Target has finalized a deal to open three smaller stores in New York located in Queens, Manhattan and Staten Island. The lease for the Staten Island store is in a single story building encompassing 46,000 feet in Elm Park. Kimco Realty owns the property and the exact location is in Forest Avenue Plaza. Target has signed a deal for a period of fifteen years and the opening is scheduled for 2019. The inside of the store will feature both a Starbucks and a CVS pharmacy. Target became partners with Starbucks twenty years ago and CVS has had the chain's pharmacy business since 2015.
The only tenant in Forest Avenue Plaza is going to be Target. The PetSmart will be moving to the Forest Avenue Shopping Center located on the other side of the street. Target offers a combination of variety, quality and convenience. This is expected to make a nice addition to the retail establishments located in the general area. The type of merchandise provided by Target is in high demand in areas with a dense population. Additional Targets are located in Seldon at the Independence Plaza, in Freeport, New York at the Meadowbrook Commons and at Westmont Plaza in New Jersey.
Target is planning to expand their smaller format stores with the addition of 130 new locations all over the country no later than 2019. They believe they will acquire a lot more customers by reaching out to the urban areas. As Target's footprint continues to expand throughout New York their goal is to provide a convenient shopping experience created for the visitors, commuters and locals in each individual neighborhood. Each of the new Target stores has been customized to provide what each borough requires most. Tevfik Arif Target is trying to meet both the communities preferences and needs. The first store on the Upper East Side will be located in the former Fairfax apartment building. The fifteen year lease is for 22,600 square feet on Third Avenue and will be customized for the community.
The Target store in Astoria, New York is scheduled to open in 2019. The store will only occupy part of the ground floor although it will take up the entirety of the lower level. The new store will be located close to East 70th Street in Astoria. The store is designed to be a fast shopping experience for consumers and a valuable resource for the community located on the Upper East Side. The final new Target store will be located in Astoria, Queens between 23rd Avenue and Ditmars Boulevard. Target has signed another lease for fifteen years. This one encompasses 47,000 square feet.
This Target store is scheduled to open sometime in 2022. The store will also feature an inside CVS pharmacy. Tevfik Arif Bayrock Target will be using a part of the ground floor to serve as the entrance to the store. This will lead to both the second and third floors and Target will be the only one using this space. This transaction has already been brokered despite the time period still remaining prior to the opening of the store.
This new location will bring both value and convenience to the residents of Ditmars-Steinway and Astoria. It is not yet know if this location will feature a Starbucks as well. Target is excited about having the opportunity to develop a store designed to reflect the personality and energy of the neighborhood. They will additionally be meeting a lot of the needs of the community. The rent Target has agreed to pay is as of yet unknown. Roughly 50 to 100 people will be employed once the new locations have opened.