New CVS Pharmacy and supermarket coming to Park Slope

CVS will be on ground floor of mixed-use buildings, along with Lidl Supermarket

August 24, 2022 Brooklyn Eagle Staff

A rendering of the mixed-used development planned for 120 Fifth Ave. in Park Slope. Rendering courtesy of RIPCO

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Less than a month after they announced a Lidl supermarket coming to their new rental building-in-progress at 120 Fifth Ave. in Park Slope, co-developers William Macklowe Company and Senlac Ridge Partners announced Tuesday that they have signed a lease with CVS at that location to operate a pharmacy.

CVS will occupy the ground floor and lower level of one of the two mixed-use buildings planned for the site, while Lidl will anchor the retail component of the other building, according to RIPCO Real Estate, which is handling leasing and marketing for the developers.

The 180‐unit residential rental development will include 45 affordable housing units and approximately 67,000 square feet of retail/commercial space as well as a parking garage.

CVS is establishing a store there the same time that the national pharmacy chain has announced plans to close 300 stores a year for the next three years, according to CVS’ own website.

“The company has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business. As part of this initiative, CVS Health will reduce store density in certain locations and close approximately 300 stores a year for the next three years,” the website says.

This year, the chain has closed, or plans to close, stores in Washington D.C., Fresno, Pennsylvania and Virginia. The chain remains strong in the New York metro area — although a CVS on Montague Street closed within the past year, another one, at 156 Henry St., still operates a few blocks away.

“CVS has long targeted the iconic neighborhood of Park Slope and we look forward to the community to have this offering,” said Jason Pruger, executive managing director of Newmark. “With CVS’ health and wellness mandate, we are confident it’ll be a welcoming addition to the neighborhood.”

Lidl USA, based in Arlington, Virginia, operates more than 170 stores on the East Coast, with 25 in New York State. In New York City, it operates stores in Staten Island, Harlem and Astoria, Queens. Its parent company, Lidl, headquartered in Germany, is strong throughout Europe.

The new Lidl supermarket at 120 Fifth Ave. will fully adhere to the provisions of a Cooperation/Community Benefits Agreement executed by the owners of 120 5th Avenue and the Community Stakeholder Group, comprised of 10 leading local civic organizations, in 2017. The building replaces a Key Food supermarket that was originally on the site.