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Commercial Observer
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Edited by Jotham Sederstrom | Jsederstrom@observer.com

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Thursday June 13, 2013
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NYSC Renovating Gyms to Keep Up with Niche Industry

BY AL BARBARINO

Town Sports International-owned New York Sports Clubs is in the process of renovating its existing city locations by removing bulky weight-lifting equipment and adding CrossFit-like training areas – a move that reflects its struggle to compete with the insurgence of a niche fitness industry.

Crain’s reported that so far 22 of the chain's 39 Manhattan locations have been renovated with "Ultimate Fitness Experience Zones," which range in size between 600 and 1,000 square feet and include turf, weight sleds, a variety of ropes and kettle bells.

"We felt for the first time in many years that our clubs were not laid out in a way to make it easy for our trainers to deliver these types of programs," Robert Giardina, the 38-year-old CEO of Town Sports, told the publication. "We thought, 'Let's put something in there that represents cross-training – that's what the big buzz is.'"

To read the full story, click here

All in the Family: Construction Company Secures New York Office

BY GUS DELAPORTE

LPCiminelli Inc., a Buffalo-based construction company, has signed a 5-year lease for 5,836 square feet on the 35th floor of 1250 Broadway. Asking rents were in the mid-$50s per square foot.

The deal with brokered on the tenant side by Kyle Ciminelli, managing director at Newmark Grubb Knight Frank and nephew of the LPCiminelli’s owner, Louis Ciminelli.

“Representing a family member is always fun,” Mr. Ciminelli told The Commercial Observer.

LPCiminelli has recently expanded its presence in the Tri-State region, winning a number of projects in the area and the growth necessitated a New York office.

To read the full story, click here

Long Occupied 4,452-SF Retail Space Off Union Square Hits Market

BY BILLY GRAY

Tarter Stats O'Toole has scored another major downtown assignment and is marketing the 4,452-square-foot retail space at 111 Fourth Avenue, The Commercial Observer has learned.

The store, on Fourth Avenue between 11th and 12th Streets, was previously occupied for 30 years by Utrecht, an art supplies store. The space features 19-foot ceilings and 45 feet of frontage on the avenue. Asking rent is $125 a foot.

Gregory Gang and Catherine O'Toole are marketing the space on Tarter's behalf.

"Some people consider it the East Village," Mr. Gang said. "But it's also two blocks south of Union Square, so it feels like a part of that." The neighborhood draws tenants with its relatively cheap rents compared to Union Square. Asking rent at 111 Fourth Avenue is $125 a foot. At 35 Union Square West, rents reach about $450 per square foot, according to CoStar.

To read the full story, click here

Thursday's Must-Attend Real Estate Events

BY MICHAEL EWING

The AIR Society will host a cocktail benefit in support of itself and National Jewish Health. The benefit includes a premium open bar, food, balloon and raffle prizes, and a live auction.
AIR Society: The Sky’s the Limit Cocktail Benefit 2013, Three Sixty, 2 Desbrosses Street, 7-11pm; contact Mattie Shepheard at (212) 297-0857 for more information.

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