Startup Medly Pharmacy has signed a 5-year lease for a three-story HQ at 31 Debevoise Street (AKA 46 Cook Street) in Bushwick, Crain’s first reported. The 30,000-square-foot space will serve as the corporate offices, retail pharmacy, and operations center for the startup’s primary offering: its same-day prescription delivery service.
- Worth Noting: The digital pharmacy startup will occupy the entire commercial condo at the newly developed, block-through condo building. Although no name is listed on the building permits. Cheskie Weiss is believed to be the developer. This conclusion is based on linking various addresses associated with the LLC’s at the time he acquired the development site.
- Family story: The pharmacy startup was founded by brothers Marg and Sahaj Patel, whose parents owned an independent pharmacy in Williamsburg.
- Dig Deeper: CEO Mark Patel told Crain’s that the startup had outgrown its previous 2,500-square foot space nearby space. Part of Medly’s corporate team had to work out of coworking sites, and this deal will allow the pharmacy and corporate teams to work in the same space instead of being fragmented.
- New type of flexible lease structure: As tenants have the upper hand in this market, Medly only had to make a five year commitment. Expect this trend to continue.
- Growth phase means more locations: Erik Valenzuela, Medly’s vice president of retail development, noted that although the pharmacy currently only has one location to service each its five markets, Medly plans on expanding to additional markets beginning in 2021.
- Financing backdrop: The startup has experienced rapid growth over the course of this year, as the COVID pandemic spurred further adoption of digital services, telehealth, and delivery of a variety of goods. Medly closed a $100 million Series B round in June, co-led by Volition Capital and Greycroft, CO noted. [Crain’s+CO+YIMBY]