Crunch Gym Stays Put in Garment District
By Rebecca Baird-Remba February 22, 2019 2:58 pm
reprints
Crunch has renewed its lease for a gym spanning four floors at 1385 Broadway in the Garment District, Commercial Observer can first report.
The fitness chain re-upped its 27,450-square-foot space in the base of the 23-story building between West 37th and West 38th Streets, according to the landlord’s broker, savitt partners. The gym’s footprint includes the entire second floor and portions of the mezzanine, ground and lower floors. Asking rent was $175 a square foot for its ground-floor space and $55 a square foot for the second floor.
Crunch extended its lease for another seven years so that it could update its space and equipment, said Savitt’s Brian Neugeboren, who represented building owner B Bros. Broadway Realty in the deal.
“I know they have a lot of competition with smaller gyms and more specific fitness centers, so they had to upgrade their equipment and services,” Neugeboren explained. “To do that they needed to extend their lease. They’re excited about what’s happening the area, with WeWork taking 250,000 square feet at 500 Seventh Avenue, and 1407 Broadway did a big deal with Comcast. The area is getting a lot more dense.”
He represented the owner along with his Savitt Partners colleague Nicole Goetz. Karen Gold, Crunch’s real estate director, handled the deal for the company in-house. Crunch didn’t immediately return a request for comment.
Neugeboren added that his team has recently leased retail space at 1385 Broadway to a number of new food tenants, including CAVA, By Chloe and Taco Dumbo.
