Target has finally hit a bulls eye in lower Manhattan.

The cheap chic retailer has signed a lease for 48,242 feet at 255 Greenwich St., with an entrance at the corner of Murray Street. The store is slated to open in October 2016, with 7,358 feet on the ground and 40,894 feet on the lower level of the property.

The big-box retailer has been focused on launching smaller stores in urban areas and earlier this year ditched the TargetExpress and CityTarget names designating the smaller format. In New York City, Target will also open stores Forest Hills and Brooklyn in July 2016.

Target opened its first Manhattan store in East Harlem, at 517 E. 117th St., in 2010.

The downtown store will include a pharmacy, apparel, shoes, accessories, baby items, home goods, beauty products and food offerings, including grab-and-go section with sandwiches, salads, beverages and snacks, as well as Target Mobile.

The 14-story, 625,000-square-foot building designed by Emery Roth & Sons Architects is owned by Jack Resnick & Sons, which built it in 1986 as 75 Park Place and later changed its address.

Fairway had signed a lease for the space but never opened a store; Resnick let the grocer out of the lease.

Peter Ripka and Jeff Howard of Ripco Realty represented Target in the long-term deal. Brett Greenberg and Dennis Brady of Jack Resnick & Sons represented the ownership in-house, which had an asking rent of $200 to $250 per foot for ground floor retail.

The building also boasts potential Target shoppers with office tenants including RR Donnelley & Sons, Tradition North America, the City of New York and Mount Sinai School of Medicine. Students from the Borough of Manhattan Community College also have their own entrance.