Life Time is moving into Greenland USA and the Brodsky Organization’s Pacific Park megaproject.
The gym chain signed a lease for 36,000 square feet at 18 Sixth Avenue in Prospect Heights, the Commercial Observer reported. The gym will occupy the first three floors of the 51-story Brooklyn Crossing tower located on the corner of Atlantic Avenue.
The developers completed the tower in November, which includes 858 units, 258 of which are income-limited.
The asking rent on the lease was not reported. The landlord negotiated the deal without a broker, while Atlantic Retail NYC’s Joe Mastromonaco and Colleen Morrissey represented the gym.
In 2019, Brodsky entered into a joint venture with the complex’s master developer, Greenland Forest City Partners, to develop the property at 18 Sixth Avenue. The move came months after Brodsky bought the development lease at 664 Pacific Street with plans to another rental build in Pacific Park, which is adjacent to the Barclays Center.
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Forest City began development of the former Atlantic Yards site in 2005. Construction issues and the foreboding financial crisis led to long delays. Greenland USA, a subsidiary of the Greenland Group, purchased a 70 percent stake 2013, eventually increasing its stake to 95 percent. Brookfield Asset Management picked up the remaining stake after buying Forest City in.
Brooklyn Crossing is complete, but the Pacific Park complex isn’t expected to be completed anytime soon.
The lease is Life Time’s third Brooklyn outpost and will bring the company to 14 locations throughout the city. The gym in May signed a lease for 100,000 square feet at JDS Development’s Brooklyn Tower, the borough’s first supertall. In addition to fitness offerings, the company is also operating its first New York City coworking space there.
— Holden Walter-Warner