By Bill Parry
Powerhouse Gym, a fitness industry leader for more than 40 years, is coming to Long Island City.
The company has signed a 10-year lease for more than 10,000 square feet in the newly renovated Apple Building at 30-30 Northern Blvd. at Queens Plaza South.
Recent development in the neighborhood includes 8,600 residential units built since 2006 with 27 hotels currently operating in the area.
“Powerhouse Gym choosing to sign a 10-year lease in Long Island City demonstrates a strong commitment to the community and is a great sign for the neighborhood’s future,” Alma Realty Corp commercial property manager Peter Kosteas said. “The demand for this type of retail shows that Long Island City is attracting a healthy living residential population to go along with the growing office space market. Such amenities are what bring people to the neighborhood, fueling the local economy and attracting more investment.”
The new location will open this fall. Power House Gym operates in Flushing and has 300 licensees in 39 states, The chain also operates in 17 countries.
“Combined with the lower rents and available economic incentives, Long Island City has become an escape valve for tenants seeking ‘cool’ space without paying the premium of being in Manhattan,” said Cushman & Wakefield’s Joe Grotto, who helped broker the deal.
But the neighborhood is still lacking in retail. For the first time ever, the Long Island City Partnership surveyed area workers and residents about their retail wants. Restaurants, pharmacies and grocery stores were the top three requests, garnering 54 percent of responses from more than 1,300 people surveyed.
Despite the 133 dining establishments currently in the ares including five that just opened — there is an appetite for more. The survey found that more than a third of respondents eat out one or two times a week.
Long Island City is the fastest-growing neighborhood in New York City with a developmental pipeline of more than 3.5 million square feet of retail, 22,000 residential units, and 4,600 hotel rooms.
“Long Island City’s location, mixed-use character, cultural vibrancy and interdependence among the diverse business and residents are this neighborhood’s greatest assets, which creates a perfect recipe for diverse retail,” LIC Partnership President Elizabeth Lusskin said. “We hope our survey findings help retailers and real estate decision makers explore opportunities in the area.”
Reach reporter Bill Parry by e-mail at bparr
