Muss Development LLC announced that it has signed a 15-year, 20,795 s/f lease at its 7000 Austin Street property, with Target Corporation opening a new location — its first flexible format store in New York City — at the developer’s mixed-use property in Forest Hills, Queens.
The new flexible format store is scheduled to open at 7000 Austin Street in mid-2016, with Target taking both the entire ground and second floors, pending build-out of the space.
The nation’s second-largest retailer will take over space currently occupied by Barnes and Noble, which reportedly decided earlier this year to not renew its lease at 7000 Austin Street.
The two-level Target store will provide a quick stop for locals to find pharmacy, fresh grocery with grab-and-go food options, basic apparel, health and beauty necessities, tech accessories, tablets, mobile phones and more.
Target will stock the store with a tailored assortment that caters to city dwellers, including Home products perfect for single-family homes and condos.
Target will also offer easy fulfillment options like Store Pickup, so guests can place an order online and pick it up at the store for free.
Joining fellow retailers Starbucks, Men’s Wearhouse, Eddie Bauer, TITLE Boxing Club, and T.G.I. Friday’s at the 100 percent occupied property,
The Target agreement includes additional options to extend or renew the lease beyond the initial 15-year term.
Muss was represented in-house in the transaction by Bill Bergman. Jeffrey Howard and Doug Weinstein, of Ripco Real Estate, represented Target.
“We are excited that Target chose Forest Hills for its first New York City location as part of its national flexible format store roll-out,” said Muss Development principal Jason Muss.
“Austin Street is a natural fit for this new retail concept. It is in the center of a high-traffic, residential area and Forest Hills is the quintessential Queens neighborhood. Target will be a great anchor store and tremendous addition to Austin Street, one of the most popular shopping corridors in Queens.”
Muss added that the developer and Target signed a long-term agreement with the expectation that the retailer will remain in the Austin Street space long after the 15-year agreement expires.
“Target is one of the most popular retailers in the country,” he said. “We are both in this for the long haul, and will constantly be looking toward the future to meet the needs of this ever-growing neighborhood.”
One block south of Queens Boulevard, 7000 Austin Street is located along one of the busiest retail corridors in Queens and an easy walk to the E, F, M, and R subways, the Long Island Railroad, and express buses. The property also features parking for 300 vehicles.
The Austin Street neighborhood has also seen an overall uptick in activity, including the arrival of new restaurants, cafés, and local businesses, and a new major luxury condominium tower on Queens Boulevard, which is under construction