Massive Target store coming to Midtown
Macy’s is getting a new neighbor in Manhattan.
“Cheap chic” discounting giant Target has leased 43,000 square feet for a new store that will open this fall at 112 W. 34th St., across the street from the Macy’s flagship on Herald Square, The Post has learned.
The Target store will anchor a 92,000-square-foot retail complex, also housing a Sephora, a Foot Locker and a Swatch store.
When the Target location opens in October, the West 34th Street entrance across from Macy’s will greet visitors with Target fashions, according to company officials. A second entrance on West 33rd Street will offer grab-and-go food, as well as a CVS pharmacy.
In addition to the thousands of commuters who stomp through Herald Square daily on their way to and from Penn Station, Target is eyeing “the many tourists from around the world” who swarm to the mid-price retail mecca that is 34th Street, said Target Senior Vice President Mark Schindele.
Target’s bread and butter has long been mega-stores in suburban strip malls that reach well over 100,000 square feet. But increasingly it has opened smaller formats as it looks to expand into denser urban areas.
Target already has a smaller-format store in Tribeca at 255 Greenwich St., while larger ones are at East River Plaza in Harlem and Atlantic Yards in Brooklyn. Still-smaller Target stores are in the works: one at Gary Barnett’s 400 E. 14th St. that will open in 2018, and one at 615 10th Ave. in Hell’s Kitchen that will open in 2019.
“Retail is very challenged around New York and it speaks to the strength of the location because today in New York City, if the retailers can’t make money, they won’t take the location,” said Anthony Malkin, CEO of Empire State Realty Trust, Target’s new landlord on 34th Street.
The 92,000 square feet of retail behind the new Studios Architecture-designed curtain wall was once only occupied by Foot Locker at a then-rent of under $27 per square foot.
With the new development, asking rents were brought to $1,000 per square foot for the ground-floor spaces. Office tenants that include Macy’s and the Michael J. Fox Foundation are upstairs, and also use two entrances.
Peter Ripka, Richard Skulnik and Jeffrey Howard of Ripco Real Estate represented Target while Joanne Podell, Ian Lerner and Mary Clayton of Cushman & Wakefield represented ESRT along with Fred Posniak and Shanae Ursini in-house.
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