Williamsburg biz takes 53% more space to meet demand

Medly Pharmacy takes 44K sf after initially planning smaller lease

New York /
Apr.April 07, 2020 08:00 AM
46 Cook Street in Brooklyn (Credit: Google Maps)

46 Cook Street in Brooklyn (Credit: Google Maps)

A digital pharmacy significantly increased the size of its new lease in Williamsburg because of the coronavirus pandemic, according to sources familiar with the deal.

Medly Pharmacy recently inked a 43,500-square-foot lease at Express Builders JB’s 46 Cook Street for $45 per square foot, according to sources familiar with the deal. The firm initially planned to lease 28,500 square feet at the building but added about 15,000 more to deal with an anticipated increase in demand for its services, sources said.

The Williamsburg location will serve at the company’s headquarters.

Tri State Commercial Realty’s Shlomi Bagdadi, Dov Bleich and Avi Akiva

Tri State Commercial Realty’s Shlomi Bagdadi, Dov Bleich and Avi Akiva

Tri State Commercial Realty’s Dov Bleich, Avi Akiva and Shlomi Bagdadi brokered the deal for both sides. They declined to comment on the transaction.

Medly Pharmacy focuses on online processing and same-day prescription deliveries. With the coronavirus pandemic forcing people across the country to stay home, the company anticipates a bigger demand for those services, sources said.

Representatives for the pharmacy did not respond to a request for comment.

Prolific Brooklyn builder Joel Braver is behind the mixed-use project at 46 Cook Street, which was completed in 2018 and also includes 45 residential units. Braver declined to comment.

The Real Deal rated Braver’s construction company as the 18th most active general contractor in the city in its 2017 ranking. His other projects include a 14-unit residential building at 219 Hudson Street in Manhattan and a 562-unit residential building at 1580 Story Avenue in the Bronx.


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