Target signs two new leases for total of 79K sf with Vornado, Chetrit Group
150 East 86th Street (Credit: Google)
By Adam Pincus
Target Corporation signed two new leases this month for a total of 79,176 square feet at the Lucida on the Upper East Side and 795 Columbus Avenue on the Upper West Side.
The new leases bring to 334,000 square feet the total space leased in New York City by the retailer since March 2019.
In the larger of the new deals, Target signed a 20-year, 55,614-square-foot lease at the Lucida at 150 East 86th Street (with an alternate address of 151 East 85th Street) with Vornado Realty Trust on June 9. The lease includes two options to extend the lease for five years each. Vornado did not report any changes at the retail configuration of the Lucida in its first quarter 2020 financial disclosures. In those disclosures, it said the retail at the Lucida’s 96,000 square feet was fully leased to tenants including H & M, Barnes & Noble, Sephora and Bank of America.
The last time the property sold was October 8, 2010, when Vornado bought the 96,000 square feet of retail and a package of rental units from developer Extell Development and Carlyle Group for $165.285 million (Vornado’s latest 10-Q shows 39 residential units owned). Vornado in 2017 considered selling the property, but did not.
The other lease, for 23,562 square feet, was signed June 11 with the Chetrit Group at the retail portion of the rental apartment building at 795 Columbus Avenue on the Upper West Side, which is part of the Columbus Square complex. This is a 15-year lease for commercial unit 2. The lease includes three options to extend for five years each. Chetrit and Stellar Management partnered to develop Columbus Square. In 2012, Chetrit and Stellar sold the 710 apartment units in the complex to UDR for $630 million, but kept the retail and parking.
Target is represented in New York City by Richard Skulnik of Ripco Real Estate. He declined to comment.
The prior leases were 21,744 with Jenel Management in Fordham; 32,479 square feet with Empire State Realty Trust in Union Square; 33,804 square feet with AB Capstone in Ridgewood; 32,942 with Tishman Realty in Times Square; 22,761 square feet with the Laboz family’s United American Land in Jamaica; 23,700 square feet with the Chehebar family’s Maverick Management Corporation in Washington Heights and 88,000 with Gazit Horizons at the Caesar’s Bay Shopping Center in Gravesend.