Powerhouse Gym signs lease at Alma Realty’s 30-30 Northern Blvd for 10,300 SF – Long Island City
Cushman & Wakefield Arranges 10,323-Square-Foot Lease for Powerhouse Gym at Alma Realty Group in Long Island City
New York, NY – August 3, 2017 – Cushman & Wakefield and Alma Realty announced today that the real estate firm has arranged a 10-year, 10,323-square-foot lease for global fitness brand Powerhouse Gym at Alma Realty Corp’s building at 30-30 Northern Boulevard in Long Island City.
Alma Realty Corp., which owns 30-30 Northern Boulevard, known as the Apple Building, is a family-run New York City-based property owner and real estate developer with properties in the Tri-State area ranging from residential, commercial, retail, and warehouse.
A Cushman & Wakefield brokerage team consisting of Chairman of Global Brokerage Bruce Mosler, Executive Director Mitch Arkin, and Executive Director Joe Grotto represented ownership in the transaction. CEO Andrew M. Weiss Jr. of Signature Partners LLC represented Powerhouse Gym in the deal.
“Powerhouse Gym choosing to sign a 10 year lease in Long Island City demonstrates a strong commitment to the community and is a great sign for the neighborhood’s future,” said Peter Kosteas of Alma Realty Corp. “The demand for this type of retail shows that Long Island City is attracting a healthy living residential population to go along with the growing office space market. Such amenities are what brings people to the neighborhood, fueling the local economy and attracting even more investment.”
Joe Grotto of Cushman & Wakefield stated: “Combined with the lower rents and available economic incentives, Long Island City has become an escape valve for tenants seeking ‘cool’ space without paying the premium of being in Manhattan.”
The eight-story, 213,000-square-foot building features floor plates ranging from 26,000 to 30,000 square feet and 12-to-15-foot high ceilings. Based on current and planned construction, the area expects more than 24,500+ new residents and 31 hotels in the coming years. Recent development includes 8,600 residential units built since 2006 with 27 hotels currently operating. The property is situated near the N/W, E/M/R subway stations, with close proximity to the Queensboro Plaza and 7 line. Located off of major highways, the 30-30 Northern Boulevard is easily accessible to all the outer boroughs and Manhattan and is a convenient commute to both JFK and LaGuardia airports.
The Powerhouse Gym name has been one of the top leaders in the fitness industry for more than 40 years. With 300 licensees in 39 states, Powerhouse Gyms has continued to steadily gain global attention by expanding into 17 different countries worldwide since its founding. This will be its first location in Long Island City and fourth in New York City.