CVS signs lease for 512 7th Avenue store

Pharmacy chain takes 12,500 sq ft of space

New York /
May.May 17, 2021 03:00 PM
(Moinian Group, CVS)

(Moinian Group, CVS)

CVS Pharmacy has signed another lease in Manhattan.

The drugstore chain took 12,500 square feet of retail space at 512 7th Avenue, including 8,500 square feet on the ground level and 4,000 for storage in the basement.

A spokesperson for CVS confirmed the lease, and added that the company intends to open the location in 2022.

Sources tell The Real Deal that the retailer will pay 350 per square foot. The deal closed earlier this month.

CVS has leased at least two other Manhattan locations this year — one for nearly 12,000 square feet at the Keystone Building, the other for around 20,000 square feet at the Astor Building.

The Garment District building in the new deal is leased by the Chetrit Group and the Moinian Group. Solil Management owns the ground underneath.

Oxford Property Group’s Steven Bentolila represented CVS in the deal.

CVS and its competitors have seen revenues rise as they administer Covid-19 vaccines. The chain said it expects to bring in $400 million to $500 million this year from Covid-related business.

Ranked by number of locations, CVS, with 172, was the eighth largest chain in New York City last year and second largest among drug stores behind Walgreens/Duane Reade, according to the Center for an Urban Future’s annual State of the Chains report.

CVS last year added two locations, both in Staten Island, and closed none, while Walgreens/Duane Reade reduced its citywide store count by 64, to 253. Its Manhattan store count fell by 34.





    Related Articles

    arrow_forward_ios
    30 East 14th Street (Google Maps)
    Witnick, Namdar, Gorjian buy 30 East 14th Street for $23.5M
    Witnick, Namdar, Gorjian buy 30 East 14th Street for $23.5M
    Winery owner Giovanni Borghese (Facebook via Borghese Vineyard)
    Rare vintage: Long Island’s oldest winery hits the market
    Rare vintage: Long Island’s oldest winery hits the market
    One Court Square tower in Long Island City (Getty)
    Target is coming to Long Island City
    Target is coming to Long Island City
    Stuart Miller of Lennar with The Maddox complex (Lennar, LMC)
    ING “green building” loan program targets energy upgrades
    ING “green building” loan program targets energy upgrades
    (iStock illustration by Kevin Rebong for The Real Deal)
    Morgan Stanley bans unvaccinated staffers from offices
    Morgan Stanley bans unvaccinated staffers from offices
    (Getty / Photo Illustration by The Real Deal)
    Mall landlords turn to pop-up stores to boost revenue
    Mall landlords turn to pop-up stores to boost revenue
    Photo illustration of Tishman Speyer Properties President Rob Speyer and Brookfield Asset Management CEO Bruce Flatt (iStock, Getty)
    Office investors Tishman Speyer, Brookfield put money where mouth is
    Office investors Tishman Speyer, Brookfield put money where mouth is
    Sure We Can has tried to purchase the property in the past (Facebook via Sure We Can, Getty)
    Lifeline for canners needs city’s help to buy redemption center site
    Lifeline for canners needs city’s help to buy redemption center site
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...