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Target Leases 48,798 SF In Harlem Mixed-Use Project With Affordable Housing And Museum

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LEASED

New York

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Mixed-use48,798 SF
Leased 12/24/2020
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LEASED

Target Leases 48,798 SF In Harlem Mixed-Use Project With Affordable Housing And Museum

121 W 125th St, New York, NY, 10027

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Mixed-use48,798 SF
Leased 12/24/2020
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$0
Total Square Footage:48,798 SF
Transaction Type:Lease

The lease transaction involves a mixed-use property located at 121 W 125th St, New York, NY, 10027. Target signed a lease in April for 48,798 square feet in this new-construction building. The $242 million mixed-use project in Harlem will also include 170 units of affordable housing and a civil rights museum. Richard Skulnick represented Target in the deal, while BRP, Dabar Development, L+M Development Partners, Taconic Partners, and the Prusik Group were represented in-house.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: Not provided
  • Address: 121 W 125th St, New York, NY, 10027
  • Market: New York
  • Tenant's Rep: Richard Skulnick
  • Landlord: Prusik Group
  • Square Feet: 48,798

The negotiations for the lease were spearheaded by Richard Skulnick, representing Target, in securing 48,798 square feet in the new-construction building. The collaboration also involved BRP, Dabar Development, L+M Development Partners, Taconic Partners, and the Prusik Group, each contributing to different aspects of the deal.

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Details

LEASED
IMAGE: 12/24/2020 ADDRESS: 121 W 125th St, New York, NY, 10027 MARKET: New York ASSET TYPE: Mixed-use TENANT'S REP: Richard Skulnick() LANDLORD: Prusik Group SQUARE FEET: 48798

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Deal Type
Effective Rent (Annual)

$2,797,071.91

Total Lease Value

$27,970,719.13

Net Landlord Cash Flow$2,797,071.91