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.)

Meanwhile!

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)

More on Target, and a look at its incoming home on 14th Street and Avenue A

In case you missed this news from late Friday afternoon, Target has reportedly signed a lease for the retail space at 500 E. 14th St., Extell's new development between Avenue A and Avenue B. (The Real Deal had the scoop.)

First, a look at how the development is developing... Extell is putting up two 7-floor retail-residential buildings ... 500 E. 14th St. at Avenue A will have 106 residential units … while, further to the east, 524 E. 14th St. will house 44 residential units. (It's still unclear whether these will be rentals or condos.)







As previously noted, construction has been slow going here. The excavating started in June 2015.

Meanwhile, not sure what all this is about... the pipe has been attached to 220 Avenue A for several months... now there's also a protective rooftop shed ...







As for Target, this will be a small-format store, like the one opening in Tribeca. The marketing copy at RKF says the retail space at No. 500 totals 42,367 square feet, including 24,735 square feet on the street level with 17,632 square feet down below. The corner space has some 250 feet of frontage on East 14th Street and another 52 feet on Avenue A.

The Tribeca location is 45,000 square feet — a third of the size of a regular Target, according to Fortune.


[255 Greenwich St. rendering via Target/Fortune]

Here's more about what we can expect from the small-format stores, via Fortune...

Much like the stores it has opened near Fenway Park in Boston and downtown San Francisco, the Manhattan location will have an assortment of products aimed at catering to local needs. For instance, at the Fenway store, Target offers locally brewed Samuel Adams beer. While Target is still refining its plans, the TriBeCa store will proportionally offer more grab-and-go food options for harried office workers, more organic foods for those finicky TriBeCans, and a lot of apparel. Target will adjust its home goods selection to fit smaller New York City homes.

Seeking to capitalize on what is a major hassle for the many New Yorkers whose buildings don’t have doormen to receive packages, the TriBeCa Target will be equipped for in-store pick-up of orders placed on target.com, allowing it to offer customers the same assortment they’d get in a big-box location (except for grocery items).

This Target, rather development at No. 500, replaced a row of single-level buildings that housed, starting at Avenue A: Stuyvesant Grocery, Pete's-A-Place, a hair salon and Jackson Hewitt Tax Service (before they were destroyed by fire on May 12, 2010), Rainbow, the Blarney Cove, a jewelry shop, a laundromat (which relocated closer to Avenue B) and Rite Aid.



It was also reported last week that Extell received a $140 million construction loan for the development.

And there is no timeline on when all this will be complete. The retail listing for No. 500 states possession will be available "Fourth Quarter 2016." As you can see on the progress to date, that isn't a realistic timeline any longer.

Updated 9:45 a.m.

For some perspective on the size of this incoming Target with the Kmart on Astor Place... let's go to this article from The New York Times, dated Oct. 1, 1996:

In a major push, Kmart is opening two huge new stores, one on 34th Street adjoining Pennsylvania Station, which opens tomorrow, the other on Broadway between Eighth and Ninth Streets, which will open next month. The company, swallowing the high operating costs, is going for volume. Each store will be expected to contribute more than $50 million in sales.

A kind of cultural exchange has begun as well.

"People don't realize how normal New Yorkers are," said Myles Johns, who was appointed general manager of the 34th Street store two months ago. "They're just like everybody else."

The new stores, each with more than 140,000 square feet, are not flagships in the usual sense -- Kmart has larger stores elsewhere in its 2,144-store chain -- nor are they even the first in New York City. Kmart opened stores in Queens and the Bronx in the early 90's, not to mention in the 60's on Staten Island.

Previously on EV Grieve:
East 14th Street exodus continues

Conspiracies: What next for 14th Street and Avenue A?

Those ongoing rumors about the future of East 14th Street between Avenue A and B

Petland is moving away from East 14th Street, fueling more new development rumors

The disappearing storefronts of East 14th Street

[Updated with correction] 8-lot parcel of East 14th Street primed for new development

New 7-floor buildings for East 14th Street include 150 residential units

Breaking (pretty much!): Target is coming to 14th Street and Avenue A (40 comments)

Breaking (pretty much!): Target is coming to 14th Street and Avenue A

Extell Development has signed its first retail tenant for the new complex rising at 500 East 14th St. at Avenue A.

The Real Deal has the scoop:

Big-box retailer Target inked a deal to open a small-format store... Target signed a 30-year lease at 500 East 14th Street on the corner of Avenue A, according to a memorandum of lease that hit property records Friday. Terms of the lease include a 10-year option to extend the lease.

What is a small-format store?

Here's one explanation:

In an effort to increase market penetration (and comply with local zoning regs), the No. 2 discount chain is focusing on a smaller-footprint store format that can squeeze into strip malls and city streets where its gargantuan big-box flagships can’t.

Trader Joe's had been floated here as a possibility.

Extell Development's has two, 7-floor retail-residential buildings coming: 500 E. 14th St. will have 106 residential units … while, further to the east, 524 E. 14th St. will house 44 residential units.

More on all this later...

Previously on EV Grieve:
The disappearing storefronts of East 14th Street

[Updated with correction] 8-lot parcel of East 14th Street primed for new development

New 7-floor buildings for East 14th Street include 150 residential units

Please welcome the first floor of 500 E. 14th St.

Just last Monday we noted that the new 7-floor retail-residential complex at the corner of Avenue A and 14th Street was looking ready to rise...

And rise it has. Or risen. Look, a floor...





Still no above-ground sign of Extell Development's new building mate at 524 E. 14th St., where the foundation work is ongoing.

Anyway, in no time at all, No. 500 might just look like this conceptual rendering...



To this point, we haven't heard just yet if these homes will be rentals or condos.

New York Yimby did a little math on the building the other day... they noted that given the overall square footage, "the apartments above should average 1,215 square feet apiece, which suggests condominiums are in the works."

Previously

Foundation looks set as 500 E. 14th St. finally shows some street-level progress

After some 13-months of post-demolition work at 500 E. 14th St., it appears as if the foundation is set here on the corner of Avenue A... as least that's what it looks like via the handy blogger portals in the plywood...





The pumps have been going 24/7 to dewater the property for Extell Development's two 7-floor retail-residential buildings. (A quick reminder: 500 E. 14th St. will have 106 residential units … while, further to the east, 524 E. 14th St. will house 44 residential units.)

As the developers at 432-438 E. 14th St. a block to the west have discovered, there are elevated groundwater levels and soft soil courtesy of an underground stream.

Anyway, Extell Lake seems to be a memory now at No. 500.



Previously on EV Grieve:
The disappearing storefronts of East 14th Street

[Updated with correction] 8-lot parcel of East 14th Street primed for new development

New 7-floor buildings for East 14th Street include 150 residential units

Report: Trader Joe's a possibility for the Extell Development on 14th Street and Avenue A

[The southeast corner of 14th and A yesterday]

It's possible that you will one day have the choice of two Trader Joe's to stand in line at on East 14th Street.

According to DNAinfo, Trader Joe's is looking at taking the retail space in Extell's incoming retail-residential complex along East 14th Street between Avenue A and Avenue B

“It’s not a totally done deal, but we think that we’re close,” Ari Goldstein, vice president of development at the Extell Development Company, told DNAinfo New York.

If the deal pans out, Trader Joe’s will take over a storefront on the corner of East 14th Street and Avenue A, said Goldstein — in part to help offset the hellish lines at the chain’s most popular city location, sitting just a few blocks way at 142 E. 14th St. near Union Square.

“That is their most profitable store right now, and the line to get in that store … is insane,” said Goldstein. “They’re concerned they’re losing credibility with their customers because they’re not offering a good quality experience. So this would supplement that and pull a lot of traffic away from that store.”

The new location would serve customers in the East Village and Stuyvesant Town who would otherwise have to trek to the Union Square location, Goldstein said.

As we previously noted, a pollster for Fairway was soliciting opinions about the possibility of a new store for East 14th Street and Avenue A back in 2014. (A Fairway to this location isn't happening now.) In March 2014, a Facebook group formed to advocate for a Trader Joe's at Ben Shaoul's condotopia at 100 Avenue A. (Sorry — you got a Blink instead.)

As DNAinfo's Allegra Hobbs reported, Goldstein dropped this TJ tidbit for 500 E. 14th St. during CB3's Transportation & Public Safety/Environment Committee meeting Tuesday. The topic was about a request for loading zones for the development's commercial tenants. CB3 would need to OK all this before TJ would apparently commit to the location.

This grocery talk comes at a time when the owners of the Associated on East 14th Street between Avenue A and First Avenue are attempting to have their lease renewed.

Even if TJs signs up for this location at 500 E. 14th St., you'll likely still have awhile before shopping for, say, bags of Ode to the Classic Potato Chip here. The development appears to have a ways to go before it's ready for action. Workers are still filling in the foundation.

In total some day, the two 7-story complexes — 500 E. 14th St. at Avenue A and 524 E. 14th St. — will house more than 150 units, 32 of which will be below-market-rate.

Previously on EV Grieve:
The disappearing storefronts of East 14th Street

[Updated with correction] 8-lot parcel of East 14th Street primed for new development

New 7-floor buildings for East 14th Street include 150 residential units

1st activity at 500 E. 14th St. since the demolition phase, and when the standing water froze

Community meeting tonight to address construction noise at Extell's East 14th Street development sites

So much for that Fairway coming to East 14th Street and Avenue A then

Construction watch: 500 E. 14th St. (plus, Extell construction site still keeping residents up at night)

Construction watch: 500 E. 14th St. (plus, Extell construction site still keeping residents up at night)

Extell Development is running a generator non-stop at their construction site on East 14th Street between Avenue A and Avenue B, according to residents who live adjacent to the property.

We heard from residents about construction noise several times ... most recently in December, and specifically about the generators that are running at the site closer to Avenue A.

As previously reported, Extell is putting up two 7-floor retail-residential buildings ... 500 E. 14th St. at Avenue A will have 106 residential units … while, further to the east, 524 E. 14th St. will house 44 residential units.

A resident whose apartment faces the construction shared this:

It is SO loud — with windows closed — that it keeps me up all night.

An email that I tried to send to the building company bounced back.

So infuriating!

The community email address that's posted on the East 14th Street field office has apparently never worked... and calls to 311 haven't accomplished anything, residents claim.

A look through the blogger portals along East 14th Street reveals a whole lot of pumping going on inside the construction pit... (we have noted the standing water on the site, freezing and thawing)...







While works seems to be progressing fairly quickly at the nearby 438 E. 12th St. condo build, where there are five floors above ground, this project still looks to be focused on creating the foundation.



Previously on EV Grieve:
A question about Extell construction noise on East 14th Street

Community meeting tonight to address construction noise at Extell's East 14th Street development sites

New 7-floor buildings for East 14th Street include 150 residential units

1st activity at 500 E. 14th St. since the demolition phase, and when the standing water froze

A question about Extell construction noise on East 14th Street

[EVG photo from September]

Extell Development's ongoing construction (and previous demolition and pile-driving) continues to make neighbors living near the site on East 14th Street between Avenue A and Avenue B unhappy. (Not sure what ever came of the Extell noise meeting back in September.)

As previously reported, Extell is putting up two 7-floor retail-residential buildings ... 500 E. 14th St. at Avenue A will have 106 residential units … while, further to the east, 524 E. 14th St. will house 44 residential units.

A nearby resident writes in: "Do you have any ideas for what to do about construction noise? Seems Extell is running a generator non-stop at their site." (To power the recently arrived lights?)

The resident tried the community email address that's posted on the East 14th Street field office ...



The resident said that the email address "amusingly" doesn't work. (We tried it too, and received a bounce back.)



The phone number listed does work, with a voice-mail with instructions on leaving a message about the construction. The outgoing message says that project personnel will "continually monitor site conditions ... to ensure that there are minimal disruptions to the community. Thank you for your cooperation."

Previously on EV Grieve:
The disappearing storefronts of East 14th Street

[Updated with correction] 8-lot parcel of East 14th Street primed for new development

New 7-floor buildings for East 14th Street include 150 residential units

1st activity at 500 E. 14th St. since the demolition phase, and when the standing water froze

Community meeting tonight to address construction noise at Extell's East 14th Street development sites

Community meeting tonight to address construction noise at Extell's East 14th Street development sites

The seemingly endless demolition followed by the pile-driving and excavation work on East 14th Street between Avenue A and Avenue B isn't making many neighbors happy…

Some residents are getting together this evening to discuss the situation… flyers have been posted around the site …


[Photo via an EVG reader]

Not sure who will be in attendance this evening at 6:30 at the Dias y Flores Garden on East 13th Street between Avenue A and Avenue B. The flyers say that local elected officials and DOB reps have been invited.

To recap, Extell Development is putting up two 7-floor retail-residential buildings along East 14th Street … 500 E. 14th St. at Avenue A will have 106 residential units … while, further to the east, 524 E. 14th St. will house 44 residential units.

According to the DOB signage on the plywood, January 2017 is the anticipation completion date…


[Rendering of 500 E. 14th St. via RKF]


[Rendering of 524 E. 14th St. via RKF]

Previously on EV Grieve:
The disappearing storefronts of East 14th Street

[Updated with correction] 8-lot parcel of East 14th Street primed for new development

New 7-floor buildings for East 14th Street include 150 residential units

1st activity at 500 E. 14th St. since the demolition phase, and when the standing water froze

Avenue A is for [construction] Action

Work commenced last Wednesday at the former Mary Help of Christians property along Avenue A between East 11th Street and East 12th Street.

As you've likely noticed, Avenue A between East Sixth Street and East 14th Street is becoming an now an active construction zone. Let's tally it up...

98-100 Avenue A between East Sixth Street and East Seventh Street



Work continues on Ben Shaoul's 8-story retail-residential complex ... a project already two years in the making...



438 E. 12th St. (aka 181 Avenue A)



The new plywood and renewed construction activity arrived last week where the Mary Help of Christians church, school and rectory once stood ... where there will be a 6-floor mixed-use building with ground-floor retail and 82 market-rate condos via developer Douglas Steiner.



The rendering on the plywood notes that the project will be completed in August 2017...



500 E. 14th St. at Avenue A



We're two months into the digging and pile-driving here ... the site will yield a 7-floor retail-residential building via Extell Development.

Bonus construction!



Whatever these guys have been doing at East 13th Street in recent months.

Ditto for the wall renovation at the East Side Community School on East 12th Street.

Upcoming!



Avenue A and surrounding side streets should get even more construction at the former Peter Stuyvesant Post Office on East 14th Street. Plans are calling for an 8-story residential building with ground-floor retail here just west of Avenue A. In addition, there are two 6-story condos coming to East 13th Street between Avenue A and First Avenue.

So Avenue A is for...

Action in the pits and new renderings along East 14th Street

[Drill team at 524 E. 14th St.]

There is lots of drilling and digging going on at the dual construction sites of 524 E. 14th St. and 500 E. 14th St., where the incoming residential-retail developments will feature 150 apartments and more than 56,000-square-feet of retail between Avenue A and Avenue B.


[Inside No. 524]


[A view of No. 500]


[View of No. 500 via an EVG reader]

There are also new renderings up on the plywood now… showing No. 524 …





… and No. 500 …





The renderings are pretty close to the images that have been associated with Extell's development since October 2013 …


[Rendering of 500 E. 14th St. via RKF]


[Rendering of 524 E. 14th St. via RKF]

According to signage at the scene, Janauary 2017 is the anticipated completion date.

Previously on EV Grieve:
The disappearing storefronts of East 14th Street

[Updated with correction] 8-lot parcel of East 14th Street primed for new development

New 7-floor buildings for East 14th Street include 150 residential units

1st activity at 500 E. 14th St. since the demolition phase, and when the standing water froze