CVS Takes 10,500 Square Feet at TF Cornerstone’s 387 Park Avenue South
Artisanal Fromagerie Bistro was supposed to move into the space but the cheese-focused brasserie fell on hard times
By Lauren Elkies Schram March 22, 2019 1:00 pmreprints
CVS Pharmacy has taken 10,500 square feet at TF Cornerstone’s 387 Park Avenue South, Commercial Observer has learned, in the space in which Artisanal Fromagerie Bistro was supposed to open.
About two weeks ago, CVS signed a lease for 7,500 square feet on the ground level and 3,000 square feet in the basement (for storage), at the base of the 12-story, 230,000-square-foot building between East 27th and East 28th Streets, per Newmark (NMRK) Knight Frank. This is an additional outpost for CVS, Pruger said. Its proximity to the subway made it an ideal location, he said. The store is slated to open in the fourth quarter, per a NKF spokeswoman.
NKF’s Ross Kaplan, Jason Pruger and Harrison Abramowitz represented CVS in the deal and Steven Baker from Winick Realty represented TF Cornerstone. The asking rent was $250 per square foot, as CO reported when the space hit the market in February 2018. The lease is for 15 years, Pruger said.
“Midtown South continues to be an appealing market for office and growing retail tenants given its central location in Manhattan between Grand Central and Union Square,” Kaplan said in prepared remarks. “This new lease for CVS puts the retailer in an optimal, corner location one block from the subway. With a Barry’s Bootcamp also located in the building, this store is sure to benefit from the high foot traffic in this area.”
CO reported last May, Artisanal—a cheese-focused brasserie—was on the hook for over $24 million in rent for the space in which it never opened as planned, following Chapter 11 bankruptcy filings.
Spokeswomen for Winick and TF Cornerstone didn’t immediately respond to a request for comment.