Minneapolis-based retailer Target has just signed a lease for a new Downtown store at 255 Greenwich Street.
The deal, announced by real estate firm Jack Resnick and Sons, allows the company to establish its first store in Lower Manhattan.
The new store, which occupies a total of 48,242-square-feet of space including 7,358 square feet on the ground floor and 40,894 square feet on the lower level of the property, is scheduled to open in October 2016.
The property, which is near the residential neighborhoods of TriBeCa, Battery Park City and FiDi, will have a main entrance at street level on the corner of Greenwich and Murray Streets.
“We are proud to welcome Target to 255 Greenwich Street, a dynamic retailer that is perfectly suited for this prime location at the crossroads of Tribeca, the World Trade Center and a resurgent Lower Manhattan. Given its great appeal to residents, office workers, visitors and students, we believe Target is an ideal addition to this dynamic, 24/7 community,” said Dennis Brady, Executive Managing Director of Jack Resnick & Sons.
The Target lease comes on the heels of another banner year for the Lower Manhattan real estate market. One of the world’s largest and most historic business districts, the downtown residential population has doubled in recent years. According to the Alliance for Downtown New York, the neighborhood is now home to more than 60,000 families, 323,000 employees, and 12.4 million annual visitors. On the retail front, annual spending power for the Lower Manhattan market was approximately $5.8 billion as of mid-2015.
Originally known as 75 Park Place, the 14-story, 625,000 square-foot building was designed by Emery Roth & Sons Architects. It was built by the Resnick Family in 1986 and was renamed in 2012 to more accurately reflect its location along Greenwich Street, which was re-opened to Lower Manhattan for the first time since construction began on the original World Trade Center a half century ago.
Brett Greenberg and Dennis Brady of Jack Resnick & Sons represented the building owner in the long-term transaction, while Peter Ripka and Jeff Howard of Ripco Realty represented Target Corp.