Planet Fitness has signed a lease for 14,500 square feet of retail space on the ground floor of a recently completed residential high-rise in Coney Island, Brooklyn. The lease, which was facilitated through a collaboration between Cammeby's International Group and Rybak Development, secures a prominent presence for the fitness company in the burgeoning area.
The gym is set to occupy the space at 532 Neptune Avenue next year. The lease agreement has a duration of 10 years, with an asking rent of $65 per square foot, according to a report from the New York Business Journal, which first reported the deal. CBRE represented Planet Fitness, while Commercial Acquisitions advised the ownership.
Comprehensive Development in Coney Island
The three-tower residential complex at 532 Neptune Avenue comprises 499 residential units, ranging from studios to three-bedroom flats. Cammeby's and Rybak completed the development late last year. Notably, 30 per cent of these units are designated as affordable housing. The project's total area includes 758,600 square feet of residential space, 40,368 square feet of ground-floor commercial space, and 20,722 square feet for community facilities.
The developers continue to demonstrate commitment to the Coney Island area. Already in March, Cammeby's and Rybak submitted a rezoning application for the construction of two additional 22-storey residential buildings. These projects, planned for 3030 Ocean Parkway and 400 Neptune Avenue, are expected to include a total of 703 units and underscore the dynamic development of the region.
Planet Fitness in New York City
Planet Fitness already operates almost 50 gyms across New York City, distributed throughout all five boroughs. The expansion into Coney Island solidifies the company's position as a key provider of fitness services in the metropolis.
