Two Health Care Tenants Take Retail Space in Harlem
By Nicholas Rizzi March 11, 2021 4:55 pmreprints
Two health care tenants — Juno Medical and Uptown Dermatology — signed deals for retail space in Harlem, Commercial Observer has learned.
In the largest of the two deals, Juno Medical inked a 10-year lease for 3,090 square feet on the ground floor of the Aloft Harlem Hotel at 2300 Frederick Douglass Boulevard, according to landlord brokers ABS Partners Real Estate. Asking rent was $70 per square foot.
Health care clinic Juno Medical is currently located in a temporary space at 2119 Frederick Douglass Boulevard and plans to move into its more permanent digs in the summer, ABS said.
ABS’ Mark Tergesen and Cooper Katz represented landlord Regal Acquisitions, while Simon McGown of Compass handled it for Juno Medical. A spokesperson for McGown did not immediately respond to a request for comment.
Uptown Dermatology, which has more than 10 locations around the city, signed a 10-year lease for 2,723 square feet on the ground floor of 2802 Frederick Douglass Boulevard, according to ABS.
Asking rent was $45 per square foot, and Uptown plans to move into the space in the summer.
Tergesen and Cooper represented Uptown Dermatology, while Ripco Real Estate’s Jason Pennington and Jessica Hedrington handled it for the landlord, Fairstead. A spokesperson for Ripco did not immediately respond to a request for comment.
Tergesen said that medical tenants taking vacant retail space around the city was a growing trend but it has been amped up by the coronavirus pandemic as more retailers close and rents fall.
“Medical users are seeing the value of street-level visibility, and private access,” Tergesen said in a statement. “We believe the drop in rents coupled with demand for services will allow the trend to continue this year, particularly in Upper Manhattan where there is still room for growth for medical tenants.”