Two Trees Management’s freshly unveiled redevelopment of the Domino Sugar Refinery has its first tenant.
Equinox is the first company to sign on the dotted line for a lease at the Domino Park megaproject, the New York Post reported. The fitness brand will operate a 42,000-square-foot gym and health club on the Williamsburg waterfront.
Asking rent and terms weren’t disclosed. The Equinox is expected to open next fall, when it will join more than 40 other locations in New York City.
The developer last month revealed a 460,000-square-foot brick-and-glass adaptable reuse project at the site of the landmarked refinery, the culmination of 10 years of meticulous planning and coordination. The property is yet to announce any office tenants signed for its 15 stories of newly debuted space.
Two Trees purchased the proposed condominium project in 2012 from the Community Preservation Corporation for $185 million. The developer instead pivoted to swap residential plans for Class A office space.
That gamble has debuted to the borough’s office market in a weakened state; in the second quarter, office leasing activity in Brooklyn fell by two-thirds compared to the first quarter, according to Colliers.
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The refinery building is only one aspect of Two Trees’ $3 billion overhaul of 11 acres on the Williamsburg waterfront. There are four newly constructed buildings, including a rental property at 325 Kent Avenue that opened in 2017.
Steps away from the former refinery, Two Trees is planning 52-story and 39-story residential buildings, which will house 600 apartments between them. Those residences are expected to open in May. The remaining residential components of the development could hinge on New York lawmakers replacing the 421a tax break.
— Holden Walter-Warner