Lease Beat

CVS Takes 10,000 SF on West 23rd St.

16493286 CVS Takes 10,000 SF on West 23rd St.The American drug retail company, CVS, will be opening a new retail location in Chelsea.

The company will take a 10,000 square foot unit at 500 West 23rd Street on the corner of 10th Avenue.

Ross Kaplan, a senior managing director at Newmark Grubb Knight Frank and broker for the tenant, noted that the “expanding residential and developing area” attracted CVS to the unit.

Mr. Kaplan was joined by executive managing director Jason Pruger and director Trever Gallina in representing the tenant in the transaction. The landlord, Equity Residential, was represented by Paul Berkman and Craig Slosberg, who served at Newmark Grubb Knight Frank at the time but have since departed the firm. The asking rent was $200 per square foot.

Equity Residential recently completed its construction at 500 West 23rd Street, nicknamed Ten23 Apartments. The building is one of the latest sophisticated and luxurious apartment buildings in Chelsea. The building features a concierge service, fitness center, laundry facilities, package service, and smoke-free living. Individual apartments include bay windows, nine foot ceilings, and fully-equipped kitchens with studio units starting at $3,170, one-bedrooms at $4,270, and two-bedroom at $6,535 a month.

In addition to Ten23, Equity Residential owns and manages several high-rise buildings in New York, including Trump Place, 71 Broadway, and the tallest residential building in Brooklyn, the Brooklyner. On a national level, the company owns properties in fourteen states including New Jersey, Connecticut, and California.

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