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Planet Fitness signs 14,500 sq ft lease for Coney Island tower base
The gym will take the space at 532 Neptune Avenue next year under a 10-year lease with an asking rent of $65 per square foot.
Planet Fitness has signed a 14,500-square-foot retail lease at the base of a new residential tower in Coney Island, Brooklyn, the Commercial Observer reports. The deal involves Cammeby’s International Group and Rybak Development for the property at 532 Neptune Avenue.
Planet Fitness is set to move into the location next year under a 10-year lease. The asking rent is $65 per square foot, according to the report, which also notes that Planet Fitness was represented by CBRE, while ownership was represented by Commercial Acquisitions.
The development that will host the gym, at 532 Neptune, was completed late last year as a three-tower, 499-unit residential complex, featuring studio to three-bedroom homes. Commercial Observer says about 30 percent of the units are designated as affordable housing, and the project includes 758,600 square feet of residential space plus 40,368 square feet of ground-floor commercial space.
Cammeby’s and Rybak are also continuing their work in the area, with the companies submitting a rezoning application in March for additional residential development. Commercial Observer reports the plan calls for two 22-story buildings with a combined 703 units at 3030 Ocean Parkway and 400 Neptune Avenue.