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.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
