{"id":282680,"date":"2021-06-23T18:08:17","date_gmt":"2021-06-23T15:08:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/target-inks-deal-at-queens-tower-where-amazon-bailed\/"},"modified":"2021-06-23T18:08:17","modified_gmt":"2021-06-23T15:08:17","slug":"target-inks-deal-at-queens-tower-where-amazon-bailed","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/target-inks-deal-at-queens-tower-where-amazon-bailed\/","title":{"rendered":"#Target inks deal at Queens tower where Amazon bailed"},"content":{"rendered":"

“#Target inks deal at Queens tower where Amazon bailed<\/strong>”<\/p>\n

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Target hopes to hit another bullseye in Long Island City \u2014 where it has just leased 31,000 square feet at One Court Square.<\/p>\n

When it opens (a spokesperson for Target declined to reveal an opening date),\u00a0<\/strong>the\u00a0<\/strong>store will have a dedicated ground-floor entrance, the entire 23,400-square-foot second floor and a portion of the third floor of the four-story retail building that is connected to the main 53-story tower\u2019s lobby and Court Square subway hub.<\/p>\n

The current owners of the 1.5 million-square-foot tower, Savanna, a real estate investment management firm, is upgrading the area\u2019s now third-tallest building with an $85\u00a0million capital improvement program.<\/p>\n

Jeff Howard and Ben Weiner of RIPCO Real Estate represented Target while Savanna was represented by Steve Baker and Daniyel Cohen of Winick Realty Group.<\/p>\n

In July 2020, after 30 years marking the top of the tower and the Long Island City skyline, the Citi logo was removed and replaced with that of Altice, the cable network provider and now one of the building\u2019s largest tenants.<\/p>\n

That logo could have been Amazon\u2019s.<\/p>\n

After a spellbinding nationwide search in 2018, culminating with plans to develop a 4 million-square-foot second headquarters in Long Island City at the nearby Anable Basin, the online retailer was ready to ink an additional lease for 1 million square feet of Citi\u2019s office space when local pols sank the entire kit and caboodle.<\/p>\n

Amazon\u2019s head honcho, Jeff Bezos, blew them off in February 2019 with his Valentine\u2019s Day massacre letter, dropping Queens as the HQ2 winner and taking its over $3 billion investment, a potential 50,000 jobs, millions of square feet of office space, local workforce training and residential requirements of its works to two other parts of the country.<\/p>\n

\"A
Target is expected to bring to Long Island City what Amazon decided not to: revenue and jobs. <\/figcaption>
Getty Images<\/span><\/figcaption><\/figure>\n

Queens\u2019 activists have also gone after Minneapolis-based Target in some neighborhoods as they worried about losing local mom-and-pop stores and supermarkets.<\/p>\n

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The transaction establishes a true anchor retailer that further validates One Court Square as the center of Long Island City.<\/p>\n

Brian Reiver, managing director at Savanna<\/cite><\/p><\/blockquote>\n<\/figure>\n

But there should be no issues with Target\u2019s partial occupancy of the 150,000-square-foot dedicated retail building that\u2019s part of One Court Square. Throughout the pandemic, Target has also continued its successful rollout of smaller urban store formats and had a blowout first quarter of this year.<\/p>\n

Comparable sales grew by 22.9% on top of 10.8% growth in 2020 while digital sales expanded by 50%. Its private label brand swelled by 36%, and app<\/a>arel sales were up over 60% in its 1,909 US stores.<\/p>\n

\u201cWe\u2019re extremely pleased to welcome Target to One Court Square. This is a great win for the building and the neighborhood, benefiting employees who work in the building or nearby, residents of the area and commuters through the Court Square transit hub,\u201d said Brian Reiver, managing director at Savanna in a statement. \u201cThe transaction establishes a true anchor retailer that further validates One Court Square as the center of Long Island City.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Target inks deal at Queens tower where Amazon bailed” Target hopes to hit another bullseye in Long Island City \u2014 where it has just leased 31,000 square feet at One Court Square. When it opens (a spokesperson for Target declined to reveal an opening date),\u00a0the\u00a0store will have a dedicated ground-floor entrance, the entire 23,400-square-foot second…<\/p>\n","protected":false},"author":1,"featured_media":282681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/06\/target-1-1.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[110108,72881,76010,5015,71089],"class_list":["post-282680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-6-23-21","tag-commercial-real-estate","tag-long-island-city","tag-retailers","tag-target"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/282680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=282680"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/282680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/282681"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=282680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=282680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=282680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}