The Real Deal New York

Blink Fitness, Michaels ink 40K sf in leases at Midwood project

The two chains would occupy three floors of the Babaev-developed property
July 19, 2017 05:20PM

1633 East 16th Street (Credit: Google Maps)

A Blink Fitness and a Michaels craft store signed 40,000 square feet worth of retail leases at a commercial development in Brooklyn’s Midwood neighborhood.

The businesses will take up three floors of the four-story project at 1633 East 16th Street, with Michaels signing a 20,000-square-foot lease for the ground floor and Blink Fitness signing a 20,000-square-foot lease for the second and third floors, according to the Commercial Observer. Both leases are for 10 years.

Queens-based developer AB Capstone is building the property, which should be finished in 2020 and span 70,000 square feet. Office space will take up one-third of the roughly 30,000 square feet of space that is still available.

This will be the second Michaels and the 14th Blink Fitness in Brooklyn. The other Michaels in the borough is located at 252 Atlantic Avenue.

Ezra Saff of Retail Zone represented Blink Fitness, and Greg Batista of Ripco Real Estate represented Michaels.

AB Capstone, led by Meir Babaev, is also at work on a 17-story residential building at Myrtle and St. Nicholas avenues in Ridgewood. The company purchased a one-story retail strip in Fresh Meadows for $14.3 million last year as well.  [CO] – Eddie Small