Duane Reade

Real Estate Weekly, Nov 24, 1999 by Lois Weiss

Where is Duane Reade heading as its east side of Fifth Avenue block moves closer to becoming developed? To the west, of course. Sources say it will schlep across Fifth to 535 Fifth Avenue for a piece of that retail pie.

Its space in 509 Fifth is on the market for the remaining three years, but sources tell us no matter what the cancellation there, the Israeli Discount Bank has a very long lease upstairs, snaking through its neighbor to the north at 511 Fifth, which is under yet a different ownership.

Meanwhile 503, 505 Fifth and 507 Fifth are allegedly under contract to clients of attorney Steve Meister, who upped the ante to draw it out of Bruce Ratner's grasp.

The slender No. 1 East 42nd Street also slivers next to and behind all of these to 43rd Street.

The entire corner of course, is a tax-paying site that's been a target for developers for over 10 years. Stay tuned to see who gets this delicious retail and office block-front which can go 30-ish plus stories, depending on how much of what one gets at the end of the Millennium.