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

Alphabet chairman had pledged to fund Peak Performance’s move

TRD 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
From left: 410 Tenth Avenue, 745 Fifth Avenue, One Manhattan West and 522 Fifth Avenue (Google Maps, Wikimedia)

Real estate lending bounces back in September in a big way

Real estate lending bounces back in September in a big way
522 Fifth Avenue and 1375 Broadway (Google Maps)

Manhattan CRE deals hit lows not seen since 2009

Manhattan CRE deals hit lows not seen since 2009
From left: Michael Fuchs, Aby Rosen, Brandon Singer and Michael Cody (Getty, iStock)

Aby Rosen, Michael Fuchs back new retail brokerage

Aby Rosen, Michael Fuchs back new retail brokerage
RFR Realty's Aby Rosen and 522 Fifth Avenue (Getty; Google Maps)

Aby Rosen buys Midtown office building for $350M

Aby Rosen buys Midtown office building for $350M
Joseph Nakash, Aby Rosen and W South Beach (Getty, Google Maps)

Aby Rosen’s RFR, Nakash family battle over failed sale of W South Beach condos

Aby Rosen’s RFR, Nakash family battle over failed sale of W South Beach condos
 60 East 55th Street and RFR Realty's Aby Rosen (Getty Images, Google Maps)

RFR’s Core Club condo at Midtown tower heads to special servicing

RFR’s Core Club condo at Midtown tower heads to special servicing
Aby Rosen of RFR Realty and the Chrysler Building (Getty; iStock)

Aby Rosen is bringing back the Chrysler Building’s observation deck

Aby Rosen is bringing back the Chrysler Building’s observation deck
522 Fifth Avenue, Morgan Stanley’s James Gorman and RFR Realty’s Aby Rosen (Credit: Getty Images; Google Maps)

RFR to buy Morgan Stanley’s 522 Fifth Avenue for $350M

RFR to buy Morgan Stanley’s 522 Fifth Avenue for $350M
arrow_forward_ios

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

Loading...