CVS coming to Neptune/Sixth in Coney Island
A new retail/residential development currently under construction in Coney Island is starting to attract commercial tenants, according to the property developer.
Cammeby’s International Group, the real estate firm handling Neptune/Sixth, a new mixed-use development going up at 532 Neptune Ave. and 626 Sheepshead Bay Road, announced on Sept. 28 that CVS Pharmacy has signed a lease to occupy a portion of the retail space at 532 Neptune Ave.
Under the lease, CVS Pharmacy will occupy approximately 11,300 square feet of ground-floor retail space in the building.
Until the space is ready, the pharmacy will be temporarily located at the corner of Neptune Avenue and West Sixth Street.
“As a community-oriented development, Neptune/Sixth aims to enhance the area by creating more modern accommodations for existing businesses — like CVS — as well as for new retailers that will add to Coney Island’s vitality,” Jacob Cohen of Cammeby’s said in a statement.
Neptune/Sixth is a redevelopment of the former Trump Village Shopping Center and Royal Palace Baths. The new development will house a variety of services and retail options, while adding new amenities like parking, according to Cammeby’s.
Construction on the development’s first phase, a seven-story, 161,000-square-foot retail and commercial building at 626 Sheepshead Bay Road, is underway and is expected to be completed by the summer of 2017.
Cammeby’s expects to begin work for the retail portion of the Neptune Avenue site this fall.
Winick Realty Group has been retained as the exclusive retail leasing agent for Neptune/Sixth. The Lawrence Group is overseeing leasing for the development’s office space.
At 40 stories, the Neptune Avenue building will be the tallest structure in Coney Island.
Neptune/Sixth was designed by New York-based S9 Architecture.
“In our planning for Neptune/Sixth, we worked to gain a deep understanding of the neighborhood, its residents and businesses,” said Navid Maqami, the design principal at S9 Architecture. “Our goal is to transform the existing fragmented fabric into a vibrant urban place where people can work, shop and live.”
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Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services. Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies. Winick Realty Group is highly recognized as a forerunner in the retail real estate market.