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."
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