NEW YORK CITY—New York REIT has completed a long-term lease totaling approximately 22,000 square feet with CVS Pharmacy at 1440 Broadway. The deal marks the first step in NYRT's overall retail repositioning strategy at 1440 Broadway, with remaining value-add opportunities to mark existing below-market tenant rents to market and to re-configure a portion of the basement into valuable, lower-level selling space with double ceiling-heights.
GlobeSt.com could not ascertain brokerage information or the average asking rent at the 756,000-square-foot building.Watch this space for possible updates.
“We are quite excited to have a tenant with the consumer demand and credit quality of CVS Pharmacy as our first anchor tenant in the redevelopment of our retail space at 1440 Broadway,” says Michael Happel, CEO of NYRT. “The company's long-term commitment to our building is confirmation of the important presence of our building in the Times Square marketplace.”
NY REIT's parent company American Realty Capital acquired the building from Rockpoint Group back in 2013 for nearly $539 million. At that time, Happel said, “We believe 1440 Broadway has long-term growth potential as the Times Square submarket expands.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
