Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Manhattan’s already congested pharmacy market will soon make room for one more member when CVS moves into a 9,000-sf ground-floor space at 1500 Lexington Ave.

The 211-unit residential building, currently under development by Kenbar Group at the southwest corner of 97th Street and Lexington Avenue, is slated for delivery in spring 2003. Rose Associates Inc. senior managing director Bruce Spiegel represented the owner and tenant in the negotiations. While details of the transaction have not been disclosed, asking rents for retail space in the building start at $65 per sf.

Rose Associates is also marketing two additional Upper East Side retail properties. One is located in a Kenbar development at 1501 Lexington Ave., directly across the street from the CVS site. The recently completed 160-unit residential building features a 5,500-sf ground-floor retail space with 75 feet of avenue frontage.

1510 Lexington Ave., another Kenbar project, is a 350-unit multifamily property that will offer 20,000 sf of retail space scheduled for completion in early 2005.

“Rose Associates has provided complete service to the developer of these properties, acting as leasing and management agent for the retail and residential components of the buildings,” says Spiegel. “The critical mass of more than 700 new market-rate residential units located near the 96th Street subway stop further heightens the retail appeal of this established neighborhood.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.