CVS takes 9,000 SF at 1500 Lexington Ave

Real Estate Weekly, Oct 9, 2002

Rose Associates, Inc., one of New York's oldest full-service real estate firms, has completed a transaction with CVS for approximately 9,000 SF of ground-floor retail space in 1500 Lexington Ave. at the southwest corner of East 97th Street in Manhattan.

The 211-unit residential building, under development by Kenbar Group, is scheduled for completion in spring 2003. Rose Associates represented the owner and tenant in the transaction.

1500 Lexington Ave. also offers approximately 5,000 SF of lower-level space with its own entrance on Lexington Avenue. The space, which is located in close proximity to Mount Sinai, Metropolitan and Lenox Hill hospitals, is suitable for a variety of professional uses.

Rose Associates is currently marketing the approximately 5,500-SF ground-floor retail space at 1501 Lexington Ave., directly across the street from the CVS site. This recently completed 160-unit residential building features 75 feet of retail frontage along Lexington Avenue between East 96th and East 97th Streets. The building was also developed by Kenbar Group and is fully leased.

A third property under development by Kenbar Group is 1510 Lexington Ave. on the west side of Lexington Avenue between 97th and 98th Streets. The 350-unit residential building will offer approximately 20,000 SF of retail space and is scheduled for completion in early 2005.

"Rose Associates has provided complete service to the developer of these properties, acting as leasing and management agent for the retail and residential components of the buildings," said Bruce Spiegel, senior managing director of Rose Associates. "The critical mass of more than 700 new market-rate residential units located near the 96th Street subway stop further heightens the retail appeal of this established neighborhood.