NEW YORK CITY—Attention Target shoppers: a new location is coming to Lower Manhattan.
Jack Resnick & Sons has signed a 48,242-square-foot lease with Target Corp. for a store at 255 Greenwich St., in Lower Manhattan. Set to open next October, the shop will be the retailer's first spot in Lower Manhattan and occupy 7,358 square feet on the ground floor and 40,894 square feet on the lower level of the property.
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.
Originally known as 75 Park Place, the 14-story, 625,000 square-foot tower—built by the Resnick Family in 1986—was renamed in 2012 to reflect its location on Greenwich Street, which was re-opened to the Lower Manhattan streetscape for the first time since construction began on the original World Trade Center a half century ago. The building is located near all of Downtown's transportation hubs—as well as the neighborhoods of Tribeca, Battery Park City and FiDi.
According to Greenberg, asking retail rents at 255 Greenwich Street are in the $200 to $250 per square foot range. Office tenants in the building, which is 97% leased, include RR Donnelley & Sons, Tradition North America, the City of New York and Mount Sinai School of Medicine. The Borough of Manhattan Community College also leases a significant block of space in the building.
Says Dennis Brady, executive managing director of Jack Resnick & Sons, "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."
One of the world's largest and most historic business districts, the downtown residential population has doubled in recent years, Resnick sources note. 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, Resnick adds, annual spending power for the Lower Manhattan market was approximately $5.8 billion as of mid-2015.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
