Target Inks Lease at Manhattan’s Union Square
- Feb 27, 2020
Retail powerhouse Target has signed a lease for an approximately 33,000-square-foot store at 10 Union Square E. in Manhattan, a mixed-use building owned by Empire State Realty Trust.
In a prepared statement, Fred Posniak, senior vice president for retail leasing, highlighted the location’s close proximity to one of New York City’s busiest subway stations and the approximately 350,000 daily visitors to the neighborhood, including tourists, NYU students and office workers. The property is directly across from Union Square Park and two blocks from the PATH.
The mixed-use condominium building at 10 Union Square E. is also known as Zeckendorf Towers and includes retail, office, residential and parking components, as well as a 350-seat not-for-profit theater. The ground-floor retail condo is owned by Empire State Realty Trust and totals about 58,000 square feet.
Richard Skulnik of Ripco Real Estate represented Target in the deal, while Empire State Realty Trust’s Posniak provided landlord representation.
Shrinking stores, expanding e-commerce
In 2017, Target committed to opening more than 100 smaller-format stores averaging roughly 40,000 square feet and later that year announced the first Midtown store encompassing 43,000 square feet in Herald Square, in a building that was also owned by Empire State Realty Trust.
Just days ago, eMarketer.com reported that Target has jumped from 11th to eighth place for online sales among U.S. retailers. The platform estimated that Target’s e-commerce business will grow this year by 24 percent, to $8.34 billion.
Empire State Realty Trust also scored recently at its most famous asset. In October, the company signed LinkedIn to an additional three-and-a-half floors totaling 188,563 square feet at the Empire State Building. That deal brought LinkedIn’s presence at the iconic asset to 501,600 square feet.