615 Tenth Avenue, Hell’s Kitchen - Manhattan, NYManhattan, NY According to RKF, for the second time this year, it has arranged a lease with Target to anchor the retail component of a new residential development. Target signed a lease for 29,000 s/f of retail space at the base of XIN Development International’s forthcoming mixed-use retail and residential condominium development to be built at 615 Tenth Ave. in Hell’s Kitchen. When it officially opens in 2019, this will be Target’s third location in the borough.
Brandon Eisenman, RKF
Thomas Cholnoky, RKFRKF vice president Brandon Eisenman and associate Thomas Cholnoky represented XIN Development International, the U.S. branch of Beijing-based Xinyuan Real Estate. Ripco Real Estate Corp.’s Richard Skulnik and Peter Ripka represented Target.
615 Tenth Ave., the new construction 82-unit residential condominium building, will span the entire western block of Tenth Ave. between West 44th and 45th Sts. The new Target store will be situated at the northwest corner of West 44th St. in 29,000 s/f on the ground floor and lower level. There is 7,500 s/f of retail space remaining for lease in 615 Tenth St. for which RKF is seeking tenants.
Target will be within walking distance of many other residential developments, including the 1,238-unit Gotham West, One MiMA Tower and Silver Towers, and adjacent to the new P.S. 51 The Elias Howe School and across the street from The Beacon School. 615 Tenth Ave. is also close to several new art complexes, including the Frank Gehry-designed Pershing Square Signature Center and the Baryshnikov Arts Center, opened by world-renowned dancer and choreographer Mikhail Baryshnikov.
“We’re excited to play a major role in the revitalization of Hell’s Kitchen in collaboration with such a talented team at XIN,” said Eisenman. “The market has transformed from an industrial corridor to a desirable residential neighborhood with many developments recently completed and many more expected soon. 615 Tenth Ave. is really the only centrally located large-scale retail opportunity in the Midtown West/Hell’s Kitchen trade area, which makes it advantageous for large format box retailers. In addition to Target, we will be looking to bring a variety of retail, food and service offerings, such, restaurants, cafes, service retailers, and boutique fitness concepts to serve the area’s growing residential and office population, which is currently under-served.”
Neighboring retailers and restaurants include Gotham West Market, 44 & X Hell’s Kitchen, Drybar, FIKA, The Marshal, CVS/pharmacy and Chase Bank.
In August, RKF arranged a 27,306 s/f lease with Target at Extell Development Co.’s 500 East 14th St., one of two mixed-use buildings Extell is developing in the East Village, also represented by Eisenman who stated, “our experience arranging these types of large scale retail transactions put us in the best position to advise landlords from pre-construction all the way through the deal process to lease execution.”
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