CVS inks lease at 217 Broadway

Retailer to take 19,350 sf at former Astor Hotel

217 Broadway (Google Maps, iStock)
217 Broadway (Google Maps, iStock)

CVS is opening on Broadway — 217 Broadway, to be exact.

The drug store chain has signed a 15-year lease for 19,350 square feet at the Astor Building, just south of City Hall. CVS will occupy 6,850 square feet on part of the ground floor and 12,500 square feet on the second floor.

CBRE’s Bruce Surry, David LaPierre and Kristen Crossman represented the owner, Columbus Properties, in the deal. Ariel Schuster, Brandon Eisenman and T.J. Cholnoky of Newmark Retail represented CVS.

As part of the deal, CVS is taking portions of the NY Sports Club and Staples.

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“The retail space at the Astor Building offers amazing visibility with direct sight lines from One World Trade Center and the Fulton Transit Center and an incredible branding opportunity — flanked on either side by landmarks such as St. Paul’s Chapel and City Hall,” LaPierre said in a statement.

Columbus Properties acquired the property in 1983 and made extensive renovations, adding a three-story penthouse. The Astor Hotel was built on the site by John Jacob Astor between 1832 and 1836.

CVS has received a boost from the pandemic. It expects to administer more than 3 million vaccines in about 40,000 long-term facilities. At the same time, it is still shedding some underperforming stores as it opens new locations.