December 13, 2022 9:00 AM
Newmark announces the firm has completed a new 15,000-square-foot lease for Blink Fitness at 886 Broadway in Brooklyn, New York. Newmark’s Managing Director Ryan Gessin, Associate Director William Grover and Executive Managing Director Ross Perlman represent ownership, Spark Management, on the asset. Ezra Saff of Retail Zone represented the tenant.
Blink Fitness is a New York City-based fitness franchise with 30 locations across Manhattan and Brooklyn. The franchise signed a new long-term lease to occupy the entire base of the building, spanning from the lower level through the third floor.
“We look forward to welcoming Blink Fitness to the recently unveiled 886 Broadway,” said Gessin. “This transaction speaks to the increased demand for community-driven services in Brooklyn neighborhoods where residential density continues to grow. In choosing 886 Broadway, Blink Fitness joins the trend of tenants in the boroughs drawn to high-quality assets owned by professional landlords.”
886 Broadway is a newly constructed mixed-use office property located at the border of Bed-Stuy and Bushwick in North Brooklyn. The property provides a “building-within-a-building” opportunity for users needing up to 29,000 square feet across the top four floors. These floors, ranging from 7,000 to over 10,000 RSF, also feature floor-to-ceiling windows and private outdoor spaces. 886 Broadway is adjacent to the Myrtle Avenue J, M and Z subway lines and offers convenient access to Manhattan via the Williamsburg Bridge.
According to Newmark Research, in 3Q22, the Brooklyn availability rate continued to decline, falling 52 basis points from the second quarter. It also rebounded to pre-Covid levels, falling below 1Q20. Absorption posted positive for the borough for the third time since the pandemic’s start.
886 Broadway features a high-end lobby with 24/7 access and offers a unique duplex penthouse space spanning over 11,000 square feet, including multiple private terraces and a private roof deck. 886 Broadway is open to various uses, including medical, general office and postproduction, with ownership willing to build per tenant’s requirements. Between the on-site offerings and convenient access to Manhattan and neighboring Brooklyn submarkets, tenants will experience first-class facilities in one of the most diverse Brooklyn neighborhoods.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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