Health Leases Resurface Put up-Pandemic, With 17Okay SF in New Offers – Industrial Observer

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According to brokerage, the fitness industry in New York City is on its way to recovering from the pandemic Neumark, Commercial Observer points to six recently completed fitness facility stores across town that collectively cover 17,000 square feet.

“With retail leasing picking up again after the pandemic, we’re seeing increasing demand from boutique fitness tenants,” Newmarks said Ravi Idnaniwho brokered several of the deals, he said in a statement. “As residents have returned to group fitness, smaller boutique retail spaces that offer a unique, intimate experience are particularly in demand, as shown by the list of transactions our team recently completed.”

The latest of these deals paired with a self defense studio The Krav Maga Institute (KMI) at 5,000 square feet 281 Broadway. Previously occupied by a CrossFit Gym, the building will retain a training theme for a rental period of at least 10 years. The required rent was $ 100 per square meter.

Idnani brokered the deal for the landlord, 281 Broadway employees, next to Newmarks Andreas Stern. Newmark brokered the deal for KMI as well.

In addition to KMI, five other fitness studios brokered by Newmark have been built since May. Each of these deals has resulted in new gyms, studios, and exercise rooms that are a positive outcome for the return of personal practice.

One reason for this increase in fitness leasing is the decline in asking rents. Newmark data found that asking rents in retail were down an average of 16.5 percent from pre-pandemic levels.

Benefit from these low rents, Sweat440 will join the Financial District with a 4,200 square foot lease 80 John StreetT. The Financial District will be the chain’s second location in Manhattan, with the first in Chelsea. Idnani and Newmarks Aric Trakhtenberg represented property owner Closed real estate in the deal.

Also in the Financial District, practice studio Joseph Charles Fitness 2,000 square meters rented 44 Trinity Square. Stern and Idnani represented the tenant. Winick real estate‘S Hal Shapiro and Jakob Rosen represent the landlord, Corigin. A Winick Realty spokesman did not immediately respond to a request for comment.

For those looking for a more zen approach to training, you’ve come to the right place 104 Franklin Street, where Erika Bloom rents 2,574 square meters on the second floor. While the Pilates studio has not yet opened, the Upper East Side location is open for classes. Rudd Realty‘S Michelle Ball represented the tenant, while Stern and Idnani did it for the landlord. Ball did not immediately respond to a request for comment.

Moving within the West Village, karate studio Karate-Do KenWa Kan has moved 34 West 15th Street. It will occupy 2,500 square meters on the second floor. Stern and Idnani represented the tenant.

The duo wrapped up another deal. away 132 West Houston StreetT next to Newmarks Joshua Strauss, represents the private investment owner in the Personal Training Studio Aesthetic laboratory‘s deal for 1,200 square feet on the second floor of the building. Aesthetic laboratory has already moved in and is open for classes.

But like many of the new leases, Aesthetic Lab has implemented pandemic security protocols that require proof of vaccination upon entry. This requirement may be the new normal for training facilities – and has already been seen a mostly successful start in New York City hospitality.

A Newmark spokesman did not immediately respond to requests for rents.

Anna Staropoli can be reached at astaropoli@commercialobserver.com.