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Deals & Dealmakers

CVS takes Astor Place retail space

Newmark Grubb Knight Frank (NGKF) represented CVS Pharmacy (CVS) in leasing 11,700 s/f at 51 Astor Place.

The national chain is the first retail tenant to take space at the building developed by Minskoff Equities.

CVS is leasing 8,300 s/f on the ground floor and 3,400 s/f on the lower level in a deal negotiated by NGKF’s team of Ross Kaplan, Jason Pruger, and Trever Gallina represented CVS.

The landlord was represented by Pat Smith, Matt Ogle, and Corey Zolcinski of SRS. Asking rent for the space was $350 posf.

“We were delighted to work with CVS in securing this prime corner location, across from the Astor Place Subway station. It’s a highly sought-after spot close to Union Square and a great location for CVS Pharmacy,” said Kaplan.
The same NGKF also represented CVS in leasing 22,250 s/f at 1440 Broadway. Pruger, along with NGKF’s Aaron Cukier and Kate Cohen represented the landlord, American Reality Capital in this transaction.

The lease consists of 7,600 square feet on the ground floor and 14,650 square feet on the second  floor.

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