CVS Takes Space at Base of Planned Mixed-Use Building in DoJam
By Lauren Elkies Schram February 15, 2017 1:10 pm
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A CVS/pharmacy will be taking space at the bottom of an upcoming mixed-use project in Downtown Jamaica, Queens, according to property records.
In an agreement with the developer, Westbury, Long Island-based Piermont Properties, dated Feb. 1, and recorded with the city yesterday, CVS Health secured a 25-year lease for a CVS/pharmacy to occupy 10,462 square feet of ground-floor space at 178-02 Hillside Avenue. The taking rent was $57 per square foot, a source told Commercial Observer.
Bank of the Ozarks provided a $38.5 million senior construction loan to Piermont on Feb. 1, as CO previously reported, in order to erect the eight-story 176,130-square-foot development at 179th Street. It will include 131 apartments, plus 25,000 square feet for medical offices on the lower level and a public parking facility.
It wasn’t clear if CVS had a broker in the deal. Neither executives at Piermont nor spokespeople for CVS immediately responded to a request for comment.
