CVS signs lease for 512 7th Avenue store
Pharmacy chain takes 12,500 sq ft of space
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.
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.