The design aims to accomplish three things. “It needed to be modern and hip, with branding in clever places,” Shirley said. “The room is such a large, empty, white space, so skewing that meant first figuring out how to divvy it up. I just needed to create intimate seating areas for the guests. It all fell into place after I got that.”

Shirley has named the fruits of her labor “the bull’s-eye bungalows.” Though not bungalows in the traditional sense, each of the five areas has its own look and feel, paying homage to musicians and male and female stars of the past. In the “Diva Bungalow,” for example, Chuck Close-style portraits of Lucille Ball and Marilyn Monroe preside over flat-screen fireplaces. Bull’s-eyes show up in the shadow on Lucy’s cheek and the trademark beauty spot above Marilyn’s lip. Shirley wanted to cover as much of the space as possible, so when she started running out of money in the budget, she sourced some of the materials from Target.

Joining the lounge, in a small gallery looking out onto West 13th Street, is an exhibition of artwork the festival awards (in addition to prize money) to the winners of this year’s festival. (The Target space temporarily cleared out on Thursday night so the gallery could host the Tribeca Film Festival awards presentation itself.) Target brings its bull's-eyes to Friday's "Breaking the Band" concert at Webster Hall, where it will deck out the V.I.P. lounge.   —Michael O'Connell