Leases  ·  Retail

Pilates Brand Form50 Signs 5K-SF Lease at 135 East 46th Street

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If form follows function, then this pilates brand must find this retail space a good fit.

Form50 — which has spots in Miami, Queens and Brooklyn — is opening its fourth location  after signing a 10-year, 5,000-square-foot lease at SL Green Realty’s 135 East 46th Street, according to the brand.

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Asking rent in the deal was not disclosed, but the average retail rent for Manhattan in the the third quarter of 2023 was $663 per square foot, according to CBRE.

Form50’s new pilates studio is set to open in the spring of 2024 and will join its other NYC locations in Astoria, Queens, and in Williamsburg, Brooklyn. The company also has a studio in Miami’s Wynwood neighborhood.

“After seeing such demand over the past six years in our Astoria, Williamsburg and Miami locations, there was no question it was time to open a location in the heart of Manhattan. Our clients were asking for it,” Form50 founder and CEO Monica Marder said in a statement. “We chose this location due to the amazing neighborhood and close proximity to Grand Central Station.”

George Skaliarinis of Kassin Sabbagh Realty negotiated on behalf of the tenant and landlord. SL Green declined to comment.

“Form50’s New York City flagship location marks a major milestone in our expansion efforts. We’re actively seeking new opportunities in New York and Florida,” Skaliarinis said in a statement.

The New York Public Library’s (NYPL) Grand Central Library has occupied the ground floor of the building since 2009. That spot was originally meant to be a temporary branch, but the organization remained there until the end of 2022 when its lease ran out, according to NYPL

Form50 will occupy space formerly leased by SoulCylce.

The New York Public Library shifted the operations of this branch to the one at 18 West 53rd Street as well as the newly opened Stavros Niarchos Foundation Library.

Mark Hallum can be reached at mhallum@commercialobserver.com.