Eric Schmidt won’t back gym at RFR’s 90 Fifth Avenue

Alphabet chairman had pledged to fund Peak Performance’s move

New York /
Apr.April 19, 2016 10:14 AM

Guess it was too heavy a lift?

Eric Schmidt, executive chairman at Alphabet – which encompasses Google and affiliated companies – is backing out of a plan to fund Peak Performance’s relocation to 25,000-square-foot space at Aby Rosen and Michael Fuchs’ 90 Fifth Avenue in Chelsea.

The gym – which Schmidt attends along with other Alphabet employees, as well as celebrities such as Claire Danes, Anne Hathaway and Jimmy Fallon – signed a lease with the landlords in 2014, but Schmidt wasn’t revealed as a backer at the time. Asking rent was in the $70s per square foot, the New York Post reported.

“Due to construction and other related issues, the project became no longer economically feasible.” a source familiar with the plans told the paper. “Eric wasn’t the sole investor in the project, but he was the primary investor.”

Peak Performance currently occupies 10,000 square feet at 54 West 21st Street in Flatiron.

RFR picked up a $20 million loan to renovate the 115,000-square-foot property back in 2014. The company had looked to sell the building, but chose not to after Forbes, a longtime tenant, defaulted on its debt payment. [NYP]Ariel Stulberg


Related Articles

arrow_forward_ios
Harbor Group International's Jordan Slone with with 51 West 52nd Street
TRD Pro: Top office sales of the past year
TRD Pro: Top office sales of the past year
From left: Jane Goldman and Danny Meyer (Photo Illustration by Steven Dilakian for The Real Deal with Getty and Solil Management)
Danny Meyer’s Gramercy Park Hotel restaurant sues Solil
Danny Meyer’s Gramercy Park Hotel restaurant sues Solil
Aby Rosen and Meadow Partners' Jeffrey Kaplan with 95 Morton Street (Christopher Peterson CC BY 3.0 via Wikimedia Commons, Meadow Partners, RFR Realty)
Meadow pays Aby Rosen $288M for West Village office building
Meadow pays Aby Rosen $288M for West Village office building
From left: Official's Oren Alexander, Aby Rosen, Official's Tal Alexander, and 281 Park Avenue South (The Alexander Team, Getty Images, LoopNet, iStock)
Aby Rosen puts Church Missions House on market
Aby Rosen puts Church Missions House on market
RFR's Aby Rosen and 285 Madison Avenue (RFR, iStock)
RFR seeks extension on 285 Madison loan
RFR seeks extension on 285 Madison loan
Aby Rosen and Jay Penske in front of 475 Fifth Avenue (LoopNet, Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Aby Rosen teams up with Rolling Stone publisher on $290M office deal
Aby Rosen teams up with Rolling Stone publisher on $290M office deal
Deerfield's James Flynn and 345 Park Avenue South (Deerfield, Cure)
What life science tenants pay at 345 Park Avenue South
What life science tenants pay at 345 Park Avenue South
Aby Rosen dodges liability at Gramercy Park Hotel
Aby Rosen dodges liability at Gramercy Park Hotel
Aby Rosen dodges liability at Gramercy Park Hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...