real estate

Millerton CVS site listed for over $3 million

Millerton CVS site listed for over $3 million

The Millerton CVS property at 108 Route 44 was originally constructed in 1957 and renovated in 2005. The single-story building has 10,349 square feet on a 1.09 acre lot.

Photo by Christine Bates

MILLERTON — The building where CVS operates in the Town of North East, and the parking lot next to it which is in the Village of Millerton, have been listed for sale on Loop Net, a commercial multiple listing service site, for $3,203,000.

The owner of the property is Naomi Djanogly Properties LLC which owns other commercial properties nationally.

The original building was constructed in 1957 and renovated in 2005. CVS’s monthly rent and the term and details of its lease have not been revealed. However, the return on the sale price of $3,203,000 with CVS as a tenant is estimated at 7.5%.

CVS management announced in 2021 a national “store realignment” which would close 900 locations between 2022 and 2024, and, recently indicated that another 270 stores would be closed in 2025.

In the last six months there have been numerous real estate transactions on the south side of Route 44.

Elizabeth’s Jewelry store location at 110 Route 44 was sold to the Bank of Millbrook for $896,000 on Oct. 8, 2024, and Elizabeth’s moved east on Route 44 into the former Trotta Liquor Store next to the Talk of the Town restaurant. Millerton Plaza, formerly the Grand Union supermarket location on 10.4 acres with over 36,000 square feet, was sold for $1.75 million on Nov. 15. Most recently The Millerton News reported that Tallow, a new type of fast-food endeavor, is in negotiations to occupy the former McDonald’s.

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