The landlord of the Rite Aid on Amsterdam Avenue between 69th and 70th street appears to want the drug store out of the space — and fast. The asking rent on the space was decreased from $175 to $130 per square foot and the listing says the new tenant can take possession this month. We first caught wind that the space was on the market a few months ago. There is no shortage of drug stores in the area, but they tend to be Duane Reade and CVS branches, which often carry higher prices.
Real estate broker Rafe Evans of Walker Malloy says that the space could potentially be used for a restaurant with a liquor license.
Image via Walker Malloy listing.
Judging by the copious frontage (compared with other retail locations, and the case for most drugstores), I wonder if the landlord will sub-divide the space and offer it to two tenants who want that street-facing exposure.
The rent goes down to rid of a tenant? I guess DR and CVS really don’t like competition. But seriously, that is really strange. Any explanation regarding the desire to oust RITEAID?
While I usually hate to see a long-standing UWS store close, this place has always been dirty and I would never choose to shop there. If they were clean and had good values, I would go, but dirty and cheap is not a combination I value in my neighborhood. One reason the rent may be coming down is that MAJOR construction will be starting next door when the old Lincoln Square Synagogue is torn down. They may feel they have to give someone a couple of year’s break to get them in, rather than having the space sit empty throughout the construction. Just a theory, not based on any facts.
That’s shocking!! The landlord is lowering the rent to get rid of a tenant on the UWS? I just think the landlord sees it as an opportunity to get rid of a tenant they no longer want renting that space.
That particular Rite Aid store has always seemed rather shabby, and they never seem to have the items that are on sale. However, when you do find sale items you can get a great deal and enhance the savings with additional coupons.
Sorry to see this place go though cause Duane Reade always rips you off. They always over charge and it’s hit or miss when it comes to customer service. The store on Broadway and 70th — they are just obnoxious. 72nd and West End and 75th and Broadway — people are very helpful. But always watch when they ring out sales so you don’t get cheated.
I do not like the headline.
how is Rite Aid getting “pushed out”? They maybe choosing not to renew.
Rule 1 in nyc: its the landlord’s fault.
Rule 2: See Rule 1.
If you open the link below, you will see that Rite Aid Corporation had not been doing well for several years now for a number of reasons. The article mentions that they have been closing underperforming stores. You may remember that a Rite Aid store on 96th and Broadway closed a couple of years ago. It was another Rite Aid that had become very shabby and unappealing to shop in.
https://www.fool.com/investing/general/2013/04/15/rite-aid-turns-a-profit-why-im-not-impressed.aspx