UFC Gym is taking over a third-floor Canal Street space formerly occupied by Five Points Academy, Robert Frischman, the executive vice president of retail at EVO Real Estate Group, told Commercial Observer at the International Council of Shopping Centers’ RECon in Las Vegas. And Five Points is moving after six years on Canal Street to Lafayette Street.
“They downsized because they couldn’t afford to pay the rent they were paying,” Mr. Frischman said of Five Points. He represented both sides in the Canal Street deal.
UFC Gym, which provides a multi-disciplined approach of mixed martial arts and traditional fitness, took the lease assignment for the 13,000-square-foot fitness center at 277 Canal Street from Five Points for below market rate, Mr. Frischman said, declining to provide the price. The deal is for nine years with a five-year option.
This marks the second UFC Gym in Manhattan. The first opened at 80 John Street about a year ago, Mr. Frischman said.
Five Points fitness facility took about 2,500 square feet at ground level and 4,000 below ground at 148 Lafayette Street. The asking rent, Mr. Frischman said, was $360,000. Christopher Owles of Sinvin represented the landlord at 148 Lafayette Street. The deal is for roughly 10 years, Mr. Frischman said
Both gyms will open July 1.[Updated: A headline in Commercial Observer‘s newsletter on May 21 incorrectly referred to UFC Gym’s 277 Canal Street lease as a relocation. It is a new lease for UFC Gym’s second location in Manhattan.]