The store at 70-00 Austin St., which has been open for more than two decades, was not able to reach an agreement over its lease with its landlord, Muss Development and will be closing early next year, as first reported by the New York Daily News.
The store will be replaced by Target, which will take over the entire two-level, 21,000-square-foot location, according to Muss chief operating officer Jeff Kay.
Target, which signed a deal for a 15-year lease, is expected to open by July 2016, Kay said.
In a statement, a Barnes & Noble spokesman said the company made its "best efforts" to extend its lease.
"We communicated that we were willing to increase the rent and had an initial agreement with the property owners, who in turn did not live up to that agreement."
Meanwhile, Muss Development principal Jason Muss, in a statement about Target moving in, said that “Austin Street is a natural fit for this new retail concept."
"It is in the center of a high-traffic, residential area and Forest Hills is the quintessential Queens neighborhood," Muss noted.
"It’ll be a quick stop for locals to find pharmacy, fresh grocery with grab-and-go food options, basic apparel ... health and beauty necessities, tech accessories, tablets, mobile phones and more," Target wrote in a statement. "We’ll stock it with a tailored assortment that caters to city dwellers, including home products perfect for single family homes and condos."
Target already has several locations in Queens, including in Flushing and Elmhurst.
Over the years, Barnes & Noble, which opened in 1995, became a popular hangout spot for students, seniors and families. Local residents started a petition earlier this year hoping to keep the store open. The petition was signed by more than 5,700 people.