaller location nearby, according to Patch.
“The store has served us well over the years but is now too large, and too expensive, for our needs,” a spokesperson confirmed to CO. “It is always sad to close a store but we expect to return to the Upper East Side with a new bookstore before too long, and we are in active pursuit of a new site.”
Target also signed a 23,362-square-foot lease with the Chetrit Group at 795 Columbus Avenue near Columbus Circle, according to property records.
A spokesperson for Target confirmed the two sites, and said that both sites would be small format stores and would open within the coming years.
PincusCo first reported news of both Target leases.
Richard Skulnik of Ripco Real Estate represented Target in both deals.
Barnes & Nobles, which was purchased last year by Elliott Management, is reportedly in talks to sublease space from Duane Reade at the same intersection, at 125 East 86th Street, according to a source with knowledge of the deal. The 10,750-square-foot space, a fifth of Barnes & Nobles’ current home, has a term through 2023 and is being listed by Mike Riley of JLL.
Barnes & Noble is also considering the former space of City Cinemas at 210 East 86th Street, a Modell’s at 1535 Third Avenue, and at the base of the Colorado, a residential building at 201 East 86th Street, according to the source.
Barnes & Noble declined to comment on the specific sites it is looking at.
Vornado and the Chetrit Group could not immediately be reached for comment. The landlord brokers and asking rent were not immediately clear for either of the deals.