BEDFORD-STUYVESANT — Retail giant Walgreens is the latest business to move into Bedford-Stuyvesant, signing a 20-year lease on a 20,000-square-foot building on Fulton Street, according to reports.
Smaller than normal for a Walgreens location, the 1281 Fulton St. store will have a 6,600-square-foot sales floor, as opposed to the normal 10,000 square feet, according to the Wall Street Journal.
“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 Journal.
Building owner Domenick Disaverio reportedly bought the space in December for $7.5 million from developer Ash Management Realty, who told the Journal that Walgreens is paying $45 a square foot in rent.
Average asking rents are in the $20-a-square-foot range, according to the Journal.
Local business improvement district the Bed-Stuy Gateway BID told Patch that they were happy to see a major retailer enter the area, and that the store would be a much-needed addition to the neighborhood low on pharmacies.
"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," interim BID director Lori H. Luis told Patch.
An earlier effort by Walgreens to move into Windsor Terrace was met with initial resistance from the community. Last month the store revealed its plans to share space with Key Food.
