The converted co-op St. George Tower is adding a massive fitness center to the Brooklyn Heights property.
East Gate Investors and SC Holdings signed a 29-year lease for a 52,000-square-foot wellness facility in the residential building, the Commercial Observer reported. The facility will occupy the ground floor and second level of the property at 111 Hicks Street.
It’s not clear when the facility will open at the 30-story building, which is owned by the property’s co-op board and Grill Owners Corporation. The asking rent for the space also wasn’t disclosed; last year, the average asking rent for retail space in the neighborhood was $114 per square foot, according to the Real Estate Board of New York.
Helmsley Spear’s Michael Dubin represented the co-op board in the negotiations, alongside DL Partners’ Bruce Lederman and Grace Betancourt. It’s not clear who represented the tenant.
“This facility will be a wonderful complement not only to the residential co-op, but to the entire Brooklyn Heights community,” Dubin said in a statement. An SC Holdings spokesperson laid out a vision that includes racquet sports.
St. George Tower was once the St. George Hotel, built in phases stretching more than four decades up until the Great Depression. In 1984, ownership converted the hotel — once the city’s largest with 2,632 rooms — into a co-op. Five years ago, the building’s facade was restored.
The building has 275 rooms, roughly a dozen of which are available for sale. Of the available units that are not under contract, the cheapest on the market is $405,000, according to StreetEasy, while the priciest is $1.9 million.
The most expensive sale recorded at the building was a $3.5 million purchase of a three-bedroom unit on the 23rd floor in 2017, according to StreetEasy.
— Holden Walter-Warner
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