CVS Nabs 10K SF at Park Slope Development Neighboring Future Lidl
The pharmacy chain signed a lease for 10,000 square feet at William Macklowe Company and Senlac Ridge Partners’ new mixed-use development at 120 Fifth Avenue, the joint venture announced. The deal comes weeks after discount grocery store Lidl nabbed 25,000 square feet on the ground floor for its first Brooklyn outpost.
The landlords, which were represented in the deal by RIPCO Real Estate’s Jason Pennington, Alex Beard and Ben Weiner, declined to disclose the asking rent or the length of the lease.
“CVS focuses on providing affordable and simple care to communities. We are confident that this retailer will offer residents a reliable, trustworthy pharmacy to utilize for all of their needs, as well as attract like-minded, community-oriented tenants to follow,” Pennington said in a statement.
Jason Pruger, Harrison Abramowitz and Ross Kaplan of Newmark (NMRK) represented CVS in the transaction, with the drug store likely to move in after the development is completed in 2024. In total, 120 Fifth will have 180 residential units and about 67,000 square feet of retail space, according to the developers,
“CVS has long targeted the iconic neighborhood of Park Slope and we look forward to the community having this offering,” Pruger said in a statement. “With CVS’ health and wellness mandate, we are confident it’ll be a welcoming addition to the neighborhood.”
The development has been a point of concern for Park Slope residents who feared that the housing and amenities offered by the developers would be unaffordable for the neighborhood.
William Macklowe Company and Senlac Ridge Partners tried to remedy that by signing an agreement with civic organizations in 2017 to provide 41 units of affordable housing in the development and add a discount grocery store, Lidl, to replace the Key Food that once stood in its place.
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