RKF Signs Target as Retail Anchor for Manhattan Condo Development
- Nov 17, 2016
By Adina Marcut
New York—RKF recently announced it has arranged a lease with Target to anchor the retail component of a new Manhattan residential development. Target signed a lease for 29,000 square feet at the base of XIN Development International’s forthcoming mixed-use retail and residential condominium development to be built in Manhattan’s Hell’s Kitchen.
The 82-unit property will be located at 615 10th Ave. and will span the entire western block of 10th Avenue between W. 44th and 45th streets. RKF is still seeking tenants for approximately 7,500 square feet of retail space at 615 10th Ave.
“The market has transformed from an industrial corridor to a desirable residential neighborhood with many developments recently completed and many more expected soon. 615 10th 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 (…) to serve the area’s growing residential and office population, which is currently under-served,” Brandon Eisenman, vice president of RKF, said in prepared remarks.
In August 2016, RKF arranged a 27,306-square-foot lease with Target at Extell Development Co.’s 500 E. 14th St., one of two mixed-use buildings Extell is developing in the East Village.
“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,” Eisenman added.
Eisenman and RKF Associate Thomas Cholnoky represented XIN Development International, the U.S. branch of Beijing-based Xinyuan Real Estate, in the transaction. Ripco Real Estate Corp.’s Richard Skulnik and Peter Ripka represented Target.
When it officially opens in 2019, the Hell’s Kitchen store will become Target’s third Manhattan location.