The East Village, once a citywide destination for its funky and spirited one-off speciality stores like Kim’s Video and Archangel Antiques, has truly come full-circle. The neighborhood will be the city’s newest recipient of big-box store Target, The Real Deal first reported. The retailer has claimed one of two leases in the base of Extell Development’s new residential project rising on 14th Street between avenues A and B.
Target has signed a 30-year lease at 500 East 14th Street with the option of extending the lease by 10 years. It was earlier reported that Trader Joe’s was eyeing a second 14th Street location at the site. Whether or not that negotiation is still on is unclear—Extell has declined to comment.
According to EV Grieve, the residential development will replace a stretch of building along 14th Street including Stuyvesant Grocery, Pete's-a-Place Pizza, Permacut hair salon, Jackson Hewitt Tax Service, clothes store Rainbow, the Blarney Cove, Canal Jewelry, Wash ‘n Clean laundromat, and Rite Aid. The development will have two seven-story residential towers with 160 apartments between them, including 32 apartments priced below market rate. Although its been previously reported as rentals, it’s unclear if the development will be rentals or condos.