Gym Chain Vibe Fitness Takes 55K SF at Vorea’s New Queens Complex
By Isabelle Durso November 7, 2024 12:22 pm
reprints
Local gym chain Vibe Fitness will open its flagship location at the Vorea Group’s new commercial complex in Long Island City, Queens.
Vibe Fitness, which operates BQE Fitness in Woodside, Queens, and is opening another location in Brooklyn this year, signed a 10-year lease for 55,000 square feet across three floors of Vorea’s development at 10-04 Borden Avenue, according to tenant broker New York Squared Real Estate Group. The Real Deal first reported the news.
The exact asking rent was not provided, but TRD reported the average asking rent at the complex is $65 per square foot.
New York Squared’s Constantine Hrisikos and Pinnacle Realty of New York’s George Margaronis and James Tack brokered the deal for the tenant, while Vorea was represented in-house by Adam Joly and Rachel Cohen of its commercial leasing firm Igloo.
“We are continuing to see the Long Island City neighborhood blossom into a vibrant hub filled with commercial concepts that are well-positioned to capitalize on the staggering residential growth of the area,” Joly said in a statement to Commercial Observer.
Vorea developed the former parking lot into a three-story commercial property stretching nearly half an acre in a joint venture with Andru Coren and business consulting firm Stratify BCG, TRD reported.
Vibe Fitness’ new space at the development, which is also home to indoor skydiving facility iFly, will feature two terraces and a cafe, according to TRD.
Vorea, along with The Domain Companies and L+M Development Partners, also closed on an $88 million purchase of a development site in Long Island City in September 2021. The three developers bought the 76,000-square-foot parcel at 2-33 50th Avenue with plans to build a residential building on the site, as CO previously reported.
And just last month, plans for a new 33-unit residential building at 42-76 Hunter Street in the neighborhood were filed by Montperia Group’s Alex Lau, CO reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
