May 24, 2023 9:00 AM
Newmark announces it has arranged a new 2,500-square-foot lease for Tremble, an innovative Pilates concept based out of Miami, at 62 Grand Street in Manhattan’s SoHo neighborhood. The new long-term lease at the Victorian Management Real Estate-owned asset marks Tremble’s first foray into the New York City market as it expands its reach to better serve its New York-Miami clientele.
Newmark Retail Director Ravi Idnani and Managing Director Michael Paster were the sole brokers on the transaction.
“Over the last few years, Miami has become home to many New York families and companies amidst a post-pandemic migration. With this in mind, and given our New York-Miami clientele, we viewed New York City as the ultimate ‘next step’ in our brand’s expansion,” said Aryan Rashed, founder and Chief Executive Officer of Tremble.
Tremble, a fast-paced, full-body workout, has quickly become a highly attractive approach to Pilates by a wide demographic. The Miami-based fitness concept serves as an inviting community of leaders, organizers, movers and athletes willing to recalibrate and challenge their mindsets.
“When touring various outposts as a potential option for the client’s first New York City location, we quickly recognized the inherent alignment between the brand’s concept and the vibrancy of SoHo,” said Idnani. “Once we determined the neighborhood, we identified and secured the prime offering at 62 Grand Street to achieve a win-win for everyone.”
According to Newmark Research, in Q1 2023, the average asking rents for retail spaces in Soho were around $265.23 per square foot. The neighborhood saw a lot of leasing activity with several notable tenants, including H&M taking 18,358 square feet at 591 Broadway; Abercrombie & Fitch signed a deal for 8,703 square feet at 547 Broadway and J. Crew leased 8,200 square feet at 75 Spring Street.
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 approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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