Greystone & Co. ditched its plans to convert the Brooklyn Lyceum to residential use and will instead lease the entire building to Blink Fitness.
Blink signed a deal to take the entire 16,700-square-foot space for 15 years. Greystone transferred 23,000 square feet of air rights from the Lyceum property to the lot next door, where it will be constructing a 12-story apartment building, according to the Wall Street Journal.
Greystone purchased the Lyceum, at 227 Fourth Avenue, for $7.6 million at a foreclosure auction, and planned to convert it to condos.
Greystone’s senior acquisitions manager, Jared Chassen, said the developer changed its plans after learning that the company preferred a more open use for the landmarked building, which was originally a bathhouse.