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Powerhouse Deal in Long Island City

The significant residential development in Long Island City is driving both the office and retail markets in that section of Queens. Credit: Sam Wynne The significant residential development in Long Island City is driving both the office and retail markets in that section of Queens. Credit: Sam Wynne

NEW YORK CITY—Powerhouse Gym is taking more than 10,000 square feet of space at Alma Realty Corp.’s 30-30 Northern Blvd. property here.

The 10-year 10,323-square-foot lease with the global fitness brand at the eight-story, 213,000-square-foot building is the latest significant lease transaction at the property. In late June, Charles H. Greenthal Property Sales, Inc., a family-owned and operated property management firm, announced it was expanding its presence in the New York City metro area at the 30-30 Northern Blvd, building and had signed a 12-year, 15,303-square-foot lease at the property known as the Apple Building.

A Cushman & Wakefield brokerage team consisting of chairman of global brokerage Bruce Mosler, executive director Mitch Arkin and executive director Joe Grotto represented Alma Realty transaction. CEO Andrew M. Weiss Jr. of Signature Partners LLC represented Powerhouse Gym in the deal.

“Powerhouse Gym choosing to sign a 10-year lease in Long Island City demonstrates a strong commitment to the community and is a great sign for the neighborhood’s future,” says Peter Kosteas of Alma Realty. “The demand for this type of retail shows that Long Island City is attracting a healthy living residential population to go along with the growing office space market. Such amenities are what brings people to the neighborhood, fueling the local economy and attracting even more investment.”

Long Island City is booming with new development. Based on current activity and construction in the pipeline, the Long Island City area is expected to have more than 24,500 new residents and 31 hotels in the coming years. Recent development includes 8,600 residential units built since 2006 with 27 hotels currently operating in the area.

With the new lease deal, Powerhouse Gym enters the Long Island City marketplace and establishes its fourth facility in New York City.

C&W’s Grotto adds, “Combined with the lower rents and available economic incentives, Long Island City has become an escape valve for tenants seeking ‘cool’ space without paying the premium of being in Manhattan.”

Charles H. Greenthal Property Sales is expected to bring 105 jobs to the Apple Building and anticipates its move to its new space sometime in late 2017.

C&W’s Mosler and Mitch Arkin represented the ownership in the Greenthal transaction, C&W’s Rob Eisenberg and Remy Libershon represented the tenant.

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