Leases  ·  Retail

Three Retail Tenants Sign on to Minskoff’s 51 Astor Place


A trio of retail tenants recently signed leases to join CVS Pharmacy in Edward Minskoff’s 51 Astor Place.

Fitness concept Flywheel Sports, which took the largest space of the three tenants, signed a 10-year lease for 5,018 square feet at the office and retail building between Third and Fourth Avenues.

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The company, which hosts indoor cycling classes, is expected to move into 500 square feet on the ground floor and a 4,518-square-foot lower-level space by early 2016.

Asking rent for the lower level was $100 per square foot and $250 per square foot for the ground floor, according to Patrick Smith of SRS Real Estate Partners, who handled the transaction on behalf of the landlord.

“[51 Astor Place] is really the gateway to the East Village and really good housing, and it’s a market that is relatively underserved for this concept,” Mr. Smith, who worked with colleagues Corey Zolcinski and Matt Ogle, told Commercial Observer.

Matthew Seigel and Skye Taylor of Thor Retail Advisors represented Flywheel Sports in the deal. Mr. Seigel and Ms. Taylor were not immediately available to comment.

In the other two deals, coffee chain Bluestone Lane signed a 10-year lease for 1,034 square feet on the ground floor. When it opens by the end of the year, the Astor Place Bluestone Lane will be the company’s seventh shop in the city. RKF’s Jonathan Krieger represented Bluestone Lane in the deal. A spokesman for Mr. Krieger did not respond to a request for comment.

Also, Chop’t Creative Salad Company is taking a 2,363-square-foot space on the ground floor for 10 years. Craig Hantgan of Esquire Properties represented Chop’t. Mr. Hantgan did not immediately return a request for comment. The asking rents in both deals were $250 per square foot.

Besides the retail spaces, the building is filled with a mix of office tenants on upper floors including technology firm IBM’s IBM Watson Group, St. John’s University and MailOnline, which handles Web operations for the London-based Daily Mail.