New York wellness and fitness operator Sui Yoga has signed a long-term, 13-year lease for 13,000 square feet of space in the building at 71 Fifth Avenue. The property is situated in the Midtown South submarket, just one block west of Union Square on the corner of Fifth Avenue and East 15th Street. The asking annual rent for the commercial space was 1.7 million dollars.
The new studio marks the company's second location in Manhattan. The leased premises are spread over two levels of the eleven-storey building: approximately 4,700 square feet are located on the ground floor, where City National Bank is among the immediate neighbours, whilst a further 8,300 square feet are in the basement.
Deal concluded alongside change of ownership
The signing of the lease took place alongside a recently concluded change of ownership. The previous landlord, Madison Capital, together with its joint-venture partner Lubert-Adler Partners, sold the ground lease on the property to Igal Namdar's Namdar Realty Group for 62 million dollars at the end of October. Both the outgoing and incoming owners were therefore involved in the letting negotiations.
On the agency side, Samuel Mukamal of Meridian Capital Group represented the tenant, Sui Yoga. The landlord was represented by Lee Block and Jeff Winick of RTL Real Estate, acting in coordination with Madison Capital and Namdar Realty Group. Block stated that working with the parties had been a pleasure and that Sui Yoga, as a major retail tenant, makes an outstanding addition to the neighbourhood.
Expansion of the SoHo concept
Sui Yoga was established in 2022 and currently operates a two-storey studio at 180 Avenue of the Americas in the SoHo district. According to Samuel Mukamal, the company needed additional space to bring together its offering of training, recovery and hospitality under one roof.
- —Workout zones for hot yoga, Pilates and strength training
- —Recovery areas featuring saunas and cold plunge pools
- —Facilities for massage therapies
- —An integrated café for members and visitors
According to Meridian Capital Group, the building at 71 Fifth Avenue offered the right balance of visible ground-floor presence and generous basement space to fully implement the concept. Representatives for Sui Yoga, Madison Capital and Namdar Realty Group did not initially respond to requests for comment.
