Blink Fitness to lease entire Brooklyn Lyceum

Owner Greystone & Co. originally planned a residential conversion

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.

Sign Up for the undefined Newsletter

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