Leases  ·  Retail

The Cheese Never Came to 387 PAS, but Drugs Are Likely to Land


CVS is close to sealing a deal on Park Avenue South for the 10,550-square-foot space that Artisanal Fromagerie Bistro leased but never moved into, Commercial Observer has learned.

The pharmacy giant is finalizing a lease for 7,550 square feet at grade and 3,000 square feet—usable—in the basement at TF Cornerstone’s 12-story 215,000-square-foot office building at 387 Park Avenue South between East 27th and East 28th Streets, sources said. The asking rent is $225 per square foot.

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Artisanal Fromagerie Bistro filed for bankruptcy in March 2017 shortly before it was slated to open at 387 PAS, as CO previously reported. The eatery owes TF Cornerstone over $24 million in rent. This February, CO reported that the space was back on the market with Winick Realty Group.

Newmark (NMRK) Knight Frank‘s Jason Pruger, who represents CVS in Manhattan, declined to comment. A spokeswoman for Winick’s Aaron Fishbein and Steven Baker, who are representing TF Cornerstone in the negotiations, declined to comment. A spokeswoman for the landlord didn’t immediately provide a comment.