The Real Deal New York

Blink Fitness to lease entire Brooklyn Lyceum

Owner Greystone & Co. originally planned a residential conversion

July 13, 2015 08:30AM

Brooklyn Lyceum at 227 Fourth Avenue in Park Slope

Brooklyn Lyceum at 227 Fourth Avenue in Park Slope

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.

Earlier this year, Blink Fitness took 20,500 square feet in 234-240 East 54th Street. [WSJ] — Tess Hofmann