Friday, August 5, 2016

Target's rent is $2.5 million a year; plus new renderings for 500 E. 14th St.

[Conceptual rendering via RKF]

As you probably know, Target will be opening one of its CityTarget outposts at 14th Street and Avenue A — some day. (There's just one floor visible at the moment.)

The marketing copy via broker RKF says the retail space at 500 E. 14th St. totals 42,367 square feet, including 24,735 square feet on the street level with 17,632 square feet down below. It was believed that Target was taking all this space.

However, according to a report at the Commercial Observer, Target is leasing 27,306 square feet at Extell Development's development.

The lease — for 9,500 square feet at grade and 17,806 square feet below ground — is for 30 years, at which time Target could extend it for another 10 years, according to the source and the memorandum of lease. ... The asking rent was $2.5 million per year, the source told CO.

$2.5 million per year? Why that's only a little more $208,000 a month.

And based on this square footage, it appears that Extell will still have half the retail space at No. 500 to offer a retail tenant. A Trader Joe's perhaps? The two new Trader Joe's in Brooklyn are both 18,000 square feet, per The Real Deal. The new one on the Upper West Side will take 20,000 square feet of space. (I'm not advocating for a Trader Joe's: Extell floated that name earlier this year.)

The CityTarget opening in Tribeca is a reported 45,000 square feet. (And for more size perspective: The Kmart on Astor Place is 140,000 square feet.)


The image via RKF above is the conceptual rendering for the Extell project that has been in circulation the past two years.

A projects listing at the website of Leeding Builders Group (LBG), a New York-based construction manager specializing in commercial, residential and hospitality projects, features some different renderings. (There are two addresses — 500 E. 14th St. and 524 E. 14th St. Neither of these renderings are ID'd by address.)

Here's what the website says about this development:

The project’s design consists of three 7-story residential buildings that will complement the surrounding neighborhood. Combined, this new development will house 150 high end rental apartments ranging from studios to three bedrooms. The buildings will also include individual residential lobbies, large retail space, and indoor / outdoor amenity spaces.

Some of the indoor amenities include a pool, fitness center, bike storage facilities, resident’s lounge, and children’s playroom. An important aspect of the outdoor amenity area is the incorporation of green spaces. The second floor apartments in the main tenant area each include a private terrace that runs through the courtyard interior of the buildings. The rooftop of all three towers will be a green roof with mixed private and public spaces. Some features of the public space will include outdoor gardens, ornamental grasses, a full bocce court, pergola covered dining with an open air grill kitchen, and framed hedge walls. LBG Construction Management services included Estimating and Budgeting, Constructability Review, Scheduling Services, Logistical Planning, and Coordination with the design team.

Full bocce court!

Previously on EV Grieve:
Breaking (pretty much!): Target is coming to 14th Street and Avenue A (54 comments)


Anonymous said...

I'm down for bocce.

Gojira said...

"Complement" the surrounding neighborhood? Yeah, if the surrounding neighborhood were Dannemora.

Peter Brownscombe said...

No 'Blarney Cove' replacement then.

Giovanni said...

Wait until Target finds out that the other half is going to be a WalMart.

Anonymous said...

No affordable units?
And what will Target's flood insurance premiums be...

Michael Ivan said...

That's alot of toilet paper and batteries for target to sell...

Also pro bocce, but won't be living in this building.. Maybe they could carve out some room in tompkins for a bocce court. Some of the fenced in wooded areas along 7th street could make way.

Anonymous said...

So the builders didn't wet their pants and cry for an additional 4 floors when they discovered there is a ancient stream running just below the ground level?

Anonymous said...

@ 1:01 PM That's where the pool comes from.

Scuba Diva said...

Bocce? I had to re-read the article.

I'd rather play shuffleboard down at Saluggi's Pizza in Tribeca. (Free pizza if you beat the boss!)

Anonymous said...

Anyone know what store is coming to 438 East 12th street?

JQ LLC said...

I personally prefer amenities like running water, heat for the winter solstice, recirculated air for the summer, and a door and a lock for security purposes. Anabout 2 windows.

Other amenities are personal dignity and privacy that comes with renting your own place. And the biggest amenity is a modest and sane affordable rent and living without fear of being displaced.

The developers that have taken over this city and others, that order this promotional copy feces to sell their towers are mentally ill.

DrBOP said...

target target