Target to open at Essex Crossing in the Lower East Side
Rendering of LES Target courtesy of Beyer Blinder Belle
New York City is experiencing a Target-takeover. The retailer has just signed a lease to open a 22,500 square-foot store in the Lower East Side at Essex Crossing, a 1.9 million-square-foot development stretching across several Manhattan blocks. As the Wall Street Journal reports, the new store will be located on the second floor of 145 Clinton Street, a 15-floor tower currently under construction. A Trader Joe’s supermarket will be on the lower level and apartments will be housed above.
The new LES Target will join many other retailers at one of the nine sites of Essex Crossing, which extends between Stanton and Grand Streets to the north and south and Essex and Clinton Streets to the west and east. The $110 million mega-development will be home to 1,078 rental and condo apartments, with some listed as affordable, including a movie theater, a bowling alley and a marketplace and medical facility that spans three blocks. Most retailers that signed a lease for space at Essex Crossing will open in 2018.
Moving to the Lower East Side is part of Target’s expansion into cities, and the company plans to have more than 130 stores by the end of 2019 in cities and highly populated suburbs across the country. The dense population and a large number of tourists make NYC a priority for Target’s business. Beginning in June, the company will test same-day delivery service from its Tribeca location for Target shoppers in Manhattan and parts of Brooklyn and Queens for a fee.
The LES Target will be one of five new stores expected to open in Manhattan over the next three years. A 40,000 square-foot Target is planned to open near Herald Square later in the year. The new development, called Delancey Street Associates, includes Prusik Group LLC, BFC Partners, L+M Development Partners Inc. and Taconic Investment Partners.
[Via WSJ]
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