International gymnastics champion Paul Ruggeri will open a children’s gymnastics studio at 356 Broadway in Tribeca.
Ruggeri, known for his award-winning high bar performances, signed a five-year lease for more than 2,800 s/f on the ground floor of 356 Broadway with the owner, Imperial Development Group. The gymnastics star said the space’s high ceilings and open layout allow for all types of gymnastics, such as tumbling and acrobatics. Ruggeri hopes the location will attract Tribeca’s residential crowd of families and children.
Ruggeri was represented by Joshua Berkun of Nest Seekers International while the landlord was represented by Meridian Capital Group’s Ted Lundeen and James Famularo.
Imperial purchased 356 Broadway in 2016 as part of a larger plan to capitalize on an overlooked portion of Tribeca. Ryan Kaplan, a partner at Imperial, said the small pocket of the neighborhood, which he dubbed “East Tribeca,” had far cheaper residential and commercial prices than the main strip. Imperial bought 372 Broadway in 2013 and converted the building to condominiums.
The asking rents for 356 Broadway was $100 per s/f, but Kaplan said the lease with Ruggeri was signed at a higher price.
“The property has intrinsic appeal because of its significant ceiling heights and long floorplate, but has equally as notable extrinsic appeal due to its location on Broadway and proximity to almost a dozen new luxury condominium projects,” Kaplan said. “Paul Ruggeri Gymnastics will benefit by being in the active and family-centric neighborhood of Tribeca, while also having over twenty feet of frontage along the busy Broadway retail corridor.”