Real Estate

A New Walgreens on Fulton Street: Soon Come!

The drug store has signed a 20-year lease on a building at Fulton Street and Nostrand Avenue

According to the Bed-Stuy Gateway Improvement District, Walgreen Co. has signed a 20-year lease on a 20,000-square-foot building at Fulton Street and Nostrand Avenue!

In past Bed-Stuy Patch polls of what new businesses residents would like to see coming into Bed-Stuy, drug store/pharmacy consistently has emerged as one of the top-five. Now it's coming.

“The Bed-Stuy Gateway Business Improvement District (The BID) is glad to see a major retailer moving into the area," said Lori H. Luis, interim director of the Bed Stuy Gateway BID. "This new store will provide residents with everyday necessities in their own neighborhood, and it will increase the interest of other retailers to bring their businesses to Bed-Stuy." 

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Walgreens is paying $45 a square foot in rent for the space, more than twice as much as the average $20-a-square-foot asking rents in this area of Bed-Stuy.

The store will have a 6,600-square-foot sales floor—smaller than its usual 10,000 square feet. But the remaining space will be used for such things as storage.

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“We’ve tried to become more flexible in recent years, going into urban areas with a more flexible store format,” Walgreens spokesman Michael Polzin told the Wall Street Journal.

"The BID is here to support new and existing businesses – we want to rejuvenate the commercial corridor, at the same time, making sure that our small business owners can sustain operations through the transition," said Luis.


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