Planet Fitness Takes 15K SF at Coney Island Residential Development

Wake up, it’s time for a workout. 

Planet Fitness has inked a 14,500-square-foot retail lease at the base of a new residential tower in Coney Island, Brooklyn, with Cammeby’s International Group and Rybak Development. 

Planet Fitness will move into the space at 532 Neptune Avenue next year on a 10-year lease with an asking rent of $65 per square foot, according to the New York Business Journal, which first reported the deal. 

Planet Fitness was represented by CBRE, while ownership was represented by Commercial Acquisitions. The names of the brokers on both sides of the deal were not immediately available. The brokerages did not immediately respond to Commercial Observer’s requests for comment. 

Planet Fitness has nearly 50 gyms in New York City across all five boroughs. The company did not immediately respond to CO’s request for comment. 

Cammeby’s and Rybak completed the  three-tower, 499-unit residential complex at 532 Neptune late last year, featuring studio to three-bedroom homes. Some 30 percent of those units are designated as affordable housing. The development has 758,600 square feet of residential space, 40,368 square feet of ground-floor commercial space and 20,722 square feet of community facilities.

The two developers aren’t stopping their work in Coney Island anytime soon, either, as Cammeby’s and Rybak submitted a rezoning application in March to build two 22-story residential buildings with a total of 703 units at 3030 Ocean Parkway and 400 Neptune Avenue.

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.