Newmark Grubb Knight Frank (NGKF) is pleased to announce that it represented leading retail pharmacy CVS Pharmacy (CVS) in leasing 11,700 square feet at 51 Astor Place.
This 13-story, 430,000-square-foot building consumes the entire block between Third and Fourth Avenues and 8th and 9th Streets, and required nearly $300 million dollars to construct. The building features a black-and-white granite lobby and three storefronts securing the ground floor. CVS is leasing 8,300 square feet on the ground floor and 3,400 square feet on the lower level.
NGKF’s team of Ross Kaplan, Jason Pruger, and Trever Gallina represented CVS. The landlord, Edward J. Minskoff, was represented by Pat Smith, Matt Ogle, and Corey Zolcinski of SRS.
Commenting, Ross Kaplan, senior managing director at NGKF said: “We were delighted to work with CVS in securing this prime corner location, across from the Astor Place Subway station. It’s a highly sought-after spot close to Union Square and a great location for CVS Pharmacy.”
In addition, NGKF represented CVS in leasing 22,250 square feet at 1440 Broadway. The team of Jason Pruger, Ross Kaplan and Trever Gallina represented CVS Pharmacy while NGKF’s Jason Pruger, Aaron Cukier and Kate Cohen represented the landlord American Reality Capital in this transaction, which closed on April 1, 2015. The lease consists of 7,600 square feet on the ground floor and 14,650 square feet on the 2nd floor.
Commenting, Jason Pruger, executive managing director at NGKF said: “We were delighted to represent both tenant and landlord in leasing this prime Times Square location, an ideal space for a premier pharmacy like CVS.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.