Futterman, Schuster, Eisenman and Bibi of RKF represent Extell Development in 27,000 s/f retail lease to Target at 500 East 14th Street

Robert Futterman, RKF

Ariel Schuster, RKF

Brandon Eisenman, RKF

Ike Bibi, RKF

500 East 14th Street, East Village - Manhattan, NY

Manhattan, NY  RKF has arranged a 27,000 s/f lease with Target at Extell Development Company’s 500 East 14^th St., which is within one of two mixed-use building’s Extell is developing in the East Village. When the store officially opens in 2018, this will be Target’s third location in the borough and its second New York City flexible-format store that was specifically designed to accommodate the needs of city dwellers.

RKF chairman & CEO Robert Futterman, vice chairman Ariel Schuster, vice president Brandon Eisenman and director Ike Bibi, as exclusive agents, represented Extell Development. Ripco Real Estate Corp.’s Richard Skulnik and Peter Ripka represented the tenant.

Located at the southeast corner of Ave. A and across from Stuyvesant Town and Peter Cooper Village, Extell’s new-construction development encompasses two seven-story buildings that will offer 56,610 s/f of retail space on the ground and lower floors. Target will occupy 9,649 s/f on the ground floor and 17,705 s/f in the lower level. There is 14,509 s/f of retail space still available for lease in 500 East 14^th St. for which RKF is seeking tenants.  At 524 East 14^th St., there is 9,771 s/f on the ground floor available for lease and 4,560 s/f in the lower level for a total of 14,331 s/f.  The spaces can accommodate a variety of large or small format retailers, as well as various uses.

The new developments sit in the heart of the bustling East Village in close proximity to a wide array of restaurants, indie bookshops, cafes, clubs, and galleries. Neighboring retail tenants include Artichoke Pizza, The Vitamin Shoppe, CVS Pharmacy, Empellón Cocina, Blink Fitness, McDonald’s, Starbucks and Associated Supermarket. In recent years, and with the influx of New York University students and new residential developments, the area has become a prime shopping and dining destination, attracting residents and tourists alike.

“Target will be transformative for 500 East 14^th St., its sister project at 524 East 14^th St., as well as the entire market,” said Eisenman. “We are actively in discussions with other prospective retail tenants who are drawn to the remaining 28,840 s/f. Retailers are coming to the neighborhood because of its growing residential population. Target’s commitment makes 500 and 524 East 14^th St. all the more desirable.”