Lorenzo, Salmon and Ventura Bring the 16,000-Square-Foot Fitness Factory to RXR Realty’s Larkin Plaza in the First Major Deal for the Mixed-Use Development
NEW YORK (July 9, 2018) – Steve Lorenzo, Principal, Mitchell Salmon, Executive Managing Director, and Chris Ventura, Associate Director, of Lee & Associates NYC have arranged a 15-year, 16,000-square-foot lease at RXR Realty’s Larkin Plaza Development in Yonkers for Fitness Factory Health Club. As the first institutional, nine-figure development in the area, Larkin Plaza is setting the standard for commercial and residential space in the heart of Yonkers. Being developed by RXR Realty, the project is a three-building complex comprising 439 high-quality residential units and is a major component in the redevelopment of the city’s scenic and historic downtown. The project is part of RXR’s Public/Private Partnership strategy to develop quality and affordable housing in transit-oriented developments within close proximity to Manhattan.
“Fitness Factory has an exceptional opportunity for success in this new location,” explains Mr. Lorenzo, who represented both the tenant and the landlord, RXR Realty. “With nearly 5,000 apartment units expected to be coming online in downtown Yonkers over the next three years, incoming residents will be searching for a convenient place to work out.”
Steve Lorenzo was part of the original development team that assembled and sold the Larkin Plaza site to Rising Development and brought in RXR Realty as a partner. Lee NYC has the exclusive leasing agency for the retail space at Larkin Plaza, a mixed-use residential and retail project which is the first luxury development of its kind in Yonkers.
Fitness Factory offers strength and cardio equipment, group classes, personal training, and nutrition. 25 Larkin Plaza will be the first New York location of the New Jersey-based fitness chain and will include two stories and a 650-square-foot outdoor terrace, ideal for open-air classes. Construction of the Fitness Factory will commence at the end of 2018, with an opening slated for early 2019.
“We’re pleased to welcome Fitness Factory to our project in Yonkers,” says Todd Rechler, Chief Construction and Development Officer at RXR Realty. “Fitness Factory aligns with our mission of addressing the needs in local communities, and having them on board speaks to the high quality of tenants slated for Larkin Plaza.”
About Lee & Associates NYC
The New York office of Lee & Associates, and its affiliated company Sierra Real Estate LLC, provides a full array of corporate advisory and commercial real estate services, including office and retail brokerage, sales and investments, and project and property management. Together, the firms have more than 85 real estate professionals in its
600 Madison Avenue headquarters office. Additional information is available at www.leeassociatesnyc.com
About Lee & Associates
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients.For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link our company blog.
About RXR
RXR Realty LLC (“RXR”), is a New York-based, vertically integrated real estate operating and development company with expertise in a wide array of value creation activities, including distressed investments, uncovering value in complex transactions, structured finance investments and real estate development. RXR’s core growth strategy is focused on New York City and the surrounding region. The RXR platform manages 72 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.7 billion, comprising approximately 23.1 million square feet of commercial operating properties and approximately 6,300 multi-family and for sale units in various stages of development in the New York Metropolitan area.
