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CVS to Open 9,000-SF Lexington Ave. Store

NEW YORK CITY-The space is located in a 211-unit multifamily property currently under construction at 97th and Lex. Rose Associates brokered for CVS and owner Kenbar Group, which is also marketing retail space at two other area properties.

By Glen Thompson | Updated on September 24, 2002

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.

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