Extell Development Company’s twin mixed-use residential towers are finally rising above ground at 500 and 524 East 14th Street. The development will ultimately host 160 residential units between the two buildings, along with 56,610 square feet of retail space combined. Each tower will rise to 7 stories, topping out at 80 feet in the air. 500 East 14th Street will host 106 residences, and the smaller 524 will host 54. Extell recently secured a $140 million construction loan for the development, which stands on the corner of Avenue A in the East Village. LBG has been tapped to manage construction.
Target has officially signed a 30-year lease to occupy the residential space of 500 East 14th Street. The store will be small-format, occupying 24,735 square feet on the ground floor and 17,632 square feet on another lower level, for a grand Target total of 42,367 square feet. RFK headed up marketing for the corner space, which will feature 250 feet of frontage on East 14th Street and 52 feet on Avenue A. Rumor has it that Trader Joe’s is eyeing 524 East 14th Street next door. As of May it was not a done deal, but Extell was confident that they are close to making it one.
Beyer Blinder Belle has been tapped for the development’s design. 500 East 14th will host a fitness room, a resident’s lounge, a playroom, storage, a swimming pool, and a steam room in its cellar. The rooftop will feature outdoor recreation space. 524 will also have a rooftop deck and storage. The building have emerged above street level and completion for the development is slated for 2017.
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